How to Crack CA Foundation in the First Attempt – Subject Wise Approach

Table of Contents

1. Introduction

2. What approach can work for an exam like this?

3. Some techniques that can aid one in clearing CA Foundation Examinations

3.1 4-Must-know tips for preparing the CA Foundation Examination

3.2 The practical aspects

4. CA Foundation Syllabus

5. Steps to be followed

6. Subject-wise Planning

7. Conclusion

1. Introduction

Majority of students are usually perplexed as to how to prepare for CA Foundation Exams since this marks the first step in their career journey. One who’s looking for an answer to this question, can find some of the means that could guide him/her in the process.

CA Foundation is the entry level examination for Chartered Accountancy Course. It comprises of four papers, out of which two are subjective and two are objective type.

2. What approach can work for an exam like this?

Right approach, backed with the right mind-set can provide one with excellent results. Half of the battle is won, then and there.

It is easier said than done though, as one may argue. But one cannot just relax and let things run its course. Taking the first stride is what makes the journey accomplishable. Likewise, as being said –

“Give me six hours to chop down a tree and I will spend the first four sharpening the axe.”    

― Abraham Lincoln

The same philosophy applies to exam preparation, which implies that the majority of one’s study time should be spent developing a strong fundamental and theoretical aptitude, after which working on practical problems will seem like a cakewalk.

One of the ways for doing the same, is to be psychologically balanced, which enables one to be positive and concentrated throughout the study session. The other method is more practical, as it analyses the subject, course, and evaluation pattern and then allocates one’s study time accordingly.

3. Some techniques that can aid one in clearing CA Foundation Examinations

3.1 4-Must-know tips for preparing the CA Foundation Examination

Reiterating like before, once one is in the proper mind-set and health, half of the battle can be assumed as already won.

3.2 The practical aspects

The first and most important step is to conduct a self-evaluation using a SWOT analysis and allocate one’s time accordingly to sharpen the necessary skills in those areas.

ICAI has introduced a new learning scheme, which emphasise on developing technical and analytical skills to match with international standards. CA Foundation examinations are held twice a year in the month of June and December.

4. CA Foundation Syllabus

 Notes:

• • Passing Criteria – 40% Individual Subjects/ 50% Aggregate
  • Negative Marking (0.25) in Objective Papers (MCQs)

5. Steps to be followed

a) Gather all resources – ICAI material, RTP, MTP, CRACKER or Past year papers.

b) Make a realistic plan – short term plan including one practical and one theory subject daily.

c) Complete one chapter from all resources simultaneously (ICAI, RTP, MTP, Past year papers).

d) Make notes for each subject individually which shall include – Tricks to remember

• • • Keywords
    • Formats
    • Formulae
    • Sample Answers
    • Technical Words
    • Charts/ Audio links

e) Review/ Revise whatever has been studied every night.

f) Study according to weightage of marks of each chapter in individual subject – smart study (Utilize time efficiently).

g) Always highlight the difficult areas while studying.

6. Subject-wise Planning

1. Accounts

• • Study chapter-wise (complete A to Z)
  • Prepare notes for formats (Separate book for formats will help one fetch extra marks).
  • Get the concepts clear.
  • Practise well for better Presentation skills.
  • Give importance to working notes, adjustments, journal entries.
  • At the onset, one can start with Accounting Process, Bank Reconciliation Statement, Inventories, Depreciation (This will cover 25-30% of the paper).
  • Then, one may proceed with Accounting for Special Transactions, Final Accounts, Partnership Accounts, NPO, Company Accounts (As the same is time consuming)
  • Take up theory part at the end.

2. Maths/ Logical Reasoning/ Statistics

• • Practise well to improve speed since it is MCQ based.
  • One must develop his/ her speed on the calculator to be used in the exam.
  • Learn shortcuts/ techniques to solve the questions quickly.
  • At the onset, take up Time Value of Money (This will cover 30-40% of the paper).
  • Then one may proceed with Ratio and Proportions, Indices and Logarithms (covering 20-30% of the paper).
  • Further, take up Logical Reasoning and Statistics.
  • Lastly, take Sequences & Series, Sets, Relations & Functions, Permutations & Combinations and Differential & Integral calculus.

3. Law

• • Being a new subject, write sample answers referring to the ICAI solution key, to learn answer-framing techniques.
  • Take care of Provisions and then relate the case study relevant to the facts.
  • Refer and make notes for key-words/ technical words from ICAI material.
  • Give answer to each sub-question to the case study and give conclusion separately.
  • Section numbers are not mandatory to be quoted at Foundation level.
  • Answer may be in bullets/ point-wise or paragraph form depending upon the requirement of the question.
  • While studying, divide total pages of the book by number of days – to be completed daily.
  • Try to take up small Acts first – Sale of Goods Act, Indian Partnership Act, Limited Liability Partnership Act.
  • Then proceed with Indian Contract Act and Companies Act (as the same require extra time and effort).

Business Correspondence and Reporting

• • Formats (very crucial) – make notes for article writing, newspaper report writing, letter writing.
  • Focus on Grammar.
  • Daily learn 5 words/ idioms etc. – Implement/ execute them in common parlance.

4. Economics/ Business and Commercial Knowledge (BCK)

• • Make notes for formulae.
  • Thorough reading for BCK.
  • First, start with Theory of Demand & Supply, Theory of Production & Cost and Price Determination (as it would cover 60-70% of the paper)
  • Then, one may proceed with Introduction and Business Cycles.

7. Conclusion

Accordingly, if the candidate follows all the aforesaid guidelines keeping a positive mindset in planning for the CA Foundation Exams, he/ she will definitely make through the exams successfully.