ICAI CA Foundation Accounting Paper: Study Material, Paper Pattern, and Weightage
Introduction
The CA Foundation Accounting exam is a major challenge for the candidate in his or her progress towards becoming a qualified Chartered Accountant. conducted by the recognized Institute of Chartered Accountants of India (ICAI), is held twice a year and is the backbone of prospective accountants. Fundamental to your success is the mastery of the syllabus, the ability to handle the exam pattern, and also a general knowledge of the concepts.
Prospective candidates can have extra advantages from online coaching platforms like CA Virtual Hub, which has the reputation of giving CA online coaching classes at top class in India. In this detailed blog article, we will carefully go through the syllabus, study the definition of the examination pattern, and provide you with tips to enhance your preparation, which will enable you to sit the CA Foundation Accounting paper confidently and successfully.
CA Foundation Accounting Study Material in 2024
Chapter 1: Theoretical Framework
- Meaning and scope of accounting
- Accounting concepts, principles, and conventions
- Capital and revenue expenditure, capital and revenue receipts, contingent assets, and contingent liabilities
- Accounting policies
- Accounting as a measurement discipline: valuation principles, accounting estimates
- Accounting Standards – concepts and objectives
Chapter 2: Accounting Process
- Recording accounting transactions: principles of double-entry bookkeeping, Books of original entry: journal, subsidiary books, cash book, Ledger format, Posting from journal and subsidiary books, Balancing of accounts.
- Preparation of trial balance.
- Rectification of errors.
Chapter 3: Bank Reconciliation Statement
- Introduction, reasons, and preparation of bank reconciliation statement
Chapter 4: Inventories
- Meaning, basis, and technique of inventory valuation, Cost of inventory, Net Realizable value, Record system
Chapter 5: Depreciation and Amortisation
- Tangible and Intangible assets – Meaning and difference, concepts, methods of computation, Accounting treatment of depreciation/amortisation, Change in depreciation method
Chapter 6: Bills of Exchange and Promissory Notes
- Meaning of bills of exchange and promissory notes, Accounting treatment, accommodation bills
Chapter 7: Preparation of Final Accounts of Sole Proprietors
- Elements of financial statements, Closing adjustment entries, Trading account, Profit and loss account, Balance sheet of manufacturing and non-manufacturing entities
Chapter 8: Financial Statements of Not-for-Profit Organizations
- Significance and preparation of receipt and payment account, Income and expenditure account, balance sheet, Difference between profit and loss account and income and expenditure account
Chapter 9: Accounts from Incomplete Records
- Excluding preparation of accounts based on ratios
Chapter 10: Partnership and LLP Accounts
- Final accounts of partnership firms and LLP’s
- Admission, retirement, and death of a partner including treatment of goodwill
- Dissolution of partnership firms and LLP’s including piecemeal distribution of assets
Chapter 11: Company Accounts
- Definition of shares and debentures
- Issue of shares and debentures, forfeiture of shares, re-issue of forfeited shares
- Redemption of preference shares and debentures (excluding purchase and redemption of own debentures and sinking fund method)
- Accounting for bonus issue and right issue
CA Foundation Accounting Paper Pattern in 2024
The Institute of Chartered Accountants of India (ICAI) holds twice-a-year accountancy examinations known as the CA Foundation Accounting Paper Pattern 2024, primarily in the months of June and December. The exam, which is in offline mode, consists of Paper 1: Accounting, a three-hour length test. Paper 1 consists of subjective questions; the value is 100 marks. What you should keep in mind is that subjective answers in Paper 1 do not have any negative markings for the wrong ones. Candidates should concentrate on mastering fundamental accounting concepts and problem solving in order to pass the test, according to the CA Course Guide.
| Particulars | Details |
|---|---|
| Organized by | The Institute Of Chartered Accountants of India (ICAI) |
| Mode of exam | Offline |
| Frequency | TWICE in a year
(June) (December) |
| Paper Name | Paper 1 – Accounting |
| Duration of the papers | 3 hours |
| Paper Type | Subjective |
| Marks | 100 marks |
| Marking scheme | For subjective (Paper 1) – NO negative marking |
CA Foundation Accounting Subject Weightage
This table outlines the relative importance of each section in the CA Foundation Accounting syllabus. It’s important to allocate study time accordingly based on the weightage of each section.
| Chapters | Weightage |
|---|---|
| 1. Theoretical Framework | 5%-10% |
| 2. Accounting Process | 30%-35% |
| 3. Bank Reconciliation Statement | 30%-35% |
| 4. Inventories | 30%-35% |
| 5. Depreciation and Amortisation | 30%-35% |
| 6. Bills of Exchange and Promissory Notes | 30%-35% |
| 7. Preparation of Final Accounts of Sole Proprietors | 20%-25% |
| 8. Financial Statements of Not-for-Profit Organizations | 20%-25% |
| 9. Accounts from Incomplete Records | 20%-25% |
| 10. Partnership and LLP Accounts | 15%-20% |
| 11. Company Accounts | 15%-25% |
Important Points for Passing CA Foundation Accounting Paper
For passing the CA Foundation Accounting paper, it is mandatory to have a good knowledge of the syllabus instead of focusing on the concepts. Here are some important points to consider:
- Knowledge of the Syllabus: To succeed in CA exam, get hold of the syllabus updated by ICAI as a source of reference for the CA Foundation Accounting syllabus. Be sure to understand all the topics mentioned on the exam syllabus. Try to plan out your studies now with CA exam time table 2024 in mind so you can prepare successfully.
