VOL 27 NO.

12 pages 36 MAY 2024 R50

FOUNDATION INTERMEDIATE FINAL

BELIEVE IN
YOURSELF,
ACHIEVE YOUR
DREAMS
CONTENTS

Board of Studies INSIDE

2024-25
Chairman
CA. (Dr.) Rajkumar Satyanarayan Adukia 03 President’s Communication
Vice Chairman
CA. Sridhar Muppala
Members 04 Vice-President’s Communication
CA. Ranjeet Kumar Agarwal, President (Ex-officio)
CA. Charanjot Singh Nanda, Vice-President (Ex-officio)
CA. Chandrashekhar Vasant Chitale 05 Chairman’s Communication
CA. Piyush S Chhajed
CA. Vishal Doshi
CA. Dheeraj Kumar Khandelwal
CA. Durgesh Kumar Kabra 06 Strategies for Success in CA Exam
CA. Mangesh Pandurang Kinare
CA. Purushottamlal Khandelwal
CA. Aniket Sunil Talati 07 Foundation
CA. Dayaniwas Sharma
CA. Cotha S Srinivas
CA. Sripriya Kumar
13 Intermediate
CA. Sushil Kumar Goyal
CA. (Dr.) Debashis Mitra
CA. (Dr.) Rohit Ruwatia
CA. Abhay Chhajed 23 Final
CA. (Dr.) Anuj Goyal
CA. Prakash Sharma
CA. Kemisha Soni 31 Announcement
CA. (Dr.) Raj Chawla
CA. Hans Raj Chugh
CA. Pramod Jain
36 Crossword
CA. (Dr.) Sanjeev Kumar Singhal
Dr. P. C. Jain
Advocate Vijay Kumar Jhalani
President and Editor-in-chief Chairman
Co-opted members CA. Ranjeet Kumar Agarwal CA. (Dr.) Rajkumar Satyanarayan Adukia
CA. Chirag Kirankumar Shah
CA. Riya Uttam Prakash Agarwal Vice President Vice Chairman
CA. Mahadeo Sahebrao Jadhav CA. Charanjot Singh Nanda CA. Sridhar Muppala
CA. Nikhil Gupta
CA. Vikash Parakh
CA. Jindal Ashwani Kumar Joint Director-Board of Studies Editorial Support
CA. Neelkanth Rajiv Khandelwal CA. (Dr.) Rashmi Goel Dr. Ruchi Agarwal, Deputy Secretary
CA. Boob Pramod Kumar Jai Narayan Ram, Deputy Secretary
CA. Hora Gurcharan Singh Office
Special Invitees Board of Studies, The Institute of Chartered, Accountants of India, ICAI Bhawan,
CA. Agarwal Sunil Kumar A-29, Sector-62, Noida-201 309. Phone : 0120-3045907
CA. Ankit Kumar Agrawal
Head Office
CA. Grewal Gurmeet Singh
CA. Harsh Jain The Institute of Chartered Accountants of India, ICAI Bhawan, Indraprastha Marg,
CA. Mandawewala Anil Kumar New Delhi-110 002.
CA. Manuj Garg
CA. Naman Gupta
Editor: CA. (Dr.) Rajkumar Satyanarayan Adukia
CA. Ram Narayan Singh
CA. (Dr.) Suneel Kumar Maggo Printed and published by CA. Vandana Nagpal, on behalf of The Institute of
CA. Sunil Garg Chartered Accountants of India, New Delhi.
CA. Umesh Mohan Jadhav PUBLISHED at The Institute of Chartered Accountants of India, I.P. Marg,
New Delhi - 110104 and printed at M/s. Printrade Issues (INDIA) Pvt. Ltd.,
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in case there is any change in your address, kindly
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login on SSP portal and give full particulars of your
STUDENT are those of the authors and do not necessarily reflect those of ICAI.
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02 May 2024 The Chartered Accountant Student

