Since the profession is used to furnish stability and growth, Chartered Accountancy (CA) becomes the preference of students. Students choose CA every year as their career no matter whether they have chosen the science, humanities, or commerce stream. But the course is tough since it comprises subjects related to accounting, taxation, and business management over a period of 4 to 5 years.
Chartered Accountancy (CA) is considered the toughest professional course but still, the craze is around the students to clear it. ICAI (Indian Chartered Accountants Institute) conducts the CA program.
The ICAI (Institute of Chartered Accountants of India) has given the complete CA course comprising four segments:
- CA Foundation
- CA intermediate
- Articleship training for 3 years with a CA
- CA Final
Every segment mentioned above would have a set of papers that needs effective learning of business laws, financial accounting, and taxation. You indeed move towards graduation and pursue CA post-graduation. You are enabled to register for the CA intermediate exam directly and finish the needed course requirements from the same.
To become a CA the student has to leave no stone unturned and have to strain every nerve. Even a small mistake is unacceptable in the preparation.
The main thing is the CA foundation course which you should think about and see in detail.
The students, having CA interest, enrol themselves for the CA foundation program post to their class 12 board exams. Twice a year the foundation exam would be conducted, it is held in the month of May and the other in November. To clear the exams you would need 4 months of study duration. You could choose to study yourself or choose to go for the coaching classes for your preparation. Till 2017, the CA aspirants need to sit in the CPT (Common Proficiency Test). A Foundation course has taken place in the CPT.
For finishing the foundation course successfully you are obligated to clear 4 papers
- Principles and practice of accounting – subjective paper
- Mercantile law and business English – subjective paper
- Business mathematics, logical reasoning, and statistics – objective paper
- Business economics and business and commercial knowledge – objective paper
You will receive the benefit of the knowledge of accounting and business law-related subjects If you are a commerce student. However, all steam students shall be entitled to the CA courses.
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Let’s See the Chartered Accountancy Papers in Detail
Principles and Practices of Accounting
The same would be the subjective paper, in deeper terms it is concerned with accounting. The syllabus comprises two modules and has various topics from the theoretical framework of accounting, cost accounting, business accounting for distinct kinds of businesses, etc.
Mercantile Law and Business English
The five basic laws linked with businesses would come under this paper the contract act, the sale of goods act, the partnership act, the LLP act, and the companies act. It indeed is a subjective paper. The second part is used to cover business communication in detail.
Business Mathematics, Logical Reasoning, and Statistics
The same would be the composite paper which covers the basic mathematics which you are required to learn, logical reasoning, and statistics in one MCQ-based objective paper. There shall be a negative marking for the same paper, you would be required to maintain that during preparing and answering the examination.
Business Economics and Business and Commercial Knowledge
The basics of business economics such as demand-supply, production, cost, and others are covered, in part 1. The 2nd part concern the business and policy environment in general and consults some of the top firms in the country. To cover the course successfully, one shall be required to touch a 50% aggregate score in all the papers and a 40% score for every paper. After you successfully complete the foundation course, you are eligible to move to the intermediate course.
Given below are some mistakes that must be avoided while preparing for Chartered Accountancy:
1.) No Study Plans:
Always be planned before doing anything. And here you are preparing for CA so you must have a proper plan and if you do not have the plan then it can go against you and can shatter your dreams.
The students must have a full proof plan in which they can cover their entire syllabus on time and should also have time for revision. Short-term and long-term goals must be set in order to prepare for the exams properly.
2.) Bypassing A Topic for Chartered Accountancy:
The syllabus of chartered accountancy is very much vast and the students must have a proper plan to complete the syllabus.
Do not take risk of leaving any topic considering it easy. Nothing is easy. If you do this carelessness then you can lose marks and as you know that every single mark is valuable.
The student must study from the material that has been given to them as reading from many books may confuse you.
3.) Postponing The Studies or Revision Increases Burden:
The student must have proper time management as it is the most important thing while studying. So it is very important for you to manage and utilize the time properly for preparing for the exam.
Also, keep in mind that you should never postpone your studies or revision because it will increase your burden. Hesitation leads to low confidence which leads to tension. Always be prepared for the exam and for this you must never postpone your studies and revision.
4.) Studying and Revising the Previous Papers and Mock Tests:
It has been seen that most of the students only focus on studying not on revision which is a very big mistake. Because to keep everything in mind, revision is a must. So to clear your exam, revise until you start murmuring your syllabus even in your sleep.
You must never avoid the previous mock tests, question papers, and RTP (Revision Test Papers) that the ICAI provides you with to read them. All the above-mentioned things are very much necessary for clearing your exam because it helps you to revise the syllabus from time to time.