CA Foundation – New Entry Scheme
The Institute of Chartered Accountants of India (ICAI) launched it’s new plan to make the entry-level in the form of CA Foundation.
CA Foundation Course
Eligibility to enter in CA Foundation | After appearing in the 10+2 (12th) examination you would be eligible to get register in CA Foundation | |
Apply and fill Form Online | Through the ICAI portal. | |
Study Period | After registration you would have 4 months period to prepare yourself | |
Coming CA Foundation Exam | IT would be held in May 2019 | |
Syllabus | Paper 1: Principles and Practice of Accounting. | |
Paper 2: Business Laws & Business Correspondence and Reporting. | ||
Paper 3: Business Mathematics and Logical Reasoning &Statistics. | ||
Paper 4: Business Economics & Business and Commercial Knowledge: – | ||
Part I: Business Economics | ||
Part II: Business and Commercial Knowledge | ||
Subjective Papers | Paper 1: Principles and Practice of Accounting. | |
Paper 2: Business Laws & Business Correspondence and Reporting. | ||
Multiple Objective Questions based Papers | Paper 3: Business Mathematics and Logical Reasoning &Statistics. | |
Paper 4: Business Economics & Business and Commercial Knowledge: – | ||
Part I: Business Economics | ||
Part II: Business and Commercial Knowledge |
CA Foundation Course for Exam to be held in May 2019
PAPER – 1 : PRINCIPLES AND PRACTICE OF ACCOUNTING
Objective:
To develop an understanding of the basic concepts and principles of Accounting and acquire the ability to apply the same in preparing financial statements, computing accounting ratios and simple problem solving.
Contents:
Introduction, reasons, preparation of bank reconciliation statement.
Cost of inventory, Net realizable value, Basis and technique of inventory valuation and record keeping.
Concepts, Methods of computation and accounting treatment of depreciation, Change in depreciation methods.
{i) Bills of exchange and promissory notes
Meaning of Bills of Exchange and Promissory Notes and their Accounting Treatment; Accommodation bills.
{ii) Sale of goods on approval or return basis
Meaning of goods sent on approval or return basis and accounting treatment.
{iii) Consignments
Meaning and Features of consignment business, Difference between sale and consignment, Accounting treatments for consignment transactions and events in the books of consignor and consignee.
{iv) Joint Ventures for non-corporate entities
Meaning and Features of joint venture transactions, Distinction between joint venture and partnership, Methods of maintaining joint venture accounts.
{v) Royalty accounts
Meaning of the term “Royalty” and Accounting Treatment thereof.
{vi) Average due Date
Meaning, Calculation of average due date in various situations.
{vii) Account Current
Meaning of Account Current, Methods of preparing Account Current.
Elements of financial statements, Closing Adjustment Entries, Trading Account , Profit and Loss Account and Balance Sheet of Manufacturing and Non-manufacturing entities.
Significance of Receipt and Payment Account, Income and Expenditure Account and Balance Sheet, Difference between Profit and Loss Account and Income and Expenditure Account. Preparation of Receipt and Payment Account, Income and Expenditure Account and Balance Sheet.