CA Final Exam
28 Jul
CA Final

5 Ways to Clear CA Final Exam in 1st Attempt

The CA exams are given by several aspirants wishing to put the CA prefix in front of their name. The examination is conducted by the Institute of Chartered Accountants of India (ICAI). It is divided into three levels- Foundation, Intermediate, and Final. Designed for the future Chartered Accountants, it isn’t that easy to clear CA Final Exam on 1st attempt.

Several students find themselves the best CA coaching in India to help them with the syllabus. It is also an effective choice because you get CA test Series that are highly effective from an exam point of view. Apart from relying on CA coaching that you have selected there are some disciplines that you have to follow.

Written below are such ways that have proven effective for various scholars to clear the CA Final exam in the first attempt itself. Read on to get a brief overview of each of them.

Making Effective Yet Practical Timetable

Yes, we are aware of how boring it is to make one, but a timetable is needed. It is a way to discipline yourself into a routine and studying pattern. This way, you will get clarity regarding how you are covering the syllabus but also have each point planned out. It will result in faster completion of the syllabus, and you won’t skip out on anything. 

You know your limits, hence plan your breaks and naps accordingly. Keep subjects balanced that you are planning to cover each day. One that interests you and one that you need to practice more on.

Study Thoroughly Not Superficially

While studying, understand the syllabus first and then dive into each subject matter deeply. Do not let the thought of skipping topics enter your mind. For that, you need to start early on with enough time in hand. Do not make any excuses for not having time.

A detailed study is required for each topic. This will give you an upper hand while facing the CA Final exam and your future.

We, at V-Smart Academy, follow this point precisely. While teaching the students we ensure that they are learning for their future and not only from an exam perspective. Due to these several students have trusted their future with us and named us as one of the best CA coachings in India.

Revision With Precision

If you wish to clear CA Final exam on the first attempt, do not miss out on your revisions. Always plan weekly revisions to brief yourself about everything that you have learnt in the past week. It will help you analyse yourself. Keep taking mock tests during these sessions. It will help you figure out areas that need improvement.

Notes To Save You

Notes are a must. You need them to help you clear CA final exam. For your last-minute study sessions, they will be your saviour. So ensure that you are taking notes while learning the topics on a daily basis. Your last-minute revision will rely on these notes to refresh the knowledge learnt in the past few months. 

Let your notes be precise and to the point, not lengthy paragraphs, as they should make you remember the topics, not drive you into a panic.

Bye Bye Distractions

To clear CA Final Exams, you have to keep your distractions, gadgets, and every serious problem long, long away. They are not to interfere with your study sessions. Entertain all of them during your breaks. But until then, they do not exist for you, and keep that as your primary rule.

Conclusion

This blog was written to provide you with effective tips and ways to help you clear CA final exams on the first attempt. All it requires is a few months of hard work and dedication to reach your goals. So it’s up to you to decide.

For more guidance, visit us at V-smart Academy.

30 Jun
Articles, CA Final, CA Intermediate

CA Exemption Rules for Inter and Final Exams by ICAI

An exemption is a way out for many students facing the CA Intermediate and Final exams. The exemption is the situation in which if a student fails in a subject but scores above 60% or more marks in another subject, then they will be exempted from the passing subject and will attend only the ones they have failed. It is only applicable for 3 subjects. There are several CA exemption rules by ICAI that you should be aware of before facing the CA intermediate and final exams. This article will be your guide and answer all your questions regarding the same. 

CA Exemption Rules for CA Intermediate and CA Final

Following are the rules when it comes to CA Intermediate and CA Final Exemption:

  1. A candidate is eligible for exemption only if they have scored a minimum of 60% or more in a paper or papers.
  2. Candidates must have appeared for all papers of CA Intermediate or Final accordingly.
  3. An exemption is valid only for 3 exams.
  4. A candidate is declared to pass if they have scored a minimum of 40% in each subject and aggregate added up to be 50%. This includes the subject the paper candidate has achieved exemption in a previous attempt.
  5. One cannot claim exemption again in a particular group/ unit until the previous exemption is exhausted.

