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Prithvi Vora (189/200 -CPT) explains his Revision Strategy

Though CPT is an MCQ examination, it is not as easy as it seems as it has a wide curriculum and also some difficult concepts which cause trouble to students. However, it will be easy for you if you have grasped an understanding over the concepts and revised properly.

Revision Time

As you read this, you are just a few days away from the CPT exam. You must make sure that you manage your time in the most effective manner. Generally you should invest 2 days each per subject, i.e. total of 8 days and then revise one more time during the last two days before the exam.
Below I would like to provide a revision plan for approximately a week before the examination which
I had followed and proved helpful to me :

  1. The examination is divided into two sessions :
    • Session 1: Fundamentals of Accounting; Mercantile Laws
    • Session 2: General Economics & Quantitative Aptitude
  2. So, practicing in a similar way as above may bring an edge to you
  3. Now, first you may start with either combination i.e. Accounts + Law or Quants + Economics

  4. Starting with Accounts + Law will bring you an edge as in the latter combination, you will have to remember formulas of Quants and facts & figures of Macro Economics. So, it depends on which subject you favour over the other and which subject you are comfortable with. (I had my start with Accounts & Law so I will proceed further with the same)

  5. Now, in both the combinations, one subject requires practice and another requires understanding concepts and remembering them. Also, in both the combinations, one subject (i.e. Accounts & Quants) has more extensive curriculum than the other. So, you can devote your time during the day in a 60:40 ratio

  6. Doing two subjects together will help you to handle all 4 subjects easily on the exam day altogether. So, the way which I used is – to complete a few topics of Accounts (understanding concepts and solving a few questions) before 4 pm, completing a few sections of Mercantile Laws before dinner and then after dinner, solve some questions of both of the topics together

  7. Solving both topics together will better test your understanding and also will help you to retain the concepts for a longer period

  8. This way you proceed for both the combinations and on the last day of the revision period, you can solve two question sets during the day which will include a test of all subjects and will help you to gain more confidence

Below, I have provided subject wise recommendations for all the four subjects.

Fundamentals of Accounting

The Accountancy Section of the paper has the highest weightage i.e. 30% (60/200) for the CPT examination and also has a large number of topics. So, as a candidate, you have to keep in mind to grasp an understanding over the concepts and build your base stronger by application of those concepts to solve as many problems (questions) as possible.

Below mentioned are a few topics and the special areas to be taken care of and to be kept in mind:

  1. Bank Reconciliation Statement (BRS)
    1. Under BRS, students are always confused with regards to which balance is given in the question and what is to be done with it

    2. So, prepare a way for you to have an accurate start. (Always remember that in BRS, a good start will most probably lead you to the correct answer)

    3. Remember, that there is contradiction between the balances due to the differences in the prepare of the respective books and hence, do not get confused. (Dr Balance of Cash Book is equivalent to Cr Balance of Pass Book)

  2. Accounting Process
    1. Obtain an understanding of the difference between the nature of a Capital and Revenue Expenditure/Receipt

  3. Partnership Accounts
    1. Go through treatments of reconstitution of partnership i.e. (Retirement, Death or Admission of a Partner) and practice questions relating to the same

    2. Remember the different treatments of Goodwill
  4. Company Accounts
    1. Go through treatments of issue, forfeiture and reissue of shares as it is an area which many students find confusing

Points to Remember

  • Memorize the three Golden Rules of Accounting
  • Practice questions from different sources so that you can be fluent with the application of your concepts

  • Along with solving questions, also remember to keep up with time and increase your speed of solving

  • The VOLUMEs given by ICAI are one of the good sources which help you to apply your concepts and practice them, be sure to solve these questions

  • SCANNER is one of the additional sources which provides you with past questions of CPT papers and will provide you many questions to solve. (only if you have additional time left)

Mercantile Laws

The curriculum of this subject is relatively small when compared to others. However, this subject requires the candidates to have a good understanding. The Indian Contract Act is vast and has a lot of sections and students always find troubles with this topic. However, you have to remember that this topic will fetch you a lot of marks due to its weightage.
Further, also note that this topic will be a part of your IPCC curriculum so that is an added motivation to the students who run from this topic.

Points to Remember

  • This is the subject where you will be able to see distinctly the advantage of practice as when you try to apply the LAW on cases in the form of questions, you will be able to actually test your understanding of the law. So, if you practice with more questions, then you will be able to strengthen your understanding

  • Even for Mercantile Laws, the ICAI VOLUMEs and SCANNER are two good sources from which you can solve and practice questions

  • Also, remember to time your studies in such a way that you keep this subject at the end so that you can remember the concepts clearly

  • Summary notes for the Indian Contract Act would be a blessing in disguise on the exam day if you could arrange for such notes or else if you could make them yourself. (Refer Class Notes etc.)

General Economics

This is the subject where you will face both concepts to understand and numbers to remember. With regards to Micro Economics, you have to understand the concepts thoroughly. Be sure to understand all the graphs, curves and their movements. Also, properly understand the laws of demand and supply as you may expect many questions on it(ICAI doesn’t have a pattern but still these are some of the important topics which are usually tested). For Macro Economics too, understand the concepts properly and with regards to figures and facts, try finding summary notes or make one for yourself as these figures are often difficult to remember.

Points to Remember

  • The Micro Economics section and conceptual part of Macro Economics section can be timed before other subjects while revising as there is less to remember and more to just understand so just make sure to revise your concepts and test your understanding with a few questions

  • Practice questions to test your concepts and their application. However, this subject may not require much practice when compared to other subjects

  • Arrange for summary notes for Economics as they will help for last minute revision.(Search online for useful resources)

Quantitative Aptitude

Quants is one of the subject which many students find difficult in the CPT Exam. It is to be remembered that “Practice makes a man Perfect” applies to this subject. In this subject your approach toward revision should be as follows :
(This is the approach which I used, you may use a different one if you find it more comfortable)

  1. Go through the formulas of a particular topic and go through the solutions of the questions you have solved previously

  2. Then, take up another book or source from which you have not solved questions and solve those questions

  3. Write down your mistakes on a piece of paper and read them when you revise it next time or if you don’t get time to revise again, read them before going for the examination

  4. This approach will ensure that you don’t mug up the solutions and have an ability to solve whatever questions are given to you

Points to remember

  • Practice, practice and practice
  • Be sure to use the same calculator while practicing which you plan to use in the examination as it will make a considerable difference of speed (Believe me, it will)

  • Before the exam day, do not indulge into practicing hundreds of questions, solve more questions in the week before the exam so as to save time before the exam day for other subjects

  • Also, make sure to keep up good speed as some question may require more time than other (i.e. a question may take up to 2-3 minutes if you know how to solve it). You don’t have to worry as you will also find some questions which may be solved in as less time as 30 seconds So, make sure to complete those questions quickly to make time for other questions.

To conclude, focus more on revising concepts and solving few questions of each type rather than solving each and every question. Try adhering to the timetable set and taking small breaks of 5 to 10 minutes when you feel tired or are unable to concentrate.

Wish you all the best for your Exams!