Strategy for Commerce- Paper 1

I think there is sufficient number of candidates opting for commerce as an optional as it is very scoring optional and easy to cover as well, particularly if you are a CA; even for B.Com, M.Com candidates it is not difficult to score in commerce provided sufficient practice has been done for this subject.

One more advantage with this optional is that normally two weeks leave are available during exam for revising the syllabus which is an added advantage as compared with other optionals. Paper 1 consists more of practical questions which if practiced properly can easily take your score above 200. So the key for scoring more marks in paper 1 is PRACTICE. Theory based questions should also be prepared carefully as compulsory questions are theory based only and current affairs related questions are asked now a days.

If you carefully see the syllabus of Paper 1, one can notice that the level of Paper 1 is equivalent to CA (Inter or IPCC) or B.Com (Hons), hence books of that level are sufficient to cover the entire syllabus and one should not read the entire books which i am going to prescribed rather only syllabus provided by UPSC should be covered from those books.

Accounting

Corporate Accounting – Naseem Ahmed (A very good & simple book to cover entire topics, selected topics only)

Accounting Standards- D. S. Rawat (Cover AS 1-20, 22 & 26 in detail & practice numerical also)

Cost Accounting

Cost Accounting; Theory & Problems- Maheshwari & Mittal (Selected topics to cover syllabus of UPSC only)

Auditing

Students’ Guide to Auditing- Aruna Jha (Taxmann) (Selected topics only)

Taxation- Income Tax, Service Tax & VAT

Income Tax book by- V.K. Singhania or Girish Ahuja

                       OR

CA IPCC- Ajay Jain (This book is wonderfully written by Mr. Ajay Jain and I have taken coaching during my CA from this teacher and hence this book should be referred only after you are comfortable with its writing style as it is not explained in detail but its presentation is very good and tax provisions can be easily remembered. So select this book after consultation only, all the above topics are covered by this book)


Following is the link for a Income Tax book by Mr. Bhavin Pathak. This book is written in a wonderful way and one should download for covering Income Tax part from this book.


http://www.caclubindia.com/forum/income-tax-notes-for-ipcc-ay-2012-13-may-2012--190701.asp#.UAzjg7Q2Nkl

Financial Management

Financial Management; Text & Problems- Khan & Jain (ALL CHAPTERS, sufficient to cover the entire syllabus)

Financial Markets & Institutions

Indian Financial System- M.Y. Khan

               OR                                               Selected Topics to cover syllabus only

Financial Institutions & Markets- L.M. Bhole

Above books are sufficient to cover the entire syllabus for paper-1 and one need to practice regularly to get a hold over this paper. One can see its own source as well for the above syllabus as for his/her own comfort like I used by CA books for covering some of the syllabus.

Notes

Ø  While practicing the numerical, one should make all working notes at one place either before or after the main answer.

Ø  Paper is usually lengthy so one should make a habit of drawing lines or format for answer with pen only to save time.

Ø  Clarity in answer should be visible to fetch more marks.

Any clarity or suggestion is always welcome to improve the quality of blog. Soon I will be putting strategy for Paper-2 for commerce as well.

Regards,

Deepak Singla