A Must Read for Dec 20 CA Foundation Students - Roadmap for next One Year

Step by Step Guide for Students Appearing for CA Intermediate in November 2021 by CA Ravi Agarwal

Hey Guys,

We really hope you all are doing well and be positive but tested negative during these covid times. Alright so this post is for the ones who just got stepped into this course and cleared their foundation in December 2020. Since now your new journey has begun, you all got to work more harder and get through this journey with proper planning combined with your full efforts to your full potential.

Feeling scared, you need not to worry. I got you all and let’s get to this whole planning process and understand each one of them step by step:

ELIGIBILITY: All those who cleared their foundation in Dec 2020 are eligible to appear in Intermediate in November 2021 or those who are commerce graduates / post graduates with 55% marks or other graduates with minimum of 60% marks. Or the candidates who are intermediate level pass from Institute of Cost Accountants of India and Institute of Company Secretaries of India can register directly for the intermediate course without appearing for foundation.

TIME REMAINING: 11 months (need to fasten up your belts guys!!)

SUBJECTS COVERED

Group 1

 Paper 1

Accounting

100 Marks

 Paper 2

Corporate Laws and Other Laws

100 Marks

 

Part I: Corporate Laws (60 Marks)

 

 

Part II: Other Laws (40 Marks)

 

Paper 3

Cost and Management Accounting

100 Marks

Paper 4

Taxation

100 Marks

 

Paper 4A: Direct Tax Laws – 60 Marks

 

Paper 4B: Indirect Tax Laws – 40 Marks

Group 2

Paper 5

Advanced Accounting

100 Marks

Paper 6

Auditing and Assurance

100 Marks

Paper 7

Enterprise Information Systems & Strategic Management

100 Marks

 

Section A: Enterprise Information Systems (50 Marks)

 

 

Section B: Strategic Management (50 Marks)

 

Paper 8

Financial Management & Economics for Finance (100 Marks)

100 Marks

 

Section A: Financial Management (60 Marks)

 

 

Section B: Economics for Finance (40 Marks)

 

Paper 1: Accounting

Complete overview of application of some accounting standards, introduction to IFRS and IND ASs, company accounts including accounting related to bonus, preference shares, etc., framework for presentation and preparation of financial statements and involves dealing with partnership issues and some special transactions.

 

Paper 2: Corporate and Other Laws

  • Part-I Company Law- covering The Companies’ Act,2013(Sections 1-148)
  • Part-II Other Laws - covering
    • Indian contracts Act 1872(from Section 123 onwards)
    • The Negotiable Instruments Act, 1881
    • The General Clauses Act, 1897
    • Interpretation of statutes

 

Paper 3: Cost and Management Accounting

Includes introduction to Cost and Management Accounting, Elements of Cost and preparation of Cost Sheets, Ascertainment of Cost and Cost Accounting System(like material cost,labour cost,overheads,employee cost and likewise), Methods of Costing including joint,batch,process costing, Cost Control and Analysis(Standard costing,marginal costing and budget and budgetary control)

 

Paper 4: Taxation

Section-A(Income Tax Laws)- Basic Concepts including income chargeable under 5 heads namely Business/Profession,Salary,House Property,Capital Gains and other sources and other topics covering residential status,clubbing of income,deductions,transfer of property,likewise.

Section –B(Indirect Tax Laws)- Goods and Services Tax

Paper-5: Advanced Accounting

Application of remaining accounting standards not covered in Paper-1(Accounting),special aspects of Company Accounts e.g. ESOP,buy-back,underwriting, Reorganization of Companies,Financial Reporting of Banking, Financial Services and Insurance (BFSI), Valuation of goodwill,Consolidated Financial Statements

 

Paper-6: Auditing and Assurance

Standards on Auditing covering Nature, Objective and Scope of Audit,  Audit Strategy, Audit Planning and Audit Programme,  Audit Documentation and Audit Evidence, Risk Assessment and Internal Control, Fraud and Responsibilities of the Auditor in this Regard,  Audit in an Automated Environment, Audit Sampling, Analytical Procedure, Audit of Items of Financial Statements, The Company Audit, Audit Report, Audit of Banks,  Audit of Different Types of Entities.

 

Paper-7: Enterprise Information Systems and Strategic Management

  • Section-A:Enterprise Information Systems - Includes Automated Business Processes,Financial and accounting systems,Information System and its components,E-Commerce,M-Commerce and Emerging Technologies and Core Banking Systems.
  • Section-B:Strategic Management - Having contents related to strategies involved in businesses,strategic decision making,strategic planning,types of corporate level strategies,strategic implementation and control and so on.

 

Paper-8: Financial Management and Economics for Finance

  • Section-A:Fiancial management -covering introduction to Financial Management,Analyzing various ratios,making decision related to (finance,investment and dividend) and management of working capital.
  • Section-B:Economics for Finance -includes determination of national income,money market, public finance and International Trade.

 

STUDY MAP:

Students there are certain points which will remain same nevertheless in preparation of all the above subjects listed below:

  • First comes ,if you are going for coaching or self study or a blend of coaching and self studies,try to go for 3 subjects simultaneously covering in 3 months or 4 months and this way your first reading will take around 8 months or lesser since theory can be covered in lesser time.
  • Students may take the support of https://zeroinfy.in/ to buy lectures for ca inter courses(all the best teachers classes will be available there) .
  • Also if you’re going for coachings,make sure to revise the particular class within 24 hours before attending the next one.
  • And do try to take up 3 subjects simultaneously as this will lead to keep maintaining your enthusiasm and won’t feel bored by studying 1 subject in a single stretch.
  • You may decide various permutations and combinations while attending lectures as if you may go for a subject’s coaching on alternate days and thus combining with other two in same way or if you have decided to go for self study for some particular subjects then you may plan likewise as stated above and by following this routine you should be able to get a minimum of 3 subjects completed at the end of your period altogether alongwith first revision.
  • Don’t try to devote more than the prescribed period in completing your first revision since you have ample of time(atleast 10 -11 hours a day) and you don’t even have to go to office.So it’s like a bonus to you and utilize this efficiently.
  • Also keep in mind one more thing,while doing first revision solve all your practical questions and mark the ones which you feel you’ll be stucked upon in future.
  • Generally you may take some break too after completing your targets but yeah these breaks shouldn’t be long enough not letting you pass your exams.
  • Next comes your second revision-Almost 3 or more months are left for you after going through first revision,so now you will be covering your all subjects in a maximum of 60 days almost getting a week for each of the subjects and re-marking the questions you’re not able to solve yet or theory which you don’t remember yet.
  • Alright so now, by this time you must be feeling a little bit of confident about yourself but completely exhausted at the same time since you’ve been through a lot.But don’t lose hope and again buckle up guys,give it a last revision and get ready for your third revision almost taking your 15-20 days and in the remaining days you’re going to go through the topics which you feel less confident about.
  • And after going through all this hustle,finally you will get to show to ICAI all your hardwork and your efforts which you’ve put into these months in those 3 GOLDEN HOURS.
  • Also don’t forget to keep yourself hydrated , taking breaks in between and taking atleast an hour for the thing which you love to do(maybe singing,dancing,sports or any other activity).Share your problems with your parents and most importantly you just get off of all your social media accounts for a while .After your exams, enjoy your life the way you want to.But try to keep yourself disciplined for these 11 months and you’ll definitely reap the benefits of all your hardwork and sacrifices which you’ve made.
  • In short you need 4 ingredients to clear your intermediate exams

   HARDWORK + SMARTWORK +PERSEVERANCE+ CONFIDENCE = PASS RESULTS

Do follow these simple tips and I hope this will be beneficial to you all .

All the best guys and rock your exams!!!!

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