Exemption Criteria

When it comes to the CA exemption rules, the criteria are the same for CA intermediate course as well as CA Final Course. It is according to these criteria that decide your eligibility for exemption.

The following criteria for exemption in CA Inter and Foundation are based on regulation 38 A of the Chartered Accountants Regulation, 1988 as Published by Notification No. 1-CA(7)/51/2000 dated 14th August 2001.

  1. The candidate should be present for all papers.
  2. Candidates should score at least 60% on any paper(s) of the same group.
  3. A candidate can then attempt for those papers or any particular paper in that group in which they have scored below 60%.
  4. If candidates score a minimum of 40% in each subject and have a 50% aggregate with 60 marks in their previous exams, only then are they declared to pass.
  5. Candidates have to specifically mention the exemption subjects. 
  6. The exemption is valid only for the next three attempts.

Implications of CA Exemption Criteria

The above criteria must be met. For that, you have to implement the below conditions:

  1. You have to ensure that you appear for all papers
  2. You have to score at least 60% in one of the papers of the same group in which you have failed in the paper(s).
  3. An exemption is automatically carried forward for the next 3 attempts.
  4. It is only valid for 3 immediately succeeding papers.
  5. If you have scored a minimum of 40% in each paper of the group, then you shall be declared a pass in that group.

Procedure for availing of CA Exemption

There is no specific procedure for availing exemption, but the following points are necessary for you to know about.

  1. The exemption is automatically granted by ICAI to a student appearing in CA Inter or CA Final Exams. The same would be mentioned on the mark sheet awarded to students.
  2. A student isn’t eligible for another exemption until the previously awarded exemption is exhausted.
  3. Foe-exempted students, “#” is used against the subjects in which they had scored a minimum of 60%.
  4. “E” will be marked against the already exempted papers that have been carried forward from the previous examination, provided the exemption is still valid.

Maximum No. of Exemption in CA Intermediate and CA Final Exams

According to the CA Exemption rules, there is no maximum limit to the number of exemptions that can be availed by a student. It only states the fact that a student isn’t eligible for exemption until the previously awarded exemption is exhausted.

Ending Note

Be aware of all the necessities mentioned by the ICAI in their CA Exemption Rules, as it will save you a lot of time and prevent you from making unnecessary mistakes. Please understand that you get enough chances to clear out the examination but ensure you are putting efforts to clear them well.

14 Jun
CA Intermediate

A Guide for CA Intermediate November 2022 Group 2 Paper Preparation

CA Intermediate Group 2 Subjects

The CA Intermediate Group 2 Subjects involve following. Right beside the subjects mentioned is the marks each paper carries. 

Sr.No. Subject  Marks
1. Advanced Accounting 100
2. Auditing and Assurance 100
3. Enterprise Information System and Strategic Management 100
4. Financial Management and Economics for Finance 100

Tips on how to study Advanced Accounting

Before starting the preparation of any subject you need to be aware of all the topics that are covered in that particular subject. Mentioned below are the topics that are included within Advanced Accounting.

  1. Accounting Standards (AS – 7, 9, 14, 18, 19, 20, 24, 26, 29)
  2. Application of Guidance Notes on specified accounting aspects.
  3. Special aspects of company accounts (ESOP, buyback, Underwriting)
  4. Re-organization of companies (Amalgamation, reconstruction and Liquidation)
  5. Financial Reporting of Banking, Financial Services and Insurance (BFSI) (Insurance co, Banking Co, Non-Banking Co, Mutual Funds).
  6. Valuation of Goodwill
  7. Consolidated Financial Statements

After checking out the topic make note of the difficulty level. The topic that is easier for you to start with. All you need is to polish your knowledge regarding it. This will also help you cover the syllabus faster. 

Never forget to practice using old question papers as references. This is the best way of understanding the question paper pattern and also managing your time.

Tips on how to study for Auditing and Assurance

Auditing and Assurance is known to be one of the most challenging subjects in CA Intermediate Group 2. It is seen to be a hard-scoring subject and hence requires a proper preparation. Auditing is one of the essential foundations required to pursue Chartered Accountancy.

