CA Foundation is the first level of the CA course and needs strong conceptual understanding, not only to clear this level but also to lay down a strong foundation for the next 2 important levels CA intermediate and CA finals.
CA foundation exams are held twice in the month of May and November and need a mandatory 4 month study period to appear for exams after registration for the course.
CA Foundation course syllabus is divided into 4 subjects that infuse the basic understanding of accounting, logical reasoning, business law, and economics. The demand for a more skillful accountant with proper communication and analytical skills the ICAI has also introduced a new pattern and addition in the ICAI CA Foundation syllabus for the competent result.
ICAI CA Foundation Subjects
Paper-1: Principles and Practice of Accounting
Paper-2: Business Laws and Business Correspondence and Reporting
Paper-3: Business Mathematics and Logical Reasoning & Statistics
Paper-4: Business Economics and Business and Commercial Knowledge
How to Complete New CA Foundation Syllabus in Four Months
To enhance the skills demanded by the accountant and to be at par with other competitive exams, ICAI will asses the knowledge and skill according to the given weightage which will also be the criteria of marking during the exams.
Skillset according to ICAI for all the four papers is as follows:
1) Principle and practice of accounting(s) – (theoretical – 5%-20%), (practical – 80%-95%)
2a) Business law(s) – (theoretical – 50%-65%), (practical – 35%-50%)
2b) Business correspondence and reporting(s) – (theoretical – 100%), (practical – 100%)
3) Business mathematics and logical reasoning(o) – (theoretical – 40%-50%)
4a) Business economics(o) -(practical – 50%-60%)
4b) Business and commercial knowledge (o) – (theoretical – 100%)
According to this skillset
● 80 % of Principle and Practice of Accounting syllabus will have a practical or analytical question and 20% would be a subjective question.
● Business law and Business correspondence syllabus are also based on subjective paper where 80% will be assessed on theoretical knowledge.
● Business Mathematics and Logical Reasoning syllabus are majorly practical papers which will have only 30% weightage for theoretical knowledge.
Economics and Commercial Knowledge have a mixed bag syllabus.
How to Complete CA Foundation Exam Syllabus for Theoretical Part
● Students should maintain a register stating all the necessary questions like List? State? Define? Explain? Recognize or identify? Classify?
● Students should make neat and clean notes of all the provisions, theories, and principles, terminologies covering the entire syllabus of a particular paper.
● Students should also highlight and underline the complex problem that is been noticed while completing the syllabus for CA Foundation.
How to Complete CA Foundation Exam Syllabus For Practical Part
● Make a chart of important formulas, tax slabs, depreciation rates, laws, ratios on their and paste it on their wall for regular revision.
● Regular practice is very essential for all practical subjects.
● Try to solve as many mock test paper sample papers, and previous paper to acquire expertise and confidence in your subject.
Monthly Schedule to Complete CA Foundation Syllabus
Once you know the technique to complete the syllabus for theory and problems then follow the given 4-month timetable for students that can help to cover the syllabus of CA Foundation course in a given period of time.
First Month
Take accounts and maths as your initial subject for preparation. As these, both papers need continuous practice it is very important to clear the theoretical part of the CA Foundation new syllabus of these papers in the first month itself. Notes of Theoretical Framework, Accounting Process, Partnership Accounts, Financial Statements of Not-for-Profit Organizations, Introduction to Company Accounts should be prepared within this month for account syllabus.
And for math syllabus that covers ratio logarithms, equations, linear inequalities, time value for money, permutation and combination, sequence and series set relation and basic differential integral calculus chapters formula should be written down if you can get then practice at least 5 some daily.
Second Month
Continue with Accounts and Maths subject in solving practical problems, introduce logical reasoning and statistics also in your practice session. It is time you should take your economics study material and start devoting your time in understanding the concept and theories of demand and supply, production and cost, Price determination in a different market, Business cycles along with the continuous practice of 10 problems of accounts and 10 maths problems.
Third Month
This is one of the crucial months of your study, where you need to devote most of your time to study. We expect the student to study at least 10 hours a day during this month. In this Month you can cover your Business and Commercial Knowledge and Business Laws and Business Correspondence and Reporting syllabus. Both papers need understanding what is written and memorizing every Act and section. The idea is to give 5 hours in reading the theoretical part and rest 5h ours in solving practical problems of accounts, maths, economics. By this month major portion of your CA Foundation syllabus should be covered.
You should start practicing a lot of Mock test papers, Modules, worksheets, previous year question paper and all those practicing study material available to you. It is important you give at least 8-10 hours daily to your studies during this month. Try resolving all your doubts, problems, from seniors or faculties and should be confident enough with whatever you were able to grasp so far.
Fourth Month
This is last month and we want you to relax and be confident. Its usually been noticed that this month has become one of the toughest one for the students, the lack of sleep, fear, bad eating habits, the apprehension to forget everything and feeling low on confidence are some of the major pitfalls what students face. But it is ok to be nervous.
Just revise whatever you are confident about and keep practicing the practical problems. It might sound weird if I say to read newspapers, blogs, finance magazines during this time but this is a smart trick of testing your knowledge in the actual world. If you are able to understand what is written and how they will affect a business or Indian economy, then you have really sharpened your ax in these 4 months and you are prepared to slaughter every obstacle coming in your way of success.
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