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Chartered Accountants Course
The examination is held twice a year generally in the months of June and December, by the Institute of Chartered Accountants' of India, Indraprastha :Marg, New Delhi - 110002.
2. Age Limits: The candidate should not be less than 18 years. of age.
3. Minimum Qualification: Every person, who wants to register himself or herself as a student-articled clerk or audit clerk for the Chartered AccouJ1tancy course must fulfil the following qualifications _
(i) He/she should have passed the Foundation Course of the Institute or should have been exempted from passing the Foundation Examination.
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(ii) He/she should be a Graduate.
4. Foundation Course: The Foundation course has been introduced with effect from April 1992, as a part of the revised education for the Chartered Accountancy Course.
5. Duration of the Course: One year.
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6. Object of the Course: The Foundation Course seeks to attract students with requisite aptitude for the career of Chartered Accountants. It helps students to gain a sound and appropriate academic and conceptual base upon which to build their subsequent' professional accounting studies and practical training.
(b) Non-Commerce Graduates with Mathematics as one of the papers and with 60% of the total marks.
(c) Non-Commerce Graduates with subjects other than Mathematics as one of the subjects and with 55% of the total marks.
(d) The candidates who have not offered three subjects, viz., Accountancy, Auditing and Mercantile Law in M.Com examination would be treated as Non-Commerce Post-graduates and would be eligible for direct registration if they had secured 55% marks in aggregate with subjects other than Mathematics and 60% marks in aggregate with Mathematics as one of the subjects.
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For the purpose of calculating the percentage of marks referred to above:(a) The marks secured in subjects in which the student is required by the regulations of the University or the examining body concerned to obtain only pass marks and for which no special credit is given for higher marks are ignored, and
(b) Any fractions of half or more are rounded up to the next whole number.
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Provisional Registration for the Foundation Course Candidates who have appeared in the Final Senior Secondary or an equivalent Examination and are awaiting result may also' provisionally register for the Foundation Course. However, such provisional registration shall be confirmed only after satisfactory proofs of having passed the examinations is furnished within a period of six months from the date of such provisional registrations. Failure to furnish such proof would result in cancellation of the provisional registration and forfeiture of the registration and tuition fee paid.
Application Forms for Registration’s can be had from the Offices of the Institute's Headquarters at New Delhi and other Regional Offices. The application’s together with a demand draft for Rs. 750 towards registration’s and tuition fees, drawn in favour Df. The Secretary, Institute of Chartered Accountants of India, payable at New Delhi/Mumbai/Kolkata/Chennai/Kanpur, as the case may be, should be submitted to the concerned office of the Institute, as given below:
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1. Joint Director’s of Studies, The Institute of Chartered Accountants of India, Indraprastha Marg, New Delhi- 110002.
.For students residing in the States of Haryana, Himachal Pradesh, Jammu & Kashmir, Punjab and the Union Territories of Delhi and Chandigarh.
2. Joint Director of Studies, The Institute of Chattered Accountants of India, 'Anveshak',27, Cuffe Parade, Colaba, P.B. No. 9926, Mumbai-400 005.
. For students residing in the States of Gujarat, Maharashtra, Goa and the Union Territories Df Daman & Diu and Dadra & Nagar Haveli.
3. Joint Director of Studies, The Institute of Chartered Accountants of India, 122, Nungambakkam High Road, P.B. No. 3314, Chennai - 600034.
For students residing in the States of Andhra Pradesh, Kerala, Karnataka and Tamil Nadu and the Union, Territories of Pondicherry and Lakshadweep Islands.
4. Joint Director of Studies, The Institute of Chartered Accountants of India, 7, Russel Street, Kolkata-700071.
For students residing in the States Df Assam, Meghalaya, Nagaland, Orissa, West Bengal, Manipur, Tripura, Sikkim, Arunachal Pradesh and Mizoram, and the Union Territory of Andaman and Nicobar Islands.
8. General Instructions: The Board of Studies provides the study material to the students of the Foundation Course as part of the Postal tuition’s scheme which is compulsory. The study material is prepared by the Faculty Df the Board generally in accordance with the syllabus of the Foundation’s Course. The students are expected to' study the material thoroughly and prepare themselves for the Foundation’s Examination’s of the Institute at the end of the prescribed period’s of study.
In order to be eligible to appear in the Foundation Examination, students should comply with the requirements of the Postal Test Scheme. Compliance with the requirements of Postal Test Scheme involves submissions of answers to the specified number of Test Papers in the subjects of the Foundation’s Course and qualifying in the Test Papers.
As an alternative to Postal Test Scheme, students may attend the Classes organised by certain educational institutions specially accredited by the Board of Studies for the purpose and fulfil the related requirements.
Students who comply with the above requirements will be granted eligibility by the Board of Studies for appearing in the Foundation Examination of the Institute to be held in June and December every year. To pass in the Foundation’s Examination, a candidate has to secure a minimum of 40% marks in each of the four papers and 50% marks in aggregate.
9. Subjects of the Examination: The subjects of the examination, the time allowed and the maximum marks for each subject will be as follows
| Paper |
Subject |
Max. Marks |
Time |
| I |
Fundamentals of Accounting |
100 |
3 Hours |
| II |
Mercantile Law |
100 |
3 Hours |
| III |
Mathematics and Statistics |
100 |
3 Hours |
| IV |
Economics |
100 |
3 Hours |
10. Syllabus
PAPER I-Fundamentals of Accounting
(One Paper-: Three Hours-100 Marks)
Level of Knowledge: Basic Knowledge.
Aim: To ensure acquisition of theoretic knowledge sufficient to provide a foundation for the professional examination.
