Crash Course Plus

5th EDITION
“No matter how much you are qualified, common sense always helps”

Business is changing and so is our subject. The greatest companies of all times like General Motors, Lehman Brothers, Reader's Digest Association etc today are no longer dominant. Most local retailers are closing down due to e-commerce, technology has had far more negative impact than positive. Self driven cars will lead to massive unemployment in India but will also create new jobs for those people who are expert in Artificial Intelligence. Robots will replace servants one day in your house. Make yourself that capable that you will survive all changes of tomorrow. Go to Europe and you will find accountants now don’t do the jobs they were doing 10 years ago. Accounting is done automatically. Companies like Smacc are doing automation at Rapid pace. Companies like EVERLAW are making lawyers jobless by proving automated reply to legal problems. Crypto- currency is about to gain momentum in future. Luxuries of today will be necessities of tomorrow. Invention is the only thing that will keep you alive.  Never thought internet will be a business one day, never thought Youtube could make money, never thought Facebook could make billionaires…. But these are business of today. Our coaching industry underwent so many changes. From face to face classes, to pen drives and virtual, we have seen all. I am still from traditional school of thought where I think that “when a student comes face to face, he really enjoys the subject and is not only trying to just pass for sake of becoming a CA”.

Marginal costing, standard costing and Performance Evaluation occupy major chunk of this syllabus and almost all the chapters get included under these headings. This is one of the subjects that I have taught for past 19 years and can still say there is so much to learn. New concepts keep arriving and it is very interesting to learn these new concepts especially as they relate to manufacturing sector as growth of any country is determined by its manufacturing sector. Japanese and German concepts of manufacturing like TQM, JIT, Target costing, ABC, Value chain analysis, ERP, Benchmarking, Beyond Budgeting etc are being implemented by Multinationals across the world. Unfortunate that Costing in India still is at very early stage and it might take many years before these techniques get implemented like they are in developed countries. 

In our country due to cost effective labour and materials, cost of production is less but there is a need to improve the quality, standardize the cost reporting methods, evolve need based products and procedures of manufacturing the products. Efforts of ICWA should be respected. In recent years, many steps have been taken to bring our Costing methods at par with world standards. I hope you will find SCMPE an interesting subject to learn especially when entire subject will be done without a single formula. SCMPE is a subject that will requires many assumptions to solve. As a rule “Assumptions should be made when problem is not clear, not when Student is not clear”.  Assumptions are made in case of “Absence of Fact”. 

The new Course by the ICAI also will require logical and fast thinking by the students. Changing of the portion was the need of the hour and thanks to ICAI for making portion of this subject at PAR with WOLRD EXAMINATIONS like CIMA & CMA (which students can pursue after studying costing from AJ NeXt). Also do remember that Business is full of uncertainty but there is a way of doing business that this subject will teach you. Many of you will be going forward to have their start ups and also become entrepreneurs. At that time, you will face many business situations which you might not have anticipated. Looking into this, ICAI brought CASE STUDIES of around 20 - 30 marks, so that students can handle such situations in a better way. Beyond marks, this subject teaches you, how to face uncertain situations, improve your business and strategies needed to do a turnaround. 

NOTE: DO NOT PRACTICE ANY QUESTIONS FROM OLD COURSE OF ICAI of PAPER 5. IT WILL BE WASTE OF TIME & EFFORT. OLD COURSE WAS ONLY CALCULATION BASED. THIS SUBJECT IS CALCULATION AND STRATEGIES BASED. 

This workbook has been intelligently designed so as to start and end most of the questions on the same page so that the student does not have to turn pages. Moreover, many things have already been printed in the book (like comments, graphs and charts are partly made) and space has been provided in form of box to write anything else that the student considers important. An effort has been made by me to solve as many problems as possible in the class. You will notice as in exams, content & presentation are very important, same way for me, my book should be very good in content & presentation. I strongly believe that the above factors are reflection of the knowledge and skill of the faculty.

As a student, I always believed that time management is very important in exams and in our daily life. This philosophy is being shown where many things as said above are done so as to timely complete your portion with a maximum number of problems. Also, when the students are attempting the questions themselves, a stopwatch will be appearing on their screen, so that they can time themselves whether they are on track. If you can complete the sum within the time frame that I have laid down, you will easily crack the paper within 3 hours.

"A student makes his own destiny and no matter how much a faculty does, it is only students efforts that give fruit."

Although, I have sincerely tried to put all the types of problems that I think are relevant for ICAI exams, students are advised to practice problems from Module of ICAI and RTP's of their attempt. Suggestions will drive me to make better book with better content.  

I thank the Almighty who partners us in all my endeavors…

Anuj Jalota
Chartered Accountant
AIR – CA FINAL
AIR – CA FOUNDATION
RANKER in T.Y.B.Com in Mumbai University. 

YOUR PACKAGE INCLUDES
1.    This practical workbook
2.    Theory Coloured Book + Coloured Case study book number 1 + Coloured Case study book number 2 (merged in one)

Language: Mix of Hindi - English

Instructors: ANUJ JALOTA