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CA Foundation 2024 Overview

 

 

Exam Name	CA Foundation Exam (earlier known as Common Proficiency Test)
Exam conducting body	Institute of Chartered Accountants of India (ICAI)
Mode of exam	Pen and Paper-based
Frequency	Twice a year
Level of Exam	National level
Type of question	Paper 1 and 2: Subjective Paper 3 and 4:  Objective
Exam Duration	Paper 1 and 2: 3 hours Paper 3 and 4: 2 hours
Medium of Exam	English/ Hindi
Number of Papers	4

CA Foundation Eligibility Criteria 2024 Overview

CA Foundation Education Qualification 2024 : Institute of Chartered Accountants of India (ICAI) has specifies the educational qualifications for the CA Foundation exam 2024.

You must have completed your class 10 from the state government central government board or an equivalent exam.  Your admission will only be confirmed after you clear the Class 12 exams. If you have cleared the class 12 exam or you are currently studying in class 12 you are eligible to apply for the CA Foundation exam 2024. Candidates must have obtained a minimum of 50 percent marks in Class 12 to register for the CA Foundation exam 2024.

CA Foundation Age Limit : Institute of Chartered Accountants of India (ICAI) has specified no age limit for the CA Foundation exam 2024. Students of any age can apply for CA Foundation exam 2024. Though students must satisfy the CA Foundation Eligibility Criteria 2024.

What’s CA?

CA, or Chartered Accountants, are professional accountants who give fiscal services to businesses and individuals. They work in a variety of diligence, including public account enterprises, banks, and insurance companies. CA’s are responsible for maintaining financial records, preparing and filing duty returns, and advising guests on fiscal matters. They must be suitable to maintain confidentiality and use discretion when handling sensitive information.

What’s the test process for CA?
The CA Examination is a professional examination conducted by the Institute of Chartered Accountants of India( ICAI). It’s one of the most popular examinations in the country and is taken by scholars who wish to pursue a career in chartered accountancy. There are two situations of the CA Examination – the Foundation position and the Intermediate position. The Foundation position is for scholars who have completed their 12th or original qualification, while the Intermediate position is for scholars who have completed their scale or original qualification.

To prepare for the CA Examination, scholars need to ensure that they have a strong foundation in introductory account generalities. They should also be well-clued in subjects like mathematics, statistics, and economics. In addition, they need to develop good jotting and communication chops as well as logical and problem-working chops. Aspirants can start preparing for the CA Examination from the initial stage. Still, it’s judicious to start preparing seriously at least one time before the examination. This will give them enough time to cover all the topics and understand all the generalities duly.

There are best ca coaching institutes that give classes and training programs for aspirants appearing for the CA Examination. still, the deep and result-oriented study is also an important part of the ca preparation and mustn’t be neglected.

Subjects and marking scheme in CA Foundation Course?

CA Foundation 2024 Syllabus

Paper 1 – Accounting

Topics	Sub Topics
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.
Accounting Process	Recording accounting transactions: principles of double entry book-keeping, books of original entry-journal, subsidiary books, cash book, ledger-format, posting from journals and subsidiary books, balancing accounts. Preparation Of Trial Balance. Rectification Of Errors
Bank Reconciliation Statement	Introduction, reasons and preparation of bank reconciliation statement
Inventories	Meaning, basis and technique of inventory valuation, cost of inventory, net realizable value and record system
Depreciation and Amortisation	Tangible and intangible assets- meaning & difference, concepts, methods of computation and accounting treatment of depreciation/amortisation, change in depreciation method
Bills of Exchange and Promissory Notes	Meaning of bills of exchange and promissory notes and their accounting treatment; accommodation bills.
Preparation of Final accounts of Sole Proprietors	Elements of financial statements, closing adjustment entries, trading account, profit and loss account and balance sheet of manufacturing and non- manufacturing entities
Financial Statements of Not-for-Profit Organizations	Significance and preparation of receipt and payment account, income and expenditure account and balance sheet, difference between profit and loss account and income and expenditure account
Accounts from Incomplete Records (excluding preparation of accounts based on ratios).	——–
Partnership And LLP Accounts	Final accounts of partnership firms and LLP. Admission, retirement and death of a partner including treatment of goodwill. Dissolution of partnership firms and LLPs including piecemeal distribution of assets
Company Accounts	Definition Of Shares And Debentures. Issue Shares And Debentures, for feiture of shares, reissue of forfeited shares. Redemption of preference shares and debentures (excluding purchase and redemption of own debentures sinking fund method). Accounting For Bonus Issue And Right Issue.

