Cost Accounting & Financial Management Preparation Tips
Paper 3: Cost Accounting & Financial Management
Part A: Cost Accounting
1.Without a doubt you should do Standard & Marginal Costing in starting. Not even a single theory question asked from this two topics so just concentrate on practical questions. Try to make your own notes or summary of all formula as this chapters based on formula only. Around 16-20 marks covered by this two topics.
2.Now you should do Contract, Process , Equivalent, Budgetary & Operating Costing. This topics again cover 16-20 marks. Theory will come from Budgetary & Operating only. Better to go through Practice Manual also as sometimes not exact but of same pattern question comes in exam.
3.Now you should do small topics like Material, Labour & Overhead . Mainly question comes from Direct Material like EOQ, Re-order level etc. Don’t waste much time on Labour & Overhead as they are lengthy as well as not questions not frequently asked from this topics.
4.Now do this 3 topics from Practice Manual only because question get repeated in this topics: Non Integrated, Integrated Account & Reconciliation of Cost & Financial Accounts.
5.Generally 16 marks theory questions asked in exam.
Part B : Financial Management:
1.You should start with Capital Budgeting and than Cost of Capital this both chapters covers 16-20 marks easily, mainly practical question comes from this chapters so don’t waste time on reading theory. If anyone not interested in doing material which he/she have than just do all question from practice manual of this topic.
2.Now you should do leverage , Ratios & Working Capital Management. This topic are easiest as well scoring topics. This covers again around 20 marks minimum and both practical & theory questions asked from it. Do this topics properly from your books which u have than do question from Practice Manual and mainly theory questions comes from Practice manual only.
3.Than do Cash Flow Statement & Fund Flow Statement, as we studied this topics earlier so do it fast and don’t waste much time both theory and practical questions may be asked. Marks covered around 8 but sometimes 16 marks big question also asked so prepared for it.
4.Now do theory properly as this paper contain good questions of theory & overall theory asked in the question paper is minimum of 30-32 marks out of which 16-20 mark’s theary is from Financial Management. Important topics for theory are Basic Chapter, Ratios (Importance & Limitation), Types of Financing, Management of Debtors etc. (Make sure once you read all theory question in Practice Manual.)
Part A: Cost Accounting
1.Without a doubt you should do Standard & Marginal Costing in starting. Not even a single theory question asked from this two topics so just concentrate on practical questions. Try to make your own notes or summary of all formula as this chapters based on formula only. Around 16-20 marks covered by this two topics.
2.Now you should do Contract, Process , Equivalent, Budgetary & Operating Costing. This topics again cover 16-20 marks. Theory will come from Budgetary & Operating only. Better to go through Practice Manual also as sometimes not exact but of same pattern question comes in exam.
3.Now you should do small topics like Material, Labour & Overhead . Mainly question comes from Direct Material like EOQ, Re-order level etc. Don’t waste much time on Labour & Overhead as they are lengthy as well as not questions not frequently asked from this topics.
4.Now do this 3 topics from Practice Manual only because question get repeated in this topics: Non Integrated, Integrated Account & Reconciliation of Cost & Financial Accounts.
5.Generally 16 marks theory questions asked in exam.
Part B : Financial Management:
1.You should start with Capital Budgeting and than Cost of Capital this both chapters covers 16-20 marks easily, mainly practical question comes from this chapters so don’t waste time on reading theory. If anyone not interested in doing material which he/she have than just do all question from practice manual of this topic.
2.Now you should do leverage , Ratios & Working Capital Management. This topic are easiest as well scoring topics. This covers again around 20 marks minimum and both practical & theory questions asked from it. Do this topics properly from your books which u have than do question from Practice Manual and mainly theory questions comes from Practice manual only.
3.Than do Cash Flow Statement & Fund Flow Statement, as we studied this topics earlier so do it fast and don’t waste much time both theory and practical questions may be asked. Marks covered around 8 but sometimes 16 marks big question also asked so prepared for it.
4.Now do theory properly as this paper contain good questions of theory & overall theory asked in the question paper is minimum of 30-32 marks out of which 16-20 mark’s theary is from Financial Management. Important topics for theory are Basic Chapter, Ratios (Importance & Limitation), Types of Financing, Management of Debtors etc. (Make sure once you read all theory question in Practice Manual.)
Cost Accounting & Financial Management Preparation Tips
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