Advanced Accounting Important Questions for CA Inter

Introduction

Advanced Accounting is the foundation of the CA Inter course and the beginning for commerce students, which includes both practical and theoretical aspects. The CA Inter Advanced Accounting subject comes under group-1 syllabus as it is the first subject of the CA Inter course. To clear this subject, students must have strong analytical, numerical, and problem-solving skills. CA exam preparation can affect the CA Inter, CA Foundation, and CA Final exam papers. If students prepare for CA Inter exams, this article is going to be very helpful for them as it covers aspects of practicing questions and the right approach for this particular exam in detail.

Right Approach to Practicing CA Intermediate Account Questions

• Never hurry to solve questions without fully understanding the concept. Diving directly into problem-solving is a big mistake. The account is a subject that will haunt you if you do not understand the concepts first.
• Prerequisite of the chapter. If a chapter requires some knowledge of other chapters, then at least go through that chapter once. For e.g., you cannot study "Partnership Accounts" if your basics are not clear in the "Company Accounts" chapter.
• Do not overdo it. Solving Accounting questions should not take up all your time. You also have to process what you have solved.
• Know what the most repeated topics in the CA Inter examination are, whose list is also provided in this article.
• Make sure to study from genuine sources. The study materials or modules, whichever you use, should be from credible sources or coaching institutes.
• Practice as much as you can in the subject of accounting. The amount of real practice will eventually make you ready for your final exam.
• Have Patience - excelling in accounting as a subject takes time. Do not skip any theory, practice, or doubt classes.

Most Repeated Topics in CA Inter

Now, lets have a look at the most repeated yet important topics in the Accounting subject. These lists primarily focus on CA Inter subjects, including chapters from both Accounting and Advanced Accounting. Here it is.

•  Accounting Standards: Accounting Standards have crucial implications for both the exam and future CA practices. They also play a role in compliance with financial reporting.
• Financial Statements: This chapter knowledge will be required to solve many different types of questions in the CA Inter exams.
• Company Accounts: The concepts of Company accounts are used in many different questions and chapters as well.
•  Partnership Accounts: On average, you can expect 2-4 questions from this topic.
• Valuation of Inventory: Both theoretical and practical questions are asked in this chapter.
• Cash Flow Statements: Both direct & indirect methods questions can be asked of you. Around 2-4 questions from this chapter are expected to come in the CA Inter exams.
• Financial Ratios & Depreciations: Students are asked questions about different methods of depreciation in the CA Inter exam papers.

Easy To Cover CA Inter Chapters

Some Accounting chapters are also there, which will take the least of your time and still provide you with good syllabus coverage. You should also know those chapters, as the final exam is qualifying in nature. Here is the list for the same.

• Basics of Accounting: Easiest and simplest to cover.
• Preparation of Financial Statements: One of the easiest formulas is included in this chapter. Any student with little effort can master it.
• Accounting for Special Transactions: These questions mostly require you to use direct applications of basic accounting principles.
•  Accounting for Company Accounts: Simple and basic questions from this chapter are sure to come.
• Financial Instruments: One of the most interesting chapters in accounting.
• Accounting Standards: Easy to grasp and straightforward formula applications.

Theoretical Chapters in CA Inter Accounting

Some chapters in the Accounting subject have more to read than to practice. The reason why you should know these is that you can then separate them from other chapters and read all of them at once. This will help you study more effectively. Let have a look at the list of chapters.

• Accounting Standards
• Applicability of Accounting Standards
• Financial Statements Frameworks and Presentation
• Presentation and Disclosure-Based Accounting Standards
• Partnership
• Accounting of Employee Stock Options
• Buyback of Securities and Equity Shares with Differential Rights
• Amalgamation of Companies or Internal Reconstruction

Practice-Based Chapters in CA Inter Accounting Subject

There are plenty of chapters in CA Inter Accounting that will require intense practice and hard work. The knowledge of those chapters is also important to cover the subject of accounting completely. Following is the list of all those chapters that require time, effort, and lots of practice to master.

•  Accounting Standards
• Amalgamation and Internal Reconstruction
• Partnership
• Esop and Buypack
• Single Entry
• Non-Profit Organization
•  Hire Purchase
• Banking & Insurance
• Branch and Departments
• Underwriters

You have to build a strong practice routine for all these chapters. Also, try to build better problem-solving skills by constantly analyzing your question-asking skills.

Important Tips for CA Inter Accounting Subject

• To perfectly master this Accounting subject, we are providing you here with some lesser-known but most effective preparation tips and tricks.
• Mark the question that took your time. After completing your whole chapter, come again and answer similar types of questions to enhance your speed.
• Never skip revising easy questions. Sometimes, not knowing easy questions can also harm you much worse than you ever imagined.
• Try to have a go-through session of the chapter before you dive into question-solving.
• Ask your teachers any doubts you have. The more you ask questions, the more you will know about yourself.
• Finally, practice daily. This is not a tip; it is a must-have.

Conclusion

Accounting is an important subject, and ignoring it can put you in huge trouble. So, choose your steps wisely and study regularly to have the best score in the upcoming CA Inter examinations. You can use this article by fetching all the data and information that we have provided here. That is all from our side. All The Best for your exams.

FAQs

1. Every chapter seems like a lengthy one. How can I know which accounting chapters are actually important for exams?

You can check past papers, mock test papers, or revision test papers to get an idea of important questions. You may also analyse the ICAI study material weightage and trending questions that ICAI repeats frequently.

2. Is only solving previous year question papers enough for me, or should I prepare the whole study material?

Past papers help students to understand the exam pattern; however, ICAI demands fresh adjustments. So it is important to practice the complete study material with selected question banks, which is considered to be safer.

3. How many revisions are required for Accounting to receive a score of 60 or higher?

Under-revision causes the majority of students to suffer. Three revisions with written practice of complex alterations (such as amalgamation, ESOP, and leases) are ideal.

4. I have confusion in a long practical question under exam pressure. How can I improve its accuracy?

You may overcome exam pressure by practicing full-length questions with timers, writing the formats clearly, and marking the adjustments where they read, but not after solving.

5. Is accounting a risky subject or scoring in the CA Inter course?

If you have strong skills in gaining the concepts and formats quickly in  accounting, then it is easy to score. It becomes risky when you are only dependent upon selective study, skip adjustments, or when you do not practice enough.

Source: The information mentioned above is collected from the official ICAI website by our content strategist experts.