Given below is the list of topics included in Auditing and assurance. Check them first so you can familiarize yourself with each of them and start preparing for your exam.

  1. Nature, Objective and Scope of Auditing.
  2. Audit Strategy, Audit Planning and Audit Program.
  3. Audit Documentation and Audit Evidence
  4. Risk Assessment and Internal Control
  5. Fraud and Responsibilities of the Auditor in this regard.
  6. Audit in an Automated Environment.
  7. Audit Sampling
  8. Analytical Procedures.
  9. Audit of Items of Financial Statements
  10. The Company Audit
  11. Audit Report
  12. Audit Banks
  13. Auditing of Different Types of Entities.

You might have heard that when it comes to the Audit paper you have to use bookish language while answering the questions. This is not true. You have to mention the required keywords but you can answer in your own words. The examiner should be able to gaze your understanding regarding the topic while he is assessing your paper.

Starting with an easy topic will help you cover the syllabus faster, increasing your scoring capability. Hence it is suggested that you do not waste time trying to decode hard subjects for yourself but rather start with something you are comfortable with.

Make sure you keep Company Audit as your main priority. It is scoring and you will get the hang of it faster. It has an average weightage of 30 marks of your paper.

Company Audit should be on the top priority.  This chapter is damn easy to read and retain and also very much scoring. It covers an average of 30 marks in your paper.

There are a few more topics that are important and are always better if you have prepared yourself for them. The following points will be your guide on areas you should cover to score higher marks.

  • Special Audits related to clubs, NGOs, Partnership firms, Educational institutions, Hotels, Cinema Halls, hospitals, sole proprietors etc.
  • Vouching and Verification of Cash, Depreciation, Tangible and Intangible Assets.
  • Risk Assessment and Internal Control covering Audit Trail, Audit Risk.
  • Preparation of Audit Report featuring with Audit techniques, Audit Programme, Audit Sampling, Continuous Audit, Letter of Engagement, Management Representation.
  • Inherent Limitations of Audit, Operational Audit, Detection of Fraud and Errors.
  • Audit Documentation and Audit Evidence covering SA 220 and 230.

When it comes to answering the Audit paper, your answer presentation matters. Make sure that you write the answer precisely in points and use the required keywords. It will be great if you can underline the keywords which would give clarity to the examiner and increase your chances of scoring.

Make sure you don’t divot from the question and end your answer with a proper conclusion.

Ensure you are giving sufficient time to practice rom various question papers, may it be from practice manuals, question bank or old question papers.

Tips on how to study for Enterprise Information Systems and Strategic Management

Enterprise Information Systems and Strategic Management is divided into two sections- 

(i) Information Technology (IT)

(ii) Strategic Management (SM)

Out of these 2 SM is considered to be easier and much more scoring when compared to IT. 

Following is the list of topics covered under IT-

  1. Automated Business Process.
  2. Financial and Accounting Systems.
  3. Information system and its components.
  4. E-Commerce, M-Commerce and Emerging Technologies.
  5. Core Banking Systems.

When it comes to Enterprise Information Systems the flowcharts and decision tables can help you score higher. There is one question that carries 8 marks, and it is mostly seen in papers.

The reason why this subject seems a bit difficult for students is due to lack of practice. Such subjects require daily revision to master them, only then will you see visible changes in your score. While preparing you to need to properly understand is topic or it will be of no use to you while facing the exam.

Do not make the mistake of wasting time on only 1 topic. If it is taking time to understand go for things that are easier. All the queries you have regarding the previous topic need to be communicated with your teacher which will be the fastest way of completing the topic.

Having a summary of all chapters in a chart form will help you a lot while revising. Before an exam referring to the entire book may cause a sense of panic and hence it is preferable that you study from your summarized notes or charts.

Tips on How To Study for Financial Management and Economics for Finance

Financial Management and Economics for Finance are divided into 2 parts, namely-

(i) Financial Management- covers 60 marks 

(ii) Economics for Finance- covers 40 marks

Financial Management was earlier a part of 1st group now has become a part of the second group along with Economics for Finance.