 President’s Communication
members, students, stakeholders, and society at large. I am immensely
proud of what we are achieving together and in informing you of this
fact that your mother institution has taken its step forward to embrace
digitisation. I urge each one of you to contribute to these initiatives, at
your own end as students whether by spreading financial literacy or
embracing our new digital tools for a more sustainable future.
While discussing sustainability, I wish to share that the International
Panel of Accountancy Panel recently had the opportunity to discuss as
to how the Sustainability concepts can be integrated in the accountancy
education and accordingly some of the International Education
Standards (IES) will be revised which will then gradually adopted by
the accountancy bodies worldwide. Exposure draft of these IES is being
finalised.
Access Self-Paced Online Modules for Exam Preparation
In our continuous effort to enhance student resources, I am pleased
Warmest Greetings to you all, to announce that the Board of Studies has recently uploaded the study
material for all Self-Paced Online Modules in Sets A, B, C, and D
As the May 2024 examinations for the CA Intermediate and Final to the BOS Knowledge Portal. This initiative, part of our New Scheme
courses draw near, I wish to reach out to all of you who are on of Education and Training, is designed to ensure that all students have
this challenging but rewarding journey of becoming a Chartered easy and direct access to the materials they need for their studies. I
Accountant. This period is very critical as it is not just about hard work encourage everyone to take advantage of these resources to begin or
but also about smart preparation and mental readiness. continue your preparations effectively.
In your pursuit to excel in exam, it is essential to diversify your Join us at Upcoming CA Students’ Conferences
preparation strategies. While your Study Material and other learning
resources are fundamental, do not underestimate the value of practical I am excited to share an exciting lineup of conferences designed to
tools designed to enhance your exam skills. I strongly encourage each broaden your learning horizons. Starting from 1st June, the Board
one of you to integrate the practice questions on Multiple-Choice of Studies is organising an array of national, mega, and state-level
Questions Paper Practice Assessment portal into your study routine, conferences and also an International Conference of CA Students is
though I believe that many of you must be already using it. This planned on 22nd & 23rd June, 2024, in Kolkata. These gatherings promise
assessment platform by the Board of Studies offers you an opportunity not only to enhance your knowledge and skills but also to provide a
to practice questions under conditions similar to actual exams, allowing unique platform for networking with peers and leaders within the field
you to assess your knowledge and refine your approach accordingly in of Chartered Accountancy.
an effective manner. I encourage each of you to register and participate in these conferences.
Furthermore, always feel free to reach out to the faculty of Board of Your participation in these conferences will undoubtedly be a valuable
Studies to discuss complex topics or for any support or guidance; they addition to your professional development.
will assist you in navigating these challenges. Campus placement
“I find that the harder I work, the more luck I seem to have.” 59th edition of campus placement programme for the newly qualified
– Thomas Jefferson CAs who passed CA final examination in November 2023 was
concluded at 9 bigger centres and 17 smaller centres. There were 140
Empowering Financial Literacy
Organizations participated in the campus offered 2694 Jobs. Around
I am happy to inform you about an important event - the Finfluencers 2006 newly qualified CAs accepted the offers. The domestic job market
Meet organised by the ICAI in New Delhi recently. This gathering offered the highest annual salary at INR 29 lakhs. Additionally, in
brought together 42 leading social media influencers who specialize smaller cities, the postings reached an impressive INR 16.50 lakhs. The
in finance, to promote and elevate our mission of ‘Vitiya Saksharta’ overall average salary for these placements stands at an outstanding
or Financial Literacy. It is a startling fact that only 27% of India’s INR 13.24 lakhs per Annum.
population is considered financially literate, with a mere 16.7% of
students possessing basic financial understanding. Recognizing the 7 essential tips every aspiring CA must know
potential of social media to educate and reach wider audiences, these The journey to becoming a CA requires full dedication, strategic
influencers have pledged to help bridge this knowledge gap. Being planning, and continuous learning. I have shared some essential tips
Chartered Accountant themselves, their expertise and influence are that every aspiring CA must know for exam preparation. The article
vital in simplifying complex financial concepts and making them dated 18th April 2024 may be accessed through the below given link:
accessible to the masses. This initiative not only reflects our role as the https://bit.ly/3xOG78O
world’s largest accounting body but also our duty to empower citizens
to make informed financial decisions. Before I conclude I wish all of you a very best for your upcoming exams.
May your hard work, dedication and patience be rewarded and you all
ICAI Advances into Digital Era with e-Office come up with flying colours.
It gives me immense pride to share with you that we are also embracing The most important thing is, whatever you do decide to choose,
the digital age to improve our operational efficiency and service delivery. take it seriously and do your best.’ - Tom Sturridge
On 5th April, 2024, we launched the e-Office platform, developed in
collaboration with the National Informatics Centre and implemented With Best Wishes,
by RailTel. The e-Office initiative is aimed at enhancing productivity,
ensuring transparency, and reducing the environmental impact of our
operations. By moving to paperless transactions and enabling remote
work capabilities, we are not only optimizing our processes but also
supporting sustainability.
Both these above initiatives represent significant steps forward for ICAI CA. Ranjeet Kumar Agarwal
as we strive to educate, empower, and evolve to meet the needs of our PRESIDENT, ICAI

