Everything you need to know about CA Foundation
CA Foundation is the first level exam of Chartered Accountancy course. The exam is conducted by the Institute of Chartered Accountants of India (ICAI). Earlier Common Proficiency Test (CPT) was the first level of CA course, which has bow been replaced by CA Foundation.
CA Foundation exam basically evaluates a candidate‘s basic understanding of Accounting concepts, BusinessEconomics, Quantitative Aptitude andLaws.CA Foundation exam is divided into 4 subjects, out of which two subjects are objective and two are subjective. The minimum passing marks required for this exam is 40% in each subject and an overall aggregate of 50%.
Clearing the Foundation exam is the first step towards your career as a Chartered Accountant and is the base for your next levels of CA Exam.
The first thing that you need to do is to understand your syllabus very well. And by understanding we mean that you need to sort out important topics and the topics that are very critical for the exam. You need to also refer to past papers in order to see which questions have been asked repeatedly and which topics have come the most.
After your syllabus is sorted, you need to have a detailed study plan that focuses on all the subjects and all the topics. By planning your studies, you are not only likely to finish it on time but you are also likely to stay motivated and on track. Planning your studies develops a sense of discipline and motivates you to study on a daily basis. There may be a lot of distractions but by keeping your goal& daily plan in mind, you should be good to go.
Now a lot of students may think that 50% aggregate is required so they may choose to skip a few topics or even a subject that they find difficult or boring. But the important thing to remember here is that 40% marks is also required in each subject together with an aggregate minimum of 50%, in order to pass.
The most important subject for this exam is Accounting (Subjective paper) and the profession requires you to have in-depth knowledge of the subject. As it is the core subject, it is important to get enough clarity on the fundamental concepts of accounting. The next important subject is Mercantile Law (Subjective paper), by getting yourself acquainted with the key topics of the subject, you can guarantee yourself some good marks as it is a very scoring subject. It is also important to pay good attention to Business & Commercial Reporting to score those extra marks.
Coming to Quantitive Aptitude (Objective paper), understanding the key mathematical and statistical concepts is a very important part in order to score well in the exam. So practising the questions regularly and understanding all the concepts critically while being timely will help you score good marks.
Last but not the least BusinessEconomics (Objective paper), which mainly coversMicro Economics is indeed a tricky but a very scoring subject. Along with the syllabus of BusinessEconomics, it is also important to be well versed with topics covered under Business and Commercial Knowledge.
Once you’re done revising a particular topic or a subject, you can move on to practising a model paper or a previous year question paper keeping in mind the speed and accuracy required while solving the paper. Since there is negative marking in Objective paper, for every wrong answer 0.25mark is deducted, there has to be good amount of focus on getting those answers accurate.
Along with practising and staying on track with your study schedule, it is a sensual to leave some space in your daily routine for good amount of revision. Revising is of course important 2-3 weeks before the exam, but revising all the topics that you have studied on a daily basis helps you in being well versed with them.
CA Foundation exam is easy to clear and get highest score but all you need is best CA foundation coaching for understanding the subjects and concepts and best guidance from expert faculty. So don’t waste your time. Join DG Sharma’s CAPS to make the best of it.