Given below is the list of topics that are included in Financial Management:

  1. Financial Management and Financial Analysis (Introduction and Analysis through Ratios)
  2. Financing Decisions (Sources of Finance, Leasing, Cost of Capital, Capital Structure, Leverages).
  3. Capital Investment and Dividend Decisions (Capital Investment, Adjustment of risk and Uncertainty in capital budgeting decision, dividend decisions)
  4. Management of Working Capital

While preparing for this subject you have to start with basic theory and formulas of chapters to help you solve the questions easily.

Cash Flow and Fund Flow are the most important topic that cannot be overlooked.  Take sufficient time to clear your concept and revise all required formulae and concepts.

Alternate your learning pattern. If you are starting with a bigger chapter, choose a short chapter after completing it. It will give you a sense of accomplishment and hence will keep you going.

Make sure you are ready with the practical part as well. Revise all the chapters with the help of charts, notes and formulae sheet that you might have made throughout the learning process.

Given below are the list of topics covered by Economics and Finance-

  1. Determination of National Income
  2. Public Finance
  3. The Money Market
  4. International Trade

If you have put sufficient time into understanding the topics, scoring in this subject will be a piece of cake. You can cover each topic according to your convenience. But make sure that you check the CA Intermediate Group 2 exam dates and plan your studies accordingly.

Approach your teachers and guides whenever you feel necessary. Don’t hesitate to get answers to your question. 

Conclusion

To ace in CA intermediate Group 2 exam you will have to put in sufficient time and effort. Though this article can guide you on the path of covering your syllabus, it’s you who has to start it. 

27 May
Articles, CA Foundation

A Complete Guide on CA Foundation Exam Pattern and Weightage

The CA Foundation exam is an essential part of the process for the students pursuing a CA future. Hence it is important to know the minute details of this exam so that the students can prepare for the exam better.

The CA Foundation Exam is held twice a year. Once in May and once in December. The exam involves 4 papers of 100 marks each. Here you will get all the required details regarding the CA foundation exam. Right from the exam pattern to the weightage breakdown of each topic. 

This will help you get clarity regarding the exam and help you prepare yourself accordingly. Understanding the exam pattern will help you get an overview of what kind of preparation is required to crack the exam. Knowing the topic-wise weightage will help you know how much time you have to invest in each matter. 

CA Foundation Paper Pattern

Read on to get all the required information regarding the CA Foundation exam in one glance. This table tries to cover most of your questions regarding the exam.

Particulars Details
Exam Name CA Foundation
Conducting body The Institute Of Chartered Accountants of India (ICAI)
Exam Mode Online centre based
Frequency of Exam TWICE in a year

  • May (or June)
  • November (or December)
Level of exam National level
Difficulty Level Easy to Moderate
No. of Papers 4
Question papers      The CA Foundation exam involves 4 papers:

  • Paper 1 – Principles and Practice of Accounting
  • Paper 2 – Business Laws and Business Correspondence and Reporting
  • Paper 3 – Business Mathematics, Logical Reasoning and Statistics
  • Paper 4 – Business Economics and Business and Commercial Knowledge
Exam Duration 
  • Paper 1 and 2 (3 hours)
  • Paper 3 and 4 (2 hours)
Question Type
  • Paper 1 and 2  (Subjective)
  • Paper 3 and 4 (Objective)
Marks Each paper is of 100 marks.
Total marks 400
Marking scheme
  • Paper 1 and 2 (subjective) – Involves no negative marking
  • Paper 3 and 4 (Objective) – negative marking of ¼ mark for every wrong answer
Medium of exam English/Hindi 

(Except for Paper 2, Section b, which will be in English only.)

CA Foundation Passing Marks in 2022:

The minimum requirement for passing the CA Foundation exam is as follows:

You should have a minimum score of 40% marks on each paper. Your aggregate of all the papers should be a minimum of 50% marks. Remember that some papers are subjected to negative marking. As mentioned above, papers 3 and 4 have negative marking and are objective-type questions. So be prepared with your topics to avoid negative marking.