The Chartered Accountant Student May 2024 03

Vice President’s Communication

I hope that you have extensively utilized the learning resources

and publications provided by the Board of Studies, ICAI, for your
preparation. The mock test papers are invaluable tools for self-
assessment and preparation.
The recent webinar series for success at CA Exams, which
concluded successfully on March 28, 2024, along with the Mock
Test Paper Series I, which concluded on March 16, 2024, exemplify
My Dear Students,
our efforts to support you in your preparation.
I would like to begin by saying that “As we move closer to
Following the completion of the second series of Mock Test Papers,
creating a Viksit Bharat by 2047, the synergy between education
we initiated sessions from April 16, 2024, aimed at addressing
and innovation, and national progress, with ‘students’ serving
students’ queries and offering specific guidance for each paper at
as catalysts for transformative change is crucial.”
the Intermediate and Final levels. The Mock Test Paper (MTP)
Every year on May 11, 2024, we commemorate National Series I for the foundation level is scheduled to commence on April
Technology Day, a celebration of India’s technological and 22, 2024, followed by a webinar starting from April 29, 2024.
innovative capabilities and the country’s dedication to scientific
Subsequently, MTP Series II is set to commence on May 14, 2024,
advancements. This day serves as a reminder of the nation’s
with the corresponding webinars scheduled from May 21, 2024.
commitment to technological advancement and excellence.
Technology-enabled Learning: The Future of Education
The Institute of Chartered Accountants of India (ICAI), your
alma mater, has been incorporating the latest technological Self-paced learning is an excellent mechanism to learn the basics
breakthroughs into our curriculum to help students take advantage of a subject area and gain acquaintance. Self-paced online learning
of them and build futuristic skills. modules encompassing different fields are being introduced
through which the students can learn and qualify at their own
As you prepare for the May 2024 examination, I extend my heartfelt
pace during the time available, after qualifying Intermediate
best wishes to each one of you. This is a pivotal point in your
examination and before writing Final examinations.
career as chartered accountants, and I am completely confident in
your ability to succeed and honour your family as well as our For the first time in the New Scheme of Education and Training,
prestigious institution. Self-paced Online Modules [SETS A, B, C, and D] encompassing
different fields have been introduced. Study Material of all the
Key to Success in Examinations- A Few Useful Tips
Self-paced Online Modules are already webhosted. Recording of
Success in the exams requires not just knowledge, but also strategic E-Lectures for SET A and SET B will be uploaded on LMS shortly.
planning, skillful execution, unwavering determination, and a For these modules, the minimum marks for passing in each module
positive attitude. As you are deeply engrossed in your studies, would be 50%. Such creative combination of disciplines would
revising and re-revising important concepts, it is crucial to utilize inculcate cross-disciplinary thinking and facilitate innovative
your time effectively, especially during the examination. Remember, reasoning.
you will be marked on what you write, not just what you know.
Before concluding, I would like to remind you that during this
• Plan your answers carefully, apportioning your time according crucial period, maintain a positive, motivated, and focused
to the question’s weightage and complexity. mindset. Have faith in your capabilities, enhance your strengths,
• Present your answers neatly and legibly, highlighting important and overcome your shortcomings through consistent effort.
points to maximize your score. Concentrate on your studies with firm determination and
• Incorporate illustrations and examples wherever possible to commitment, without worrying about the result. Self-discipline,
enhance the clarity and coherence of your answers. perseverance, and persistence are the keys to success. Stay on the
path you have chosen and never lose sight of your goal. Strive to
After each exam, take a short break to rejuvenate your mind and become a winner in life. Remember, winning is a mindset, a way
body, preparing yourself for the subsequent exams. of life.
ICAI’s Landmark Decision- Providing More Opportunities As the famous motivator, Shiv Khera, remarked, “Winners don’t
I am delighted to share that our esteemed institute has taken a do different things, they do things differently.” So, craft your own
historic decision to conduct Intermediate and Foundation course success story and unleash the winner within!
examinations thrice a year, in January, May/June, and September, Wishing you all the best for your future endeavours!
aligning with global best practices. This decision aims to provide
more opportunities for students to sit for exams and pursue their Best Regards,
dream of becoming a Chartered Accountant. I am confident that
this step will significantly benefit young aspirants like you and
further strengthen the reputation of our institute globally.
Utilizing Learning Resources: Practice Mock Test Papers
The Board of Studies is committed to introducing useful learning CA. Charanjot Singh Nanda
and service initiatives for the benefit of students. Vice President, ICAI

