How to crack CA Foundation exam?
CA Foundation Exam
CA foundation Exam is around the corner and we’ve some useful information for you which will help you reach the desired goal. This article will give you a good overview of the entire exam and everything that comes along with, from the grading scheme to the types of questions. These aspects are very important while preparing for the CA Foundation course.
Before we get into the specifics, there are a few basics that you need to know about the exam to get a good overview of what the exam looks like.
Conducting Body: Institute of Chartered Account of India
Frequency: Twice (May/June, November)
Mode of registration and mode of delivery: Online
Duration: 3 hours for subjective exam and 2 hours for objective exams
Negative marking: Only for objective papers
Official website: www.icai.org
All students who have completed their 12th grade examinations are eligible for the CA foundation course. However, if you come from the commerce background it may be slightly easier for you than someone from another stream!
Number of papers and subjects:
Principles And Practice Of Accounting: 100 Marks
Business Laws And Business Correspondence: 100 marks
Section A: Business Laws: 60 Marks
Section B: Business Correspondence And Reporting: 40 Marks
Business Mathematics, Logical Reasoning and Statistics: 100 marks
Section A: Business Mathematics: 40 Marks
Section B: Logical Reasoning: 20 Marks
Section C: Statistics: 40 Marks
Business Economics and Business & Commercial Knowledge: 100 marks
Section A: Business Economics: 60 Marks
Section B: Business and Commercial Knowledge: 40 Marks
The total marks that any person can get are 400 and they need 50% of them (200 marks) to pass the exam.
Paper 1 – Principles and practice of accounting:
Bank Reconciliation Statement
Concept and Accounting of Depreciation
Accounting for Special Transactions
Final Accounts of Sole Proprietors
Financial Statements of Not-for-Profit Organizations
Introduction to Company Accounts
Paper 2 – Business laws and Business correspondence and reporting
Section A – Business laws
The Indian Contract Act, 1872
The Sale of Goods Act, 1930
The Indian Partnership Act, 1932
The Limited Liability Partnership Act, 2008
The Companies Act, 2013
Section B : Business Correspondence and reporting
Part I: Communication
Part II: Sentence Types and Word Power
Sentence Types (Direct-Indirect, Active -Passive Speech)
Vocabulary Root Words, Synonyms, Antonyms, Prefixes, Suffixes), Phrasal verbs
Collocations and Idioms.
Part III: Comprehension Passages and Note Making
Part IV: Developing Writing Skills
Introduction to Basic Writing
Writing Formal Letters
Writing Formal Mails
Paper 3: Business mathematics, logical reasoning and statistics
Part A: Business mathematics
Ratio and Proportion, Indices and Logarithms
Equations and Matrices
Linear Inequalities with Objective Functions and Optimization w.r.t. objective function.
Time value of Money
Permutations and Combinations
Sequence and Series
Sets, Relations and Functions
Basic applications of Differential and Integral calculus
Part B: Logical Reasoning
Number series, Coding and Decoding and odd man out.
Part C: Statistics:
Statistical description of Data
Measures of Central tendency and Dispersion
Correlation and Regression
Index Numbers and Time Series
Paper 4: Business Economics and Business and Commercial Knowledge
PART – I – Business economics
Introduction to Business Economics
Theory of Demand and Supply
Theory of Production and Cost
Price Determination in Different Markets
PART – II: Business and Commercial Knowledge
Introduction to Business
Government Policies for Business Growth
Organizations Facilitating Business
Common Business Terminologies
There are a total of four papers that you need to complete in order to clear the foundation exam. Paper number 1 and 2 are subjective papers that are for 100 marks each and the duration is three hours. Paper number 3 and Paper number 4 are objective exams that are also for 100 marks and the duration is 2 hours. The objective questions have 0.25 negative marks for every wrong answer!
Each Candidate needs to secure at least 40% in each paper and 50% overall.
Before taking the test, we would urge you to actually plan your study beforehand. This step is one of the most important steps before cracking the test.
1. Positive mindset: The CA course is a challenging certification. Having a positive mindset while preparing is extremely important in the long run!
2. Prioritize understanding: One of the most important aspects of studying for CA, is to prioritize understanding over learning. Understanding concepts and theories is much more important than to memorize it!
3. Plan your study: Failing to plan is planning to fail! Yes. If you don’t have a specific plan that is suited to bring out the best in, you then you are on your path to fail.
4. Taking breaks: What most people tend to forget is that quantity of education is not the same as quality of education. You need to understand what the maximum amount of time is you can spend at a stretch. It is very important to make sure that you do not burn out studying for the exam. Which is why, breaks are very important. They help you to recollect your thoughts and make sure that the next time you study you are able to get back to studying with more enthusiasm!
5. Make the calculator your best friend: ICAI allows you to bring calculators into the exam hall and you need to make sure that you use it to the best of your abilities. Be familiar with the M+, M-, G buttons. They can be lifesavers and save you precious minutes while you complete the exam!
6. Note taking: Make it a habit to take notes while you attend classes or study on your own. Figure out what works for you and which is the best way that you retain the knowledge.
7. Practice: A lot of times people spend way too much time on studying and don’t get the required practice for the exam. Spend at least 2-3 weeks on practice papers and mock tests before attempting the exam. This will give you a very good idea about the areas that you need to improve upon and the areas that you are confident about.
If you have completed your bachelors or your post-graduation you are exempted from taking the beginner CA exam.
Registration Fees for CA Foundation Exam
1. Cost of Foundation Prospectus: Rs.200
2. CA Foundation Registration Fees: Rs. 9000
3. Subscription Fees for Student’s Journal (Optional): Rs.200
4. Subscription Fees for Member’s Journal (Optional): Rs.400
CA Anand Kasat’s, AKs Commerce Academy focuses only on quality education for all. Starting his institute with a very humble background back in 2012, AK’s Commerce Classes have grown to be the most successful CA Commerce Class in and around Satara. We provide CA Coaching Classes for CA Foundation and Intermediate levels of Chartered Accountancy and our students have been securing AIRs' consistently for the last 8 years. We have a well-experience and highly skillful staff that will take care of all your needs!
If you have any queries, feel free to reach out to us through our contact us section and we answer any questions you may have! If you wish to take the exam in November 2021, it’s possible, just join the AKs Commerce Academy in June 2021 after your boards in May!
From AK’s, we wish you all the very best and we hope to see you soon!