Paper 2: Business Laws

Topics	Sub Topics
Indian Regulatory Framework	Major Regulatory Bodies such as the Ministry of Finance, Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice, etc.
The Indian Contract Act, 1872	General Nature Of Contract, Consideration, Other essential elements of a valid contract, Performance Contract, Breach Of Contract, Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of Bailment and Pledge, Contract of Agency
The Sale of Goods Act, 1930	Formation of the contract of sale, Conditions and Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights.
The Indian Partnership Act, 1932	General Nature of Partnership, Rights and Duties of partners, Reconstitution of firms, Registration and Dissolution of a firm
The Limited Liability Partnership Act, 2008	Introduction-covering nature and scope, Essential features, Characteristics of LLP, Incorporation and Differences with other forms of organizations
The Companies Act, 2013	Essential features of company, Corporate veil theory, Classes of companies, Types of share capital, Incorporation of company, Memorandum of Association, Articles of Association, Doctrine of Indoor Management
The Negotiable Instruments Act, 1881	Meaning of Negotiable Instruments, Characteristics, Classification of Instruments, Different provisions relating to Negotiation, Presentment of Instruments, Rules of Compensation

Paper 3: Quantitative Aptitude

Topics	Sub Topics
Part A: Business Mathematics
Ratio and proportion, Indices and Logarithms	Ratio and proportion and Time and work-related problems, Laws of Indices, Exponents and Logarithms and Anti Logarithms
Equations	Linear Equations Upto Three Variables, Quadratic and Cubic equations in one variable. Applications in Business Related Problems.
Linear Inequalities	Linear Inequalities in one and two variables and the solution space
Mathematics of Finance	Simple Interest Compound Interest Nominal and Effective Rate of Interest Present Value Net Present Value Future Value Perpetuity Annuities Sinking Funds Calculating EMI Calculations of Returns: Nominal and Effective rate of Return Compound Annual Growth Rate(CAGR)
Permutations and Combinations	Basic concepts of Permutations and combinations: Introduction, the factorial, permutations, results, circular permutations, permutations with restrictions, Combinations With standard results
Sequence and Series	Introduction Sequences, Series, Arithmetic and Geometric progression,RelationshipbetweenAMandGMandSumofntermsofspecialseriesand Business Applications
Sets, Relations, and Functions. Basics of Limits and Continuity Functions	—————-
Basic applications of Differential and Integral calculus in Business and Economics (Excluding the trigonometric applications)	————-
Part B: Logical Reasoning	Number series coding and Decoding and odd man out, Direction Tests, Seating Arrangements, Blood Relations
Part C: Statistics	—————-
Statistical	Diagrammatic representation of data, Frequency Distribution, Graphical
Representation of Data	Representation of Frequency Distribution–Histogram, Frequency Polygon, Ogive, Pie-chart
Sampling	Basic principles of sampling theory, comparison between sample survey and complete enumeration, some important terms associated sampling type of sampling, sampling and non-sampling errors.
Measures of Central tendency and Dispersion	Mean Median, Mode, Mean Deviation, Quartiles and Quartile Deviation, Standard Deviation, Coefficient of Variation, Coefficient of Quartile Deviation
Probability	Independent and dependent events; mutually exclusive events. Total and Compound Probability and Bayes Theorem
Theoretical Distributions	Random variables, Discrete and Continuous Random variables, Expectation of a discrete random variable, Theoretical Distributions: Binomial Distribution, Poisson distribution–basic application and Normal Distribution–basic applications
Correlation and Regression	Scatter diagram, Karl Pearson’s Coefficient of Correlation Rank Correlation, Regression lines, Regression equations, Regression coefficients
Index Numbers	Uses of Index Numbers, Problems involved in construction Index Numbers, Methods of construction of Index Numbers. BSE SENSEX NSE

Paper 4: Business Economics

Topics	Sub Topics
Introduction to Business Economics	Meaning and scope of Business Economics. Basic Problems of an Economy and Role of Price Mechanism
Theory of Demand and Supply	Meaning and Determinants of Demand, Law of Demand and Elasticity of Demand – Price, Income and Cross Elasticity. Theory of Consumer’s Behavior –Indifference Curve approach. Meaning and Determinants of Supply, Law of Supply and Elasticity of Supply, Market Equilibrium and Social Efficiency
Theory of Production and Cost	Meaning and Factors of Production, Short Run and Long Run. Law of Production–The Law of Variable Proportions and Laws of Returns to Scale, Producer’s Equilibrium. Concepts of Costs – Short-run and long-run costs, Average and Marginal Costs, Total, Fixed and Variable Costs
Price Determination in Different Markets	Market Structures: Perfect Competition, Monopoly and Monopolistic Competition. Using Game Theory to study Oligopoly. Price Determination in these Markets. Price- Output Determination under different Market Forms
Determination of National Income	Macro-Economic Aggregates and Measurement of National Income Determination of National Income: Keynes’ Two Sector Basic Model, Three Sectors and Four Sectors Models
Business Cycles	Meaning, Phases, Features, Causes behind these Cycles
Public Finance	Fiscal functions: An Overview, Centre and State Finance. Market Failure/Government Intervention To Correct Market failure. Process of budget making: Sources of Revenue, Expenditure Management, and management of Public Debt. Fiscal Policy
Money Market	Concept of Money Demand Important theories of Demand for Money Concept of Money Supply, Cryptocurrency Another New Terminology Monetary Policy
International Trade	Theories of International Trade including theories of intra-industry trade Krugman. Trade Policy–The Instruments of Trade Policy. Trade Negotiations. Exchange Rates and itseconomic effects. International Capital Movements: Foreign Direct Investment
Indian Economy	Before 1950- Chanakya and Nand Vansh OECD Paper (1950-1991), Basic knowledge 1991 Onwards