04 May 2024 The Chartered Accountant Student

 CHAIRMAN’S COMMUNICATION

or a session of yoga and meditation, every moment dedicated

to exercise contributes to mental clarity and focus.
• The Importance of Rest: During the wind of exam
preparation, adequate sleep often takes a backseat. However,
sleep deprivation can impair cognitive abilities and hinder
कर्मण्येवाधिकारस्ते मा फलेषु कदाचन |
performance. Prioritize restorative sleep to strengthen brain
मा कर्मफलहे तुर्भूर्मा ते सङ्गोऽस्त्वकर्मणि || function and optimize learning retention. Remember, a well-
rested mind is a sharp mind.
(You have the right to perform your actions, but not to the
result of those actions for they are neither in your hands nor • Nurturing a Positive Mindset: Maintaining a positive outlook
should you concentrate on it.) is paramount throughout the exam journey. Amidst challenges
and self-doubt, cultivate confidence, enthusiasm, and
resilience. Positive self-talk serves as a powerful tool to combat
My Dear Students, negativity and inspire belief in your abilities.
Chapter 2, Verse 47 above, from the revered scripture ‘The Bhagwad Strategies for Effective Exam Preparation
Gita’ guides you to focus only on your deeds and not on the fruits
Effective time management is indispensable in the days leading
of those deeds. When we talk of goal, success, results – it becomes
up to exams. Prioritize tasks, seek guidance from mentors, engage
human nature to focus only on the ends and not on the means.
in collaborative study sessions with peers, and create a conducive
However, this powerful verse reminds you that your karma is to
study environment. By maximizing productivity and minimizing
do your work and your duties, not be pre-occupied with results
distractions, you pave the way for success.
and focus on the process instead. Results will follow automatically.
Navigating the Exam Day: On the day of the exam, approach
Now that the exam month is here, you need to be cautious of
with a calm and confident manner. Trust in your preparation and
maintaining the right frame of mind and set yourself up for the
focus on the present moment. Strategic planning, mindful reading
exam. I want to take this opportunity to guide you as to what are
of questions, and prudent time allocation are key to managing
those actions, those duties which you need to inculcate in your
the exam effectively. Maintain composure, adapt to changing
system before, during and after the examination.
circumstances, and strive to deliver your best performance.
• Focusing on Deeds, Not Outcomes: In the pursuit of our
Post-examination Reflection: Resist the temptation to dwell on
goals, it is natural to fixate on the end results. However, the
past performances or engage in comparison with peers. Instead,
Bhagavad Gita reminds us that our primary duty is to engage
focus on self-improvement and preparation for upcoming exams.
earnestly in our actions, without being consumed by thoughts
Embrace each challenge as an opportunity for growth and learning.
of the outcomes. Success is a byproduct of diligent effort and
unwavering commitment to our duties. In conclusion, as you embark on this academic journey, remember
that success is not merely a destination but a culmination of
• Preparing for Excellence: As the exam month approaches, it
dedicated effort, resilience, and unwavering determination.
is imperative to cultivate the right frame of mind to excel. This
Embrace the teachings of the Bhagavad Gita, focus on your actions,
encompasses various aspects such as maintaining a healthy
and trust in the process. With warm regards and unwavering belief
diet, engaging in physical activity, ensuring adequate sleep,
in your potential, I wish you all the best in your endeavors.
minimizing gadget usage, and nurturing a positive morale.
These practices not only foster physical well-being but also Wish you all the best for your future endeavours!
enhance mental acuity and resilience.
• Nutrition for the Mind and Body: Health is indeed wealth,
With Warm Regards and boundless belief in your potential
especially during the demanding exam period. A balanced
diet comprising fruits, vegetables, and dried fruits is essential
for sustaining energy levels and combating stress. Conversely,
indulging in oily and heavy foods can lead to lethargy and
diminished cognitive function. By prioritizing nutritious meals,
you empower your mind and body to perform optimally.
• Exercise for Mental Agility: A healthy body is the cornerstone
of a healthy mind. Incorporating physical activity, even in short
bursts, oxygenates the brain, alleviates tension, and enhances CA. (Dr.) Rajkumar Satyanarayan Adukia
memory retention. Whether it’s a brisk walk, a dance workout, CHAIRMAN, BOARD OF STUDIES