- Practice Regularly: Accounting problems are incessant. It assists me in my ability to take what you have learned from class and apply it in various ways, and I gain speed and accuracy in the process.
- Master the Basics: It is vital to build up a foundation in the basic accounting principles in the form of double-entry bookkeeping, journal entries, general accounts, permanent test balances, etc.
- Learn about financial statements: Be competent in accounting and analysing financial statements, including the income balance, balance sheet, and cash flow statement.
- Accounting Standards: Familiarise yourself with accounting standards issued by the ICAI, such as Professional Conduct and Ethics in Accounting. Gain knowledge about the benefits of these changes to financial reporting and perfect the solution to the problems connected with them.
- Revision: Routinely readdress, or restructure, the subjects covered in learning on a regular basis. This acts as a cushion, and your chances of forgetting the points become less, and you regain your normal self-assurance.
It is true that one can only succeed in the CA Foundation course by continually attempting, comprehending the concepts, and using the right preparation strategies. Good luck!
Planning Tips for the CA Foundation Exam in 2024
Preparing for the CA Foundation Exam in 2024 surely needs an exact plan.
- Enroll in CA Online Coaching Classes: CA Online coaching classes provide flexibility and convenience as students choose when they want to study, and it doesn’t matter where they study from as they can do from the comfort of their home. Cast your net wide and fish for credible and aircraft coach centres that will provide exhaustive CA Foundation classes that will be in line with the exam syllabus.
- Create a Study Schedule: Create a practical study timetable which consists of an equal number of time periods allotted for each subject. Dividing your study time into bite-sized segments and having clear goals for each study session will help you to stay focused. Take the time to include resting in your daily schedule and prevent burnout.
- Learn the Exam Pattern and Syllabus: Get yourself acquainted with the pattern of the test as well as the syllabus as per the rules of the Institute of Chartered Accountants of India (ICAI). Focus on understanding the average of different topics and study the most important ones first.
- Revision is Key: Lack of having any proper time to revise your study plan. In addition, regularly revisiting already covered topics will build up your understanding over the time and also ensure the information is retained. Use the notes and flashcards if you find them the most appropriate tools to attain your revision goals.
- Exam Day Preparation: Moreover, remember to take all these necessary documents and materials with you before going to the examination hall. Have a good slumber before the exams, and do not procrastinate the plans till the last moment to remain calm and composed during the exams.
Having these planning signals at hand will definitely improve your chances of passing the CA Foundation Exam in 2024. Stick to this advice, and you will succeed! Good luck!
Why Should You Join CA Virtual Hub for Online Coaching Class?
Membership in the Chartered Accountants Association Virtual Hub, CA Virtual Hub, has various advantages for prospective Chartered Accountants. Here’s why you should consider enrolling:
1. Top-Quality Coaching: The CA Virtual Hub delivers some of the top-rated CA classes in India online. We follow a coaching system designed to cover students’ CA courses completely, as it ensures that the course will be taught by the experienced faculty.
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Be part of CA Virtual Hub now and dive into a fresh way towards CA success. Our faculty, which has been in the field for over ten years, study materials that cover everything, and the best support there is, will help you even prepare for the best results and attain career goals.
Frequently Asked Questions
1. What is the pattern of CA Foundation exam?
The ICAI has released the CA Foundation Exam Pattern for 2024. It comprises four papers with a combination of subjective and objective questions, covering areas such as accounting, business laws, quantitative aptitude, and business economics.
2. Which subject is easy in CA Foundation?
If you come from a commercial background and math is the simplest subject for you because it covers fundamental classes 11 and 12, your primary attention should be on the rules. If you come from a commerce background without math, then economics is the most simple.
3. How to pass CA Foundation accounts?
To crack the CA Foundation Exam on the first attempt, focus on effective time management, learning the syllabus and study material, revision and self-assessment, and staying motivated.
4. Which is better, CA online or offline?
In CA, learning online or taking classes in person will be determined by the personal body of the creator and circumstances. Online studying allows you to choose your pace of study and access course content at any time frame you want. With CA virtual hub online classes, you’ll have continuous access to previously watched sessions, which can be used for studying more in detail, unlike with normal classes. Students that rather study in structured environments and in the presence of a teacher may choose offline learning instead.
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