Detailed Contents
1. Accounting as a measurement discipline, Income measurement and related accounting concepts. Other accounting concepts. Relationship of Accounting with Economics and Statistics. Role of an Accountant in society.
2. Accounting process leading to the preparation of Trial Balance including rectification of errors, and preparation of Final Accounts (for Non-corporate entities).
3. Depreciation accounting including methods thereof.
4. Inventory Variation.
5. Accounting for Special Transactions:(a) Consignments;
(b) Joint Ventures;
(c) Average Due Dates; and
(d) Bill of Exchange and Promissory Notes.6. Self-balancing Ledgers.
7. Simple problems in Partnership Accounts.
8. Receipts and Payments Account and Income and
Expenditure Account and Balance Sheet including Accounts of professional concerns.
PAPER D-Mercantile Law
(One Paper-Three hours-100 Marks)
Level of Knowledge: Basic Knowledge
Aim: To ensure that the students have grasped the provisions of those branches of Law with which they would be normally concerned in their professional work.
Detailed Contents
The Indian Contracts Act, 1872 including Indemnity and Guarantee, Bailment and Pledge and Agency.
2. The Indian Partnership Act, 1932.
3. The Sale of Goods Act, 1930.
PAPER III-Mathematics and Statistics
(One Paper-Three Hours-100 Marks)
Level of Knowledge: Basic Knowledge.
Aim: To ensure that the students have a basic understanding of important quantitative tools and their elementary application to business problems.
Detailed Contents
Section A-Mathematics (50 Marks)
1. Number Bases and .Binary Arithmetic; Conversion of a given base: Binary Fractions.
2. Linear, Quadratic, Exponential and Logarithmic Functions. Concept and determination of Break-even Point.
3. Arithmetic and geometric Progressions including Series.
4. Permutations and Combinations.
5. Matrices-meaning and operations, Matrix inversion,
Solution to System of Linear Equations by Matrix inversion as well as pivotal Reduction method.
6. Graph of Linear Inequalities in Two Variables.
7. Calculus:
(a) Elements of Trigonometry-to enable a student to learn integral Calculus with aid to Trigonometric Ratios,: Trigonometric Ratios of Angles associated with a given angle, Addition Formula multiple and Sub-multiple , Angles. Transformation of sums into product anti vice-versa, Definition of inverse Circular Functions.
(b) Elements of Differentiation-simple applications of differential co-efficients, maxima and minima of University Functions; Rule of Integration for Indefinite and Definite Integrals, Simple applications of integration to accounting and business problems.
Section B-Statistics (50 marks)
1. Classification and Tabulation of Data.
2. Measures of Central Tendency and Dispersion.
3. Correlation and Regression (Linear and Bivariate only).
4. Probability and Expected Value.
5. Elements of Theoretical Distribution-Binomial, Poisson, Normal.
6. Concept of Standard Error, Interval Estimation Determination of Sample Size, Tests of Hypothesis, Analysis of Variance.
7. Time Series and Forecasting.
8. Index Numbers.
9. Statistical Decision Theory-Pay-off and Regret Matrics. Decision-making without Probability and Decision-making with Probability.
PAPER IV-Economics
(One Paper-Three Hours-1OO marks)
Level of Knowledge: Basic Knowledge.
Aim: (i) To provide basic knowledge of the framework of the Economic theory to the extent it is useful for accountants, and
(ii) To ensure that the students are aware of the economic development of the country leading to the contemporary state in which the economy is placed.
Detailed Contents
Micro-Economics
1. Nature and Scope of Economics, Economic Models and their use.
2. Demand and Supply. Laws of Demand and Supply, Elasticity of Demand and Supply, Factors affecting Demand and Supply, Demand forecasting.
3. Meaning of Production, Factors of Production, Scale of Production, Law of Returns, Major-components of costs.
4. Meaning of Market, Types of Markets. Theory of Price and Output Determination in different Market Structures and in different Economic Systems.
Indian Macro-Economic Environment
1. Economic growth in India-Population and Economic growth.
2. General profile of agriculture and industry in India; inter dependence of industry and agriculture for economic advancement in India.
3. Industrial Policy of Government; Industrial Growth in India and prospects.
4. National Income in India-Theory and application.
5. Fiscal Policy in India.
6. Indian Monetary Policy-The functions of Commercial Banks and Reserve Bank of India.
7. India's International Trade-Exports and Imports-Balance of Trade and Payments.
Intermediate Course
At the Intermediate level, there are two groups of Exams.
Group I includes:
* Accounting
* Cost Accounting
* Auditing
The subjects in the Group II exam are:
* Mercantile law, company and industrial law;
* Business mathematics
* Organisation and management economics.
After the intermediate exam, a student is permitted to serve a part of the practical training in a financial, commercial or industrial undertaking which enables an articled/audit clerk to gain experience in operating systems of financial control, in internal audit and auditing procedures, in merchandised accounting and other fields. The period of industrial training may range between 9-12 months during the last of the three years of the prescribed period of practical training.
Final Exam: A candidate who has cleared the intermediate exam can take the final exam within the last six months of the period of practical training, provided there is a time interval of one final exam between clearing the intermediate and the first attempt in the final exam. In case the candidate is taking the final exam after completing the practical training there is no need for the time interval. The Final examination includes two groups.
Groups I includes subjects such as advanced accounting, management accounting, auditing and company law.
Group II deals with direct tax laws.
Candidates can choose anyone of the following combinations:
COMBINATION A: Corporate management, managerial economics and national accounting, secretarial practice.
COMBINATION B: Operational research and statistical analyses, systems analyses and data processing, cost systems and cost control.
COMBINATION C: Management information and control systems tax planning and tax management, managements and operational audit.
After successful completion of the final exam the aspiring CA can apply for membership of the ICAI. |
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