The Chartered Accountant Student May 2024 05

Strategies for Success in CA Exam

help of assistive technology and the support of his family and teachers.
Believe in Yourself, Darpan tackled the rigorous CA curriculum with determination. He
developed innovative study methods and strategies to overcome the
Achieve your Dreams! limitations posed by his visual impairment.
Darpan's hard work paid off when he cleared the CA exams in his
first attempt. His achievement was not just a personal triumph but a
testament to his resilience and never say die attitude. Darpan's story
serves as a reminder that with a positive attitude, any obstacle can be
overcome.
Today, Darpan is not just a Chartered Accountant but also a role
model for many. His story inspires others to overcome their own
challenges and pursue their dreams with unwavering determination.
Strategies for Success in the CA Examinations
The journey to becoming a Chartered Accountant is undoubtedly
challenging, requiring dedication, perseverance, and a strong • Believe in Yourself: The first step towards success is
belief in oneself. As students prepare to appear for the May 2024 believing in oneself. Confidence plays a crucial role in exam
examinations, the theme—Believe in yourself, achieve your dreams preparation, as it enables students to approach their studies with
serves as a powerful reminder of their ability to overcome obstacles a positive mindset. Believe that you have the knowledge, skills,
and achieve success. and determination to succeed in the CA examinations. Visualize
yourself achieving your goals and let that vision drive you towards
We look at the story of CA Darpan Inani, who overcame significant success.
challenges to achieve success and serves as an inspiration for all CA
aspirants. We also share valuable tips and strategies to help students • Set Clear Goals: Setting clear and achievable goals is
excel in their exams and emerge victorious in their pursuit of this essential for effective exam preparation. Break down your study
prestigious qualification. plan into manageable tasks and set deadlines for each. This will
help you stay focused and motivated throughout your preparation.
Motivation and the You Can Win Mindset Remember, each small step you take brings you closer to your
Motivation is the driving force behind success. It is what pushes us ultimate goal of becoming a Chartered Accountant.
to set goals, work hard, and overcome challenges. For CA students, • Plan Your Study Schedule: A well-structured study
maintaining motivation throughout their exam preparation is crucial. schedule is key to exam success. Allocate dedicated time for each
One way to stay motivated is by adopting the You Can Win mindset. subject and topic based on its weightage in the exam. Ensure that
This mindset is about believing in your abilities, staying positive, and you include regular breaks in your schedule to avoid burnout.
continuing in the face of obstacles. Additionally, review and revise your study plan regularly to stay
CA Darpan Inani: A Story of Triumph Over on track and make necessary adjustments.
Adversity • Practice Regularly: Practice is crucial for mastering the
CA Darpan Inani's life is a testament to the power of determination, concepts and topics covered in the CA syllabus. Solve past exam
resilience, and passion. Despite losing his vision at a young age, papers, mock tests, and practice questions to familiarize yourself
Darpan did not let his disability hinder his dreams. His journey from with the exam pattern and improve your time management skills.
adversity to success is truly inspiring. Analyze your performance in these practice sessions to identify
Early Life and Challenges your strengths and weaknesses and work on them accordingly.
Darpan lost his vision at the age of three, which could have been a • Stay Updated: The CA syllabus is dynamic and constantly
significant setback. However, his love for chess became a beacon of evolving to reflect the changing business environment. Stay
hope. At 13, he started playing chess, and it soon became his passion, updated with the latest amendments, notifications, and
helping him cope with the challenges he faced. announcements from the Institute of Chartered Accountants
of India (ICAI). Follow reliable sources of information and
Rising in Chess incorporate any changes into your study material and preparation
Darpan's talent in chess quickly became apparent as he rose through strategy.
the ranks. He participated in various national and international • Seek Guidance and Support: Don't hesitate to seek
tournaments, winning accolades and awards. His crowning guidance and support from experienced faculty members,
achievement came in 2013 when he won the bronze medal at the seniors, or mentors. They can provide valuable insights, tips,
World Junior Chess Championship in Belgrade, Serbia. and advice based on their own experiences. Join study groups or
Recognition and Awards forums where you can interact with fellow CA students and share
Over the years, Darpan has been recognized for his outstanding knowledge and resources.
achievements in chess. He won the gold medal at the 2018 Creon • Maintain a Healthy Lifestyle: A healthy lifestyle is
Open Chess Tournament in France. essential for optimal exam performance. Ensure you get enough
Darpan's remarkable performance at the 4th Para Asian Games in sleep, eat a balanced diet, and exercise regularly to stay physically
2023 solidified his status as a chess prodigy. He won a gold medal in and mentally fit. Avoid excessive stress and anxiety by practicing
the Men’s Individual Rapid VI-B1 event and a silver medal in the Men’s relaxation techniques such as meditation or yoga.
Team Rapid VI-B1 event. His performance against sighted players • Maintaining a positive attitude and staying motivated is crucial
was awe-inspiring and showcased his talent and determination. during the exam preparation phase. Surround yourself with
Overcoming Obstacles to Achieve Success in positive influences and inspirational stories of successful
Chartered Accountancy Chartered Accountants. Remind yourself of your capabilities and
stay focused on your goals.
Despite his success in chess, Darpan had another dream: to become a
Chartered Accountant. His journey was not easy. In conclusion, success in the CA examinations is achievable with the
right mindset, strategies, and preparation. By believing in yourself,
Firstly, facing financial constraints he had to rely on scholarships and
setting clear goals, planning your study schedule, practicing regularly,
part-time jobs to fund his education. Despite these, Darpan remained
staying updated, seeking guidance, maintaining a healthy lifestyle,
focused on his goal and dedicated countless hours to his studies.
and staying positive and motivated, you can overcome any challenge
And secondly, studying for the CA exams posed a unique set of and emerge victorious. Always Remember, "Believe in Yourself,
challenges. However, he was persistent, and he persevered with the Achieve your Dreams”!