Topicwise weightage

Knowing the topic-wise paper weightage is always helpful in breaking down your syllabus and studying efficiently. Getting to know which topic has how much weightage makes it easy to prioritize which topic to start with and then sequence the rest.

Paper 1 – Principles and Practice of Accounting

Marks: 100

Sr.No. Topics Weightage
1. Theoretical Framework 5-10%
2. Accounting Process 25-30%
Bank Reconciliation Statement
Inventories
Concept and Accounting of Depreciation
3. Accounting for Special Transactions 15-20%
4. Final Accounts of Sole Proprietors 30-40%
Partnership Accounts
Financial Statements of Not-for-Profit Organisations
5. Introduction to Company Accounts 10-15%

Paper 2: Business Laws and Business Correspondence and Recording

Marks – 100

Sr.No. Topics Weightage
Section A: Business Laws 60 Marks
1. The Indian Contract Act, 1872 25-35%
2. The Sale of Goods Act, 1930 20-25%
3. The Indian Partnership Act, 1932 20-25%
4. The Limited Liability Partnership Act, 2008 5-10%
5. The Companies Act, 2013 15-20%
Section B: Business Correspondence and Recording 40 Marks
1. Communication 10-15%
2. Sentence Types and Vocabulary
Vocabulary Root Words, Synonyms, Antonyms, Prefixes, Suffixes, Phrasal verbs, Collocations and Idioms		 20-30%
3. Comprehension Passages and Note-Making 20-30%
4. Developing Writing Skills 35-40%

Paper 3 – Business Mathematics, Logical Reasoning and Statistics

Marks – 100

Sr.No. Topics Weightage
Part A- Business Mathematics    40 Marks
1. Ratio and Proportion, Indices and Logarithms 20-30%
Equations and Matrices
Linear Inequalities
2. Time Value of Money 30-40%
3. Permutations and Combinations 30-50%
Sequence and Series
Sets, Relations and Functions
Basic applications of Differential and Integral calculus part
Part B- Logical Reasoning 20 Marks
1. Number series coding and Decoding and the odd man out 60-70%
Direction Tests
Seating Arrangements
2. Blood Relations 30-40%
Syllogism
Part C- Statistics 40 Marks
1. Statistical Representation of Data, Diagrammatic representation of data, Frequency distribution, Graphical representation of Frequency Distribution in the form of Histogram, Frequency, Polygon, Ogive, Pie-chart 45-50%
Measures of Central Tendency and Dispersion: Mean, Median and Mode, Mean Deviation, Quartiles and Quartile Deviation, Standard Deviation, Coefficient of Variation, Coefficient of Quartile Deviation
2. Probability: Independent and dependent events; mutually exclusive events. Total and Compound Probability; Bayes’ theorem; and Mathematical Expectation 25-30%
Theoretical Distribution: Binomial Distribution, Poisson distribution–basic application and Normal Distribution – basic applications.
3. Correlation and Regression: Scatter diagram, Karl Pearson’s Coefficient of Correlation Rank, Correlation, Regression lines, Regression equations and Regression coefficients 10-15%
4. Index Numbers and Time series 10-15%

Paper 4 – Business Economics and Business and Commercial Knowledge

Marks – 100

Sr.No. Topics Weightage
Part 4A- Business Mathematics   60 Marks
1. Introduction to Business Economics 15-20%
2. Theory of Demand and Supply 35-40%
Theory of Production and Cost
3.  Price Determination in Different Markets 25-30%
4. Business Cycles 15-20%
Part 4B- Business & Commercial Knowledge 40 Marks
1. Introduction to Business 15-18%
2. Business Environment 15-18%
3. Business Organizations 15-18%
4. Government Policies for Business Growth 15-18%
5. Organizations Facilitating Business 15-18%
6. Common Business Terminologies

Hope you got a thorough breakdown of all the topics in the syllabus and their weightage. Now all you have to do is divide your time accordingly so that you can effectively cover the entire CA Foundation syllabus and score better marks.

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