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Old Thursday, June 28, 2012
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Default How to Prepare accounting

I got 154 in CE-2011 and receiving different e-mails from forum members regarding guidance. It is not possible to guide individually so I am posting here comprehensive reply.

Paper 1 (81/100)


Books

1. M.A Ghani Principal of Accounting & Key
2. M.A Ghani Advanced Accounting & Key
3.A foreign book like Larsin Wild Chapeeta or Meigs & Meigs
4.Accounting Standards by PAC(Available at Waheed Book Depot)


1. From book 1 I assured that no text is missed, I religiously studied the entire text, studied each definition, however I did not solved all questions. Following Chapters I studied

1. From Start to Final Accounts of Company
2. Partnership accounts
3. Depreciation & Amortization

Please also focus on accounting principals/conventions

2. From Book 2 chapter relating to Ratio Analysis only.

3. From this book I gained concepts similar to that of Book 1; however this book is easy to understand. So studying both book 1 & book 3 is essential. From Book 3 you will get easy concepts. I did not prepared final accounts from this book, only concepts leading to final accounts. In addition I prepared from this book chapter relating to analysis of financial statements. It will be very easy, an hour or so. It includes ratio analysis, horizontal analysis, vertical analysis, comparative balance sheets etc. Now I thing is very important, go to the end of book & underline important definitions in glossary. Remember text & concepts are more important than practical problems. Now one thing more chapters relating to fixed assets, which includes sale, purchase & exchange of fixes assets is important.

Please also focus on accounting principals/conventions


4. Only 4-5 hours to this book & you will get 20 additional marks. Study IAS-1 & IAS relating to depreciation & fixed assets ( I don’t remember the exact IAS number) but I think it is IAS 16(Solve examples from this chapter). In the start of this book & in IAS 1 you will get knowledge of accounting principals & conventions also.


Paper 2 (73/100)

Part 1-Cost Accounting

Books: Sohail Afzal’s Cost Accounting & Key.

I prepared chapters relating to Job order costing, process costing & definitions from the initial chapters only. To be on safe side also prepare variance analysis.

Part-2 Auditing

Auditing for Bcom Suhail Afzal


Part-3 Income Tax

Synopsis of Taxation by Munawar Hussain Mirza.PAC Lahore (Please don’t go for other books)


Prepare definitions & income from salary.

Part-4-Business

Introduction to Business for bcom by M Asghar Rasheed Janjua
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Last edited by Shooting Star; Thursday, August 09, 2012 at 02:18 PM. Reason: on author's request...
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  #2  
Old Thursday, June 28, 2012
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Dear please elaborate more the section of taxation and auditing
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Originally Posted by sidogar View Post
Dear please elaborate more the section of taxation and auditing
In auditing you simply have to follow syllabus.

In taxation you will find this book quite helpful. In this particular section you will notn get marks for just solving right question. Notes at the end of question is key. If you are counting or not counting certain part of income in the non taxable income then you have to provide explanation in the Notes. And let me tell you this book will provide you enough grip over laws to score 16-20 marks. Now if you will go to the end of the book for solved problems then the writer again narrated the law in one or two line with practical question. Just practice.
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My n view, Accounting is too much time consuming subject.
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Old Thursday, June 28, 2012
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My n view, Accounting is too much time consuming subject.
But rewarding too
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I have strong grip over principle, cost, financial, and management accounting. Rather than that i remained nervous and confused about the section mentioned above. My objective section went 100% right and the question of cost and principle also. But i remained far beyond from attempting 100% of taxation auditing and introduction to business.
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Old Friday, June 29, 2012
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Originally Posted by sidogar View Post
I have strong grip over principle, cost, financial, and management accounting. Rather than that i remained nervous and confused about the section mentioned above. My objective section went 100% right and the question of cost and principle also. But i remained far beyond from attempting 100% of taxation auditing and introduction to business.
Well you will get what you have attempted. Complete answer is not mandatory. You will get step wise marks. Are you talking about CE-2012 exam ?
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Old Friday, June 29, 2012
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@Sarfaraz.

What did you write in answer of this question in 2012?

Q: Explain how the typical corporate firm is organised as it relates to the financial management function?

Regards.
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Old Friday, June 29, 2012
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For those with background in the subject, they can prepare it within 1-2 weeks and it is highly rewarding.
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Old Friday, June 29, 2012
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Originally Posted by TheUniter View Post
@Sarfaraz.

What did you write in answer of this question in 2012?

Q: Explain how the typical corporate firm is organised as it relates to the financial management function?

Regards.
I solved other one.
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