06 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

FOUNDATION

PAPER 1: ACCOUNTING
to revise during last day of examination. The notes can also be
INTERMEDIATE supported by diagrams. These comprehensive notes will make
your revision process more efficient and effective during the
last day of examination. Remember, consistent revision is key to
success. Don't wait until the last minute to cram everything in!
It is pertinent to note that all the chapters are important, and
students have no option to leave any chapter or section.
Each and every student should practice all the practical questions
thoroughly before the examination. Practice is key to success in
FINAL any examination, especially in subjects like accounting where
application and problem-solving skills are essential. Solving
Practical questions of Final Accounts, Partnership Accounts
and Company Accounts require considerable time and accuracy.
Thorough practice of practical questions not only helps in
mastering the concepts but also improves speed and accuracy
during exams. Regular practice builds confidence and enables
you to perform your best when faced with challenging problems.
After adequate preparation and revision, one must judge
his or her knowledge and performance level by attempting
Mock test Papers or previous years' question papers under
mock examination conditions. The answers could be checked
subsequently with reference to study material/books/suggested
answers of Mock test papers. It would help in acquiring the ability
to manage time, gaining necessary confidence and assessing one's
Accounting constitutes a very significant area of core competence level of preparedness.
for Chartered Accountancy students. The significance of the
subject can be judged from the fact that at every level of CA Know your Syllabus.
course we have a paper on Accounting and that too, the first paper The paper of Accounting at Foundation Level is divided into 11
at every level of CA Course. Accounting is indeed a cornerstone chapters which are again divided into 5 sections. The details are
of the Chartered Accountancy (CA) profession which serves as as follows:
the foundation upon which many other areas of expertise within
the field are built. The paper of Accounting at CA Foundation
Section I
Course is designed to provide students with a strong conceptual
understanding of essential accounting principles and practices • Theoretical Framework
and acquaint students with the basic concepts, theories and
accounting techniques followed by different entities. Section II
Since at this point of time it is assumed that you have already
• Accounting Process
gone through the chapters of study material of Foundation Paper • Bank Reconciliation Statement
1: Accounting, now it is the time for the revision. You should • Inventories
start your revision with Ch-1 Theoretical framework and Ch-2 • Depreciation and Amortisation
Accounting Process which explain the basics of accounting. • Bills of Exchange and Promissory notes
Understanding the fundamental concepts and processes lays a
strong foundation for further concepts in accounting. Further, you Section III
should practice comprehensive questions covering each concept
and its related adjustments to reinforce understanding and • Final Account for Sole Proprietors
application. During revision of subject, care should also be taken • Financial Statement of Not-for-Profit Organisation
that all the units of a chapter should be covered in sequence. For • Accounts from Incomplete Records
example all the units of Partnership should be covered in a single
go and in the same sequence of study material before starting Section IV
any other chapter. By covering all units of a chapter in sequence
• Partnership and LLP Accounts
as provided in the study material, will maintain continuity, and
deepen your understanding of each topic within the chapter.
During preparation of subject, translate the knowledge attained Section V
from each chapter into a brief note in your own words. At the • Company Accounts
time of revision, crisp these notes again which will help to you

