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CA Foundation New Syllabus 2024: ICAI New Scheme Syllabus & Subjects

ca foundation new syllabus

As a part of the new system of education and training, the Institute of Chartered Accountants of India (ICAI) released the CA Foundation New Syllabus 2024 on July 1, 2023. Candidates who plan to sit for the test must take into account the new additions and changes to the CA Foundation 2024 syllabus. The new program’s CA Foundation syllabus can be found on the official ICAI website, icai.org. The final CA Foundation exam to be conducted under the existing programme using the outdated CA Foundation syllabus will take place in December 2023, while the first CA Foundation exam to be conducted under the new ICAI programme will take place in June 2024.

Interested candidates should take note of the new CA Foundation test syllabus and develop a preparation strategy in line with it. Read the complete article to learn more about the CA Foundation’s new curriculum, which is being implemented under the ICAI’s new structure, covering all the topics and important themes.

CA Foundation New Syllabus Papers 2024

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

Sl. No Paper Name Marks Type of Questions
Paper 1 Accounting 100 Marks Objective
Paper 2 Business Laws 100 Marks Objective
Paper 3

Quantitative Aptitude:

Part A: Business Mathematics

Part B: Logical Reasoning

Part C: Statistics

100 Marks

Part A: 40 Marks

Part B: 20 Marks

Part C: 40 Marks

Subjective
Paper 4 Business Economics 100 Marks Subjective

CA Foundation Syllabus Under New Scheme 2024

The precise ICAI CA Foundation curriculum for each of the aforementioned papers is provided in the table below in accordance with the most recent format. The specifics also comprise the central concepts for every CA Foundation discipline.

 

Objective: To get a basic understanding of accounting’s concepts and principles and put that knowledge to use when creating financial statements and solving straightforward problems.
Topics Sub Topics

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 entrybook-keeping, 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 bank reconciliation statement
Inventories Meaning, basis and technique of inventory valuation, cost of inventory, net realisable value and record system

Depreciation and Amortisation

 

Meaning and distinctions between tangible and intangible assets, as well as concepts, computation methods, and accounting treatment of amortisation and depreciation, as well as changes to the 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 Difference between the profit and loss account and the income and expenditure account, as well as the significance and production of the receipt and payment account, income and expenditure account, and balance sheet
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 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.

Paper 2: Business Laws

 

Objective: to obtain general legal knowledge of the law of contracts, sales, and a comprehension of different company structures and how they operate in order to control the business environment, as well as the capacity to address simple application-oriented problems.
Topics Sub Topics
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 Terms of the Contract, the Consideration, and Additional Requirements for a Binding AgreementContract of Indemnity and Guarantee, Performance Contract, Breach of Contract, Conditional and Quasi-Contract, Contract of Agency, Contract of Bailment and Pledge
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 organisations
The Companies Act, 2013 Essential features of 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

PAPER 3: QUANTITATIVE APTITUDE

 

Objective:

  • students become familiar with fundamental statistical and quantitative concepts and apply them to situations in business, finance, and economics.
  • to improve your ability to reason logically.
Topics Sub Topics
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 AntiLogarithms
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
  • ◦ SinkingFunds
  • ◦ 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,RelationshipbetweenAMandGMandSumofntermsofspecialseriesand BusinessApplications
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 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

Paper 4: Business Economics

Objective: To develop an understanding of the concepts and theories of Economics and to acquire the ability for addressing application-oriented issues
Topics Sub Topics
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 Behaviour –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 andVariable 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:AnOverview, Centre and StateFinance.
  • MarketFailure/Government Intervention To Correct Market failure.
  • Process of budget making: Sources of Revenue, Expenditure Management, and management of Public Debt.
  • FiscalPolicy
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.
  • TradePolicy–TheInstrumentsofTradePolicy.
  • TradeNegotiations.
  • ExchangeRatesanditseconomiceffects.
  • International Capital Movements: Foreign Direct Investment
Indian Economy

  • Before 1950- Chanakya and Nand Vansh
  • OECD Paper (1950-1991),
  • Basic knowledge 1991 Onwards

Requirements for Clearing CA Foundation Examination 2024

A candidate is said to have passed the Foundation examination if they score at least 40% on each paper and at least 50% on the total of all the papers in one sitting.

Objective in nature, Papers 1 and 2 will receive negative marks; additional notification will be provided. The subjective-type papers are 3 and 4.

Advice on How to Prepare for the New CA Foundation Syllabus 2024

The following advice will help you get started on your CA Foundation exam preparation:

Know the Syllabus: Have a firm understanding of the CA Foundation syllabus. Even though there are the same number of papers, one should do extra research to determine whether there have been any additions or deletions to the curriculum’s listed topics.

Start Early: Candidates should start their preparations now that the CA foundation exam syllabus has been made public. You’ll have plenty of time to review and practise later if you get started early.

Consult the Correct Books and Study Guides: Study guides for the CA foundation are available on the ICAI website. It can be consulted by candidates as they get ready for the CA. Candidates can also prepare well for the CA Foundation test by reading reputable books.

Mock Test: To improve performance on test day, prepare with real-looking mock tests. Additionally, candidates can attempt to pass mock tests for the CA Foundation on the ICAI’s website.

Frequently Asked Questions

When was the New Syllabus of CA Foundation Released?

 On July 1, 2023, ICAI issued the revised syllabus

When is the first CA Foundation Exam under the ICA New Scheme For Education & Training ?

The first CA Foundation test will be administered in June 2024 in accordance with the updated ICAI education and training plan.

How many Papers are there in the CA Foundation New Syllabus ?

The updated syllabus for the CA Foundation course includes 4 papers.

How many Marks is each of the Papers in the CA Foundation Exam?

Each paper in the CA foundation exam has 100 points.

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