CA Foundation – FAQs
The ICAI (Institute of Chartered Accountants of India) is a national professional body that works towards the development of the chartered accountancy (CA) profession and regulates CA exams in India. The Chartered Accountants Act, 1949 of the Parliament established the ICAI.
ICAI offers the CA foundation course that is an entry-level test for the CA course. Earlier, it was called the Common Proficiency Test. The ICAI conducts the CA Foundation exams twice a year in May and November.
About Chartered Accountancy – Chartered accountancy is a professional qualification in the accounting/financing industry wherein a CA is expected to work towards the management of finances for an entity. This includes managing financial accounts, budgeting, auditing, business strategy, and taxation.
Levels of CA – The CA course requires students to pass 3 levels, namely –
CA Foundation – Entry-level test for the CA course that is conducted twice a year in May & November, formerly called the Common Proficiency Test (CPT)
CA Inter/IPCC – Second examination which can be taken up after clearing the CA Foundation exam.
CA Final – The final level exam after clearing the CA Inter exam and required training.
Job prospects for CAs – CAs in India are in huge demand since most jobs in the Indian finance sector require CA as a professional qualification. Some arenas which can be explored by CAs are –
- Banks (Both private and public)
- Public Limited Companies (mandatory for the purpose of law)
- Auditing Firms (such as KPMG, Price Waterhouse, etc.)
- Finance Companies, Mutual Funds, Portfolio Management Companies, Investment Houses, Stock Broking Firms
- Legal firms, Legal houses, Patent Firms, attorneys, Trade Mark, and Copyright Registers
Can a student apply for the foundation course if he’s studying in school 12th?
Yes. Any student who appeared for their 10+2 examinations conducted by a board under the Central Government or equivalent can enroll within the Foundation Course of ICAI. They can get themselves enlisted at the start of the year to appear for the May/June CA foundation exam.
Where can I register myself for the CA Foundation course?
Ans: For Registration, students may visit https://eservices.icai.org/
What is the paper pattern for CA Foundation exams?
The exam has been split into subjective and objective categories in the following pattern –
SUBJECTIVE – Descriptive answers to questions
Paper 1: Principles and Practice of Accounting
Paper 2: Business Laws and Business Correspondence Reporting
OBJECTIVE – with negative marking (i.e. +1 for correct answers and -0.25 for wrong answers)
Paper 3: Business Mathematics and Logical Reasoning and Statistics
Paper 4: Business Economics & Business and Commercial knowledge
The passing percentage is 50% in aggregate and 40% individually.
Can a student apply for the foundation course if he’s studying in school 12th?
Yes. Any student who appeared for their 10th examination conducted by a board under the Central Government or equivalent can enrol within the Foundation Course of ICAI. They can get themselves enlisted at the start of the year to appear for the May/June CA foundation exam.
Has the CA foundation course undergone any changes?
No. There have been no amendments to the CA foundation syllabus or the CA foundation registration fee.
What is the working notes weightage in accounts?
It varies between 20% to 40%. Wherever required, you want to prepare working notes to score full marks.
Is ICAI study material sufficient within the CA foundation?
Can I get a good score using the study material of ICAI?
Yes. However, it will be helpful to attempt mock test series regularly and practise using previous years’ tests to know the pattern of exams.
How many imprints fall under the CA foundation exam RTPs?
An analysis of the past assessment papers uncovers that around 50% of the questions within the CA foundation exam come from modules, practice manuals, mock tests, current RTP, and past year RTP. In some cases, the exams have the immediate previous year’s questions. Generally, the questions within the test are similar to the questions in the RTPs.
What to review within the last 45-60 days for CA Foundation Exams?
Accounts: Questions from study material of ICAI and the five past attempts RTPs.
Law: Daily half-hour reading of sales of products act 1930, Partnership act 1932 and LLP act 2008 from ICAI book, and complete reading from Perfect revision notes.
BCR: In BCR, ask all past attempts RTPs.
Math, Stats and LR: Questions from Math and statistics revision notes given within the CA foundation course. Also, practice questions of logical reasoning. Revise those notes twice, every day.
Economics & BCK: Revise notes and Eco & BCK courses given within the CA foundation course twice, each day.
What are the most important chapters of the CA Foundation?
Accounts: NPO, Final accounts, Company accounts, Partnership
Law: Sales of products act 1930, Partnership act and LLP act
BCR: Past five attempt RTPs.
Maths: The value of cash, Ratios, Proportions, Indices and Log
Statistics – Measures of central tendency and dispersion + Statistical description of knowledge
LR: All chapters are equally important
Economics: Theory of demand and supply, Production theory and price
BCK: All chapters are equally important
How to write answers to case studies given under Law?
- The first paragraph – Write provisions of the Act.
- The second paragraph – write facts from case studies.
- The third paragraph -Write the conclusion.
Is it necessary to write down a section in Law?
No. However, it might help if you mentioned the name of the Act.
How to remember the provisions in Law?
Read revision notes given in the CA foundation course daily for around half an hour each day.
How to prepare theory in Statistics?
Read revision notes daily and solve questions of Statistics.
Is it necessary to unravel the extra question bank in Math and Statistics?
If the target is to attain 80-100 marks, one must solve maths’ additional question bank. However, in Statistics, it’s not required in the least.
Does ICAI conduct any classes for students appearing in Foundation Examination?
Free classes are conducted by ICAI for the Foundation level. For details, students may regularly visit Institute’s BOS Knowledge Portal for announcements in this regard.
Can a student from the Science stream get acquainted with the CA Foundation course?
Technically speaking, a student who has cleared the class XII examination from any stream can apply for CA Foundation exams. That implies that ICAI is open to anyone and everyone who might be interested in taking up the Chartered Accountancy course. Therefore, it is important to study the syllabus right from the basics.
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