The Chartered Accountant Student May 2024 07

Strategies for Success in CA Exam

Pattern of Question Paper those three hours, how effectively you tackle the questions, and
There are two types of questions that will be asked in the how accurately you present your answers all reflect your level of
examination: preparation. You should follow the following tips.
1. Application: The questions involving application may • Make optimum use of 15 minutes given for reading.
comprise of questions testing the students’ ability to apply • Go through all the questions quickly.
specific accounting concepts and principles of accounting • Select the questions that you would be attempting from all the
to different transactions and events and in preparation and questions.
presentation of financial statements of sole proprietorships,
• Mark the question which you will be attempting first.
partnership firms and NPOs. The questions may require
solving problems in non-complex scenarios. • Allocate an estimated time for each question based on their
difficulty level and marks carried keeping aside 10-15 minutes
2. Comprehension and Knowledge: Questions based on
for revisions. Adhere to time allocated.
knowledge and comprehension may be in the form of a short
note or True, False statement. Such questions may also require Common mistakes to be avoided in the answer sheet
the students to explain, define, describe, distinguish or state Here are some common mistakes to avoid in your answer sheets
certain topics/ sub-topics as per the prescribed syllabus. for the Foundation Paper 1: Accounting exam:
The paper of Accounting at Foundation Level is purely descriptive. • One of the common errors committed by the students is wrong
The question paper will consist of a total of six questions, each carry forward of the amounts from one page to another. This
carrying 20 marks. The first question will be compulsory, and may result in a mistake in all further computations, wherever
students will be required to answer any four out of the remaining that amount is used, and ultimately result in loss of marks.
five questions. This structure allows for flexibility while ensuring • The answers of the students are sometimes incomplete since
a comprehensive assessment across various topics. one or two parts of questions are skipped while reading the
How to write answers during exams? question.
• While solving the paper in exam hall, you should first write the • Students sometime do not provide all necessary working notes
answer which you know the best. Starting with questions you which should form part of the main solution.
are most comfortable with can boost your confidence and set • Students forget to mention the assumptions considered while
a positive tone for the rest of the exam. Plus, it allows you to working the solutions which lead to deduction of marks.
secure marks early on, giving you more time to tackle the more
challenging questions later. • The twist in question put the students in a state of confusion
which ultimately reflect in their solutions/answers.
• It is advisable to attempt all the sub-parts of a question at one
place. By answering all the sub-parts of a question together, • Students sometimes give irrelevant details even for a small
can improve the overall presentation of your answers. question thereby spending unnecessary time on the question
which is not required. It is advised that students should restrict
• The answers written on the answer sheet should be neat and their answers according to the marks allotted to that question.
working note should form part of your answers. Maintaining
neatness and including working notes in your answers is Please dedicate time to your preparation and revision of subject
crucial for effective communication of your understanding of in order to secure good marks in upcoming examination.
concepts. Allocate regular study sessions, set achievable goals, and employ
active learning techniques such as summarizing key concepts,
• Wherever necessary, suitable assumptions may be made and practicing past papers, and teaching others to reinforce your
disclosed by way of a note. understanding. Remember to take breaks, stay organized, and
How to manage time in examinations? seek clarification on any doubts or areas of confusion. With
The examination period of three hours is the most crucial time dedication and commitment to your preparation, you can
since it is the time when you apply the knowledge and skills you've confidently approach your upcoming examination and strive for
acquired throughout your study period. How well you manage excellence.

PAPER 2: BUSINESS LAWS

This Business Laws paper aims to familiarize students with
the legal aspects relevant to business. Aspiring Chartered
Accountants should understand the legal frameworks that
impact business transactions.
Before we dive into the details of this subject, have you ever
thought about why you're learning about law? Is it just because
it's part of the course, or do you understand its importance for
your future as a Chartered Accountant in India?
Law is a set of obligations and duties imposed by the government
for securing welfare and providing justice to society. India’s legal
framework reflects the social, political, economic, and cultural
aspects of our vast and diversified country.
To master the subject of Law, it is important to have a fundamental
understanding of the legal and regulatory framework in our

08 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

country. This framework consists of standardized rules and regulations that govern how people behave in both personal and business
interactions.
The Business Laws syllabus is divided into seven sections, each with its own weightage and required skills. Students should carefully
review the table below to understand how many marks each chapter carries and the types of questions that may be asked from them:
Content of Syllabus Section/ Weightage Skill Set/Levels Number of marks
Sections 80%-120%
I Indian Regulatory Framework (0%-5%) Level 1 6 to 7 marks
II The Indian Contract Act, 1872 (20%-30%) Level 1 & Level 2 24 to 36 marks
III The Sale of Goods Act, 1930 (15%-20%) Level 1 & Level 2 18 to 24 marks
IV The Indian Partnership Act, 1932 (15%-20%) Level 1 & Level 2 18 to 24 marks
V The Limited Liability Partnership Act, 2008 (5%-10%) Level 1 6 to 12 marks
VI The Companies Act, 2013 (15%-20%) Level 1 & Level 2 18 to 24 marks
VII The Negotiable Instruments Act, 1881 (10%-15%) Level 1 & Level 2 12 to 18 marks

