New CA Foundation Course All You Need to Know – ECP Gurgaon

New CA Foundation Course

CA Foundation New Syllabus 2024

The Institute of Chartered Accountants of India (ICAI) has introduced a new syllabus for CA Foundation under the new scheme of education and training, effective from July 1, 2023. This updated syllabus will be applicable for CA Foundation exams starting from June 2024.

Here are some important details about the CA Foundation New Syllabus 2024:

1. Syllabus Notification: ICAI officially announced the CA Foundation syllabus changes on July 1, 2023, outlining the modifications and additions.

2. Transition Period: The December 2023 session will be the last CA Foundation exam held under the existing scheme, using the old CA Foundation syllabus. Starting from June 2024, the new syllabus will be in effect for all CA Foundation exams.

3. Access to Syllabus: The CA Foundation syllabus under the new scheme is accessible on the official ICAI website at Aspiring CA candidates should visit the ICAI website to review the complete syllabus and understand its contents.

4. First Exam Under New Scheme: The first CA Foundation exam following the new ICAI scheme is scheduled for June 2024. Therefore, candidates planning to appear for the CA Foundation in 2024 must familiarize themselves with the updated syllabus.

5. Preparation Strategy: It’s crucial for aspirants to take note of the changes and additions in the CA Foundation 2024 syllabus and plan their preparation strategy accordingly. Understanding the subjects and important topics covered in the new syllabus will be essential for success in the exam.

6. Subjects and Topics: The new syllabus will cover various subjects and important topics relevant to the CA Foundation exam. Aspirants should thoroughly review the syllabus to ensure they are well-prepared for the upcoming exam.
The introduction of a new syllabus reflects the evolving requirements and standards in the field of chartered accountancy. Candidates should stay informed about these changes and prepare diligently to excel in the CA Foundation exam under the new scheme. The official ICAI website will serve as the primary source of information and updates regarding the new syllabus and exam details.

CA Foundation New Syllabus Papers 2024

In the new syllabus of CA Foundation under the ICAI scheme, the following papers have been included:

Sl. No Paper Name Marks Type of Questions
1 Accounting 100 Marks Objective
2 Business Laws 100 Marks Objective
3 Quantitative Aptitude 100 Marks
Part A: Business Mathematics Subjective
Part B: Logical Reasoning 40 Marks Subjective
Part C: Statistics 20 Marks Subjective
40 Marks Subjective
4 Business Economics 100 Marks Subjective

This table outlines the papers in the new CA Foundation syllabus for 2024, along with their respective marks and types of questions. Candidates preparing for the CA Foundation exam should take note of these papers and their formats to plan their studies effectively.

CA Foundation Syllabus Under New Scheme 2024

Below is a comprehensive table outlining the detailed ICAI CA Foundation syllabus as per the new scheme for each of the papers mentioned earlier. This table also highlights the important topics covered in each of the CA Foundation subjects:

Paper 1 Accounting

Paper 1 – Accounting
To develop an understanding of the basic concepts and principles of accounting and apply the same in preparing financial statements and simple problem-solving.
Theoretical Framework
– Meaning and Scope of Accounting.
– Accounting concepts, principles, and conventions.
– Capital and revenue expenditure, capital and revenue receipts, contingent assets, and contingent liabilities.
– Accounting Policies.
– Accounting as a measurement discipline – valuation principles, accounting estimates. Accounting Standards-concepts and objectives.
Accounting Process
– Recording accounting transactions: principles of double-entry bookkeeping, books of original entry-journal, subsidiary books, cash book, ledger-format, posting from journals and subsidiary books, balancing accounts.
– Preparation Of Trial Balance.
– Rectification Of Errors.
Bank Reconciliation Statement
– Introduction, reasons, and preparation of the bank reconciliation statement.
– Meaning, basis, and technique of inventory valuation, cost of inventory, net realizable value, and record system.
Depreciation and Amortization
– Tangible and intangible assets – meaning & difference, concepts, methods of computation, and accounting treatment of depreciation/amortization, change in depreciation method.
Bills of Exchange and Promissory Notes
– Meaning of bills of exchange and promissory notes and their accounting treatment; accommodation bills.
Preparation of Final accounts of Sole Proprietors
– Elements of financial statements, closing adjustment entries, trading account, profit and loss account, and balance sheet of manufacturing and non-manufacturing entities.
Financial Statements of Not-for-Profit Organizations
– Significance and preparation of receipt and payment account, income and expenditure account, and balance sheet, difference between profit and loss account and income and expenditure account.
Accounts from Incomplete Records (excluding preparation of accounts based on ratios)
Partnership And LLP Accounts
– Final accounts of partnership firms and LLP.
– Admission, retirement, and death of a partner, including the treatment of goodwill.
– Dissolution of partnership firms and LLPs, including piecemeal distribution of assets.
Company Accounts
– Definition Of Shares And Debentures.
– Issue Shares And Debentures, forfeiture of shares, reissue of forfeited shares.
– Redemption of preference shares and debentures (excluding purchase and redemption of own debentures sinking fund method).
– Accounting For Bonus Issue And Right Issue.

This comprehensive table outlines the specific topics covered in Paper 1 – Accounting for the CA Foundation course under the new scheme for 2024. Candidates are advised to use this syllabus as a roadmap for their studies and preparation for the examination.

Paper 2 – Business Laws

Paper 2 – Business Laws
To develop general legal knowledge of the law of Contracts, Sales and understanding of various forms of businesses and their functioning to regulate the business environment and to acquire the ability to address basic application-oriented issues.
Indian Regulatory Framework
– Major Regulatory Bodies such as the Ministry of Finance, Ministry of Corporate Affairs, SEBI, RBI, IBBI, Ministry of Law and Justice, etc.
The Indian Contract Act, 1872
– General Nature Of Contract, Consideration, Other essential elements of a valid contract, Performance Contract, Breach Of Contract, Contingent and Quasi Contract, Contract of Indemnity and Guarantee, Contract of Bailment and Pledge, Contract of Agency.
The Sale of Goods Act, 1930
– Formation of the contract of sale, Conditions and Warranties, Transfer of ownership and Delivery of goods, Unpaid seller and his rights.
The Indian Partnership Act, 1932
– General Nature of Partnership, Rights and Duties of partners, Reconstitution of firms, Registration and Dissolution of a firm.
The Limited Liability Partnership Act, 2008
– Introduction – covering nature and scope, Essential features, Characteristics of LLP, Incorporation and Differences with other forms of organizations.
The Companies Act, 2013
– Essential features of a company, Corporate veil theory, Classes of companies, Types of share capital, Incorporation of company, Memorandum of Association, Articles of Association, Doctrine of Indoor Management.
The Negotiable Instruments Act, 1881
– Meaning of Negotiable Instruments, Characteristics, Classification of Instruments, Different provisions relating to Negotiation, Presentment of Instruments, Rules of Compensation.

This detailed table provides an overview of the specific topics covered in Paper 2 – Business Laws for the CA Foundation course under the new scheme for 2024. Candidates are encouraged to use this syllabus as a guide for their studies and exam preparation.

Paper 3 – Quantitative Aptitude

Paper 3 – Quantitative Aptitude
– To develop an understanding of the basic mathematical and statistical tools and apply the same in business, finance, and economic situations.
– To develop logical reasoning skills.
Part A: Business Mathematics
– Ratio and proportion, Indices and Logarithms
– Ratio and proportion and Time and work-related problems.
– Laws of Indices, Exponents and Logarithms and Anti-Logarithms
– Equations
– Linear Equations Upto Three Variables, Quadratic and Cubic equations in one variable. Applications in Business Related Problems.
– Linear Inequalities
– Linear Inequalities in one and two variables and the solution space
– Mathematics of Finance
– Simple Interest
– Compound Interest
– Nominal and Effective Rate of Interest
– Present Value
– Net Present Value
– Future Value
– Perpetuity
– Annuities
– Sinking Funds
– Calculating EMI
– Calculations of Returns: Nominal and Effective rate of Return
– Compound Annual Growth Rate (CAGR)
– Permutations and Combinations
– Basic concepts of Permutations and combinations: Introduction, the factorial, permutations, results, circular permutations, permutations with restrictions, Combinations With standard results
– Sequence and Series
– Introduction Sequences, Series, Arithmetic and Geometric progression, Relationship between AM and GM and Sum of n terms of special series and Business Applications
– Sets, Relations, and Functions. Basics of Limits and Continuity Functions
– Basic applications of Differential and Integral calculus in Business and Economics (Excluding the trigonometric applications)
Part B: Logical Reasoning
– Number series, coding and Decoding, and odd man out
– Direction Tests
– Seating Arrangements
– Blood Relations
Part C: Statistics
– Statistical Representation of Data
– Diagrammatic representation of data, Frequency Distribution, Graphical representation of Frequency Distribution – Histogram, Frequency Polygon, Ogive, Pie-chart
– Sampling
– Basic principles of sampling theory, comparison between sample survey and complete enumeration, some important terms associated with sampling type of sampling, sampling and non-sampling errors.
– Measures of Central tendency and Dispersion
– Mean Median, Mode, Mean Deviation, Quartiles and Quartile Deviation, Standard Deviation, Coefficient of Variation, Coefficient of Quartile Deviation
– Probability
– Independent and dependent events; mutually exclusive events.
– Total and Compound Probability and Bayes Theorem
– Theoretical Distributions
– Random variables, Discrete and Continuous Random variables, Expectation of a discrete random variable, Theoretical Distributions: Binomial Distribution, Poisson distribution – basic application and Normal Distribution – basic applications
– Correlation and Regression
– Scatter diagram, Karl Pearson’s Coefficient of Correlation Rank Correlation, Regression lines, Regression equations, Regression coefficients
– Index Numbers
– Uses of Index Numbers, Problems involved in construction Index Numbers, Methods of construction of Index Numbers. BSE SENSEX NSE

This detailed table provides an overview of the specific topics covered in Paper 3 – Quantitative Aptitude for the CA Foundation course under the new scheme for 2024. Candidates are encouraged to use this syllabus as a roadmap for their studies and exam preparation.

Paper 4 – Business Economics

Paper 4 – Business Economics
– To develop an understanding of the concepts and theories of Economics and to acquire the ability for addressing application-oriented issues.
Introduction to Business Economics
– Meaning and scope of Business Economics.
– Basic Problems of an Economy and Role of Price Mechanism
Theory of Demand and Supply
– Meaning and Determinants of Demand, Law of Demand and Elasticity of Demand – Price, Income, and Cross Elasticity.
– Theory of Consumer’s Behavior – Indifference Curve approach.
– Meaning and Determinants of Supply, Law of Supply and Elasticity of Supply, Market Equilibrium and Social Efficiency
Theory of Production and Cost
– Meaning and Factors of Production, Short Run and Long Run.
– Law of Production – The Law of Variable Proportions and Laws of Returns to Scale, Producer’s Equilibrium.
– Concepts of Costs – Short-run and long-run costs, Average and Marginal Costs, Total, Fixed and Variable Costs
Price Determination in Different Markets
– Market Structures: Perfect Competition, Monopoly, and Monopolistic Competition.
– Using Game Theory to study Oligopoly.
– Price Determination in these Markets.
– Price-Output Determination under different Market Forms
Determination of National Income
– Macro Economic Aggregates and Measurement of National Income
– Determination of National Income: Keynes’ Two Sector Basic Model, Three Sectors, and Four Sectors Models
Business Cycles
– Meaning, Phases, Features, Causes behind these Cycles
Public Finance
– Fiscal functions: An Overview, Centre and State Finance.
– Market Failure/Government Intervention To Correct Market failure.
– Process of budget making: Sources of Revenue, Expenditure Management, and management of Public Debt.
– Fiscal Policy
Money Market
– Concept of Money Demand
– Important theories of Demand for Money
– Concept of Money Supply, Cryptocurrency Another New Terminology
– Monetary Policy
International Trade
– Theories of International Trade including theories of intra-industry trade Krugman.
– Trade Policy – The Instruments of Trade Policy.
– Trade Negotiations.
– Exchange Rates and its economic effects.
– International Capital Movements: Foreign Direct Investment
Indian Economy
– Before 1950 – Chanakya and Nand Vansh
– OECD Paper (1950-1991)
– Basic knowledge 1991 Onwards

This detailed table provides an overview of the specific topics covered in Paper 4 – Business Economics under the new scheme for 2024. Candidates are encouraged to use this syllabus as a guide for their studies and exam preparation.

Requirements for Success in the CA Foundation Examination 2024

To successfully clear the CA Foundation Examination in 2024, a candidate must meet the following requirements:

  1. Obtain a minimum of 40% marks in each paper:
    • Paper 1: Accounting
    • Paper 2: Business Laws
    • Paper 3: Quantitative Aptitude
    • Paper 4: Business Economics
  2. Achieve a minimum of 50% marks in the aggregate of all the papers.
  3. Note that Paper 1 and Paper 2 are objective type papers and will include negative marking (details of negative marking will be notified later).
  4. Paper 3 and Paper 4 are subjective type papers.

Meeting these criteria will qualify a candidate to pass the CA Foundation Examination in 2024. It’s important for candidates to prepare thoroughly and perform well in each paper to meet these requirements and successfully clear the exam.

Effective Preparation Strategies for CA Foundation New Syllabus 2024

Certainly, here are some valuable preparation tips for candidates planning to take the CA Foundation exam under the new syllabus in 2024:

  1. Familiarize Yourself with the Syllabus: Thoroughly understand the CA Foundation syllabus, paying close attention to the topics included and excluded. The new syllabus may introduce changes, so it’s essential to know what you need to study.
  2. Start Early: Commence your preparations as early as possible. Starting early allows for effective time management, revision, and practice. It also reduces the stress associated with last-minute cramming.
  3. Utilize ICAI Study Material: The Institute of Chartered Accountants of India (ICAI) provides official study material for CA Foundation on its website. This material is designed to align with the exam’s content and is an excellent resource for your preparation.
  4. Refer to Additional Books: While ICAI study material is essential, you can also refer to other relevant books and resources to gain a deeper understanding of the subjects. Look for recommended textbooks or reference guides.
  5. Practice with Mock Tests: Take advantage of mock tests provided by ICAI on its website. Mock tests simulate real exam conditions and help you get familiar with the exam pattern. They are a valuable tool for assessing your readiness.
  6. Create a Study Plan: Develop a well-structured study plan that allocates sufficient time to cover all topics. Break down your study schedule into manageable segments for each subject, ensuring balanced coverage.
  7. Revision is Key: Allocate time for regular revision. Reviewing previously covered material helps reinforce your understanding and retain important concepts.
  8. Seek Guidance: If you encounter difficulties with specific topics, don’t hesitate to seek guidance from teachers, mentors, or fellow candidates. Joining a coaching institute can also provide structured guidance.
  9. Stay Updated: Stay informed about any updates or notifications from ICAI regarding the exam, syllabus changes, or other important announcements.
  10. Stay Healthy: Maintain a healthy lifestyle during your preparation. Get adequate rest, eat well, and incorporate physical activity to keep your mind and body in good shape.
  11. Stay Positive and Manage Stress: Stay positive throughout your preparation. Manage stress through relaxation techniques, meditation, or any activity that helps you unwind.
  12. Practice Time Management: During the exam, manage your time wisely. Allocate a specific amount of time to each section, and if you’re unsure about a question, move on and come back to it later.
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Remember that CA Foundation is a challenging exam, but with dedicated preparation and a well-structured approach. You can perform well and achieve your goals. Good luck with your CA Foundation preparations!


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