MCQ questions have become the thirty percentage hold on CA intermediate and final level examinations. In 2019, ICAI introduced a new exam pattern with an emphasis on MCQ based questions. A case study digest is the compilation of case studies in six elective papers. At the final level, the students need to read the electives such as risk management, international taxation, financial services and capital markets, global financial reporting standards, economic laws and multi-disciplinary case studies. These elective papers provide specialised knowledge with the help of case studies. From May 2021, the main paper of CA strategic cost management and performance evaluation also have case study based MCQ questions.
The feedback from 2020 CA batch students show that it is easy to attend MCQ questions. The challenge is with time management. The MCQ sucks time as the question has fewer marks and more time. Conceptual understanding and complete knowledge are essential when dealing with the MCQ pattern of questions. If there are uncovered portions in the syllabus, the student gets minimum marks in the MCQ questions. Time management, completion, and conceptual understanding are the points that boost the confidence for MCQ questions.
This blog wants to bring out the place where the confusion begins in the MCQ questions. It is the learned experience to understand that the four options of MCQ look the same. To zest up the discussion, we analyse the elective papers, strategic management, corporate and other laws, auditing, taxation and EISSM. Hold your horses to deep dive into the syllabus. Knowledge comes from hard work and patience. Reading the case is about understanding the scenario. It is action-based and knowledge-based as well. MCQ in objective pattern and subjective pattern have different implications. Reading and thinking for a long time needs practice. For scoring high marks in the MCQ type of questions, it is the professional advice from the faculties to have a mock test and revision more than 20 or 30 times.
Elective papers and strategic management
English knowledge and reading speed is essential for MCQ based questions. The case study help for pictorial memory and action-based memory. Relate the subject with the case studies to make it a memorable one. In every CA subject, the mind map with case studies helps to cover a vast area. Relativity is the factor that students learn through a case study. So, it is advisable to complete the syllabus first and then read the MCQ. This preparation process help to get clarity. The theoretical and practical parts are given as subjective and case study based learning.
Corporate and other laws:
The resolution of shareholders in the meeting, members’ electronic consent for decisions, and one person Company nomination are the topics that create a dilemma if not prepared with ample reading. The meaning of small companies has changed recently. Small companies with prescribed share capital and turnover enjoy certain exemptions as per Company law. The big companies need to conduct four meetings per year whereas small companies conduct only two. The preparation of a cash flow statement is not mandatory for a small company. The rotation of auditors is also not necessary for a small company. Penalties are also less for small Companies. Honourable finance minister NirmalaSitharaman changed the meaning of small Companies. This is a notable change in the Company law which can be framed as an MCQ question.
The MCQ questions are tricky which requires more practice. For instance, if the question like which audit is mandatory by law? The options are a little confusing and they are internal audit, government audit, cost audit and statutory audit. The answer is a statutory audit. Internal audit is for tax calculation, and cost audit is for cost decisions. Statutory audit is by law. Understanding the question makes sense in MCQ questions.
Income tax subject has set of rules which changes periodically. The different types of income group’s end-up with different kinds of income tax. The report of a chartered accountant helps make decisions. The auditor’s work independence is an essential factor for the reliability of financial statements. The statement produces the question that if an auditor work with independence, it reflects the media attention or reward or good relationship with the client or enhanced reliability on financial statements. The answer is reliability. It is a basic-level question but requires more attention and practice.
To encourage the students to practice more times here are some questions for which the options look alike. In the companies, customer satisfaction and its issues look like the financial risk or operational risk or data risk or infrastructure risk. This risk assessment is the MCQ question which communicates the importance of the practice of MCQ questions. Customer satisfaction is an operational issue as it is location-based and demand-based. By solving such questions, students understand the concepts with clarity.
What is the difference between subjective and objective case study questions?
• Subjective questions are suitable to create professionals with the application of knowledge. Objective type of questions prepares the professionals with learned best practices of the profession.
• Examples of professionals with subjective knowledge are management professionals, designers, counsellors, legal advisors, and teachers. Examples of professionals with objective knowledge are engineering, medical, finance, nursing and law.
• Subjective type questions are small questions and big questions. Objective type questions are multiple-choice, matching, true or false, fill in the blanks and reasoning.
• Subjective questions increase the creativity and confidence of the student. Objective type questions bring accuracy.
• Objective type of assessment help for computer-based assessment and generate regular reports about the student performance quickly. The student performance is gauged periodically and highlights the problems of the student in an effective manner. Subjective type of assessment help for improving the language and reading pleasure. The performance report takes time and helps enhance the interest in the subject for educators and students.
The assessment model gestures about the professional skills, problems of the student, interest of the student, learning capacity, and time management needs of the student. The best-chartered accountancy professionals in the world are created by the combination of the objective and subjective assessment model.