Levels Skill Overall Skill-wise Weightage prescribed

Level 1 Comprehension & Knowledge (C&K) 45%-65%
Level 2 Application (A) 35%-55%
Description of Skill Requirement:
guardians of a minor are also not liable for any contract entered
1. Application (A) into by the minor. However, a minor is liable for supplies of
The questions involving Application (A) may comprise of necessaries out of his assets. Minor is not personally liable even
questions testing the students’ ability to apply the concepts/ for necessaries.
provisions /theories / principles of law in problem. It may also Facts of the case: In the instant case, M/s Surjewala & sons filed
comprise of computational and non -computational questions a suit against Ayush for recovery of ` 80,000 out of his assets who
requiring the candidates to apply the provisions of law to, say, to purchased 10 fancy coats for the wedding ceremony of his sister
determine the damages and liability of a person with reasons, – on credit from M/s Surjewala & sons.
(i) the validity of certain claims / rights. Correlation: On the basis of the facts of the problem, coats
(ii) Responsibilities / liabilities of the wrongdoer. were not necessary items for Ayush. Hence, his assets cannot be
(iii) the correctness or otherwise of the statements given therein attached for payment of price of coats.
(i.e., whether the statement is true or false) etc. Conclusion: Thus, M/s Surjewala & sons cannot claim R80,000
Handling Application Oriented Questions: Since 35% to from Ayush.
55% of the paper is based on Application/Problem-oriented -------------------------------------------------------------------------
questions; students should know how to answer these questions Hence, writing your answers in this style would definitely
for scoring good marks. While attempting practical/application improve your performance and help you in clearing this paper
oriented questions, students should be able to pinpoint the legal with good marks.
points or issues involved in any statement, problem or situation
given in the question. 2. Comprehension and Knowledge (C&K)
The answer to the application oriented question may be Questions based on Comprehension & Knowledge (C&K) may
presented as following: be in the form of a short note. Such questions may also require
the students to explain, define, describe, distinguish or state
(i) Relevant Legal Provision (with Correct Section Number and certain provisions.
Correct name of the Act with year)
(ii) The facts given in the problem While answering Comprehension and Knowledge-based
questions?
(iii) Correlation of the legal provision with the facts.
• Highlight the main points with brief description- such as
(iv) Conclusion
bullet points with headings
We can take the help of the following example for better
• explain with the help of example (wherever possible)
understanding:
• Break the answer in brief points or paragraphs
---------------------------------------------------------
Example: Ayush, who is a minor, purchased 10 fancy coats for the We can take the help of the following example for better
wedding ceremony of his sister on credit from M/s Surjewala & understanding:
sons. The cost of all coats was R80,000. Not even a single coat was ---------------------------------------------------------
a necessity. Ayush has assets worth of R1,00,000. M/s Surjewala Example: What do you mean by the term Capital? Describe its
& sons file a suit against Ayush for recovery of R80,000 out of his classification in the domain of Company Law.
assets. Following the provisions of Indian Contract Act, 1872, Sample Answer:
whether Ayush is liable to pay R80,000 to M/s Surjewala & sons?
Meaning of capital: The term capital has variety of meanings.
Sample Answer: But in relation to a company limited by shares, the term 'capital'
Relevant Legal Provision: According to Section 11 of the Indian means 'share capital'. Share capital means the capital of the
Contract Act, 1872, a contract with minor is void-ab-initio. A company expressed in terms of rupees divided into shares of
minor cannot be enforced to pay off his liabilities. Parents or fixed amount.

The Chartered Accountant Student May 2024 09

Strategies for Success in CA Exam

Classification of capital: In the domain of Company Law, the • Focus on Conceptual Understanding: Rather than rote
term capital can be classified as follows: learning, focus on understanding the underlying concepts of
(a) Nominal or authorised or registered capital: This Business Laws. This will help you in applying the principles
expression means such capital as is authorised by to different scenarios in the exam.
memorandum of a company to be the maximum amount of • Stay updated: As law is a dynamic subject, it is important for
share capital of the company. students to stay updated on the latest amendments relevant
(b) Issued capital: It means such capital as the company issues to their attempt. Consult the Revision Test Papers (RTP) for
from time to time for subscription. the most recent amendments and base your answers on the
latest applicable legal provisions.
(c) Subscribed capital: As such part of the capital which is for
the time being subscribed by the members of a company. • Written practice: Solve past examination papers and mock
tests to familiarize yourself with the exam pattern, types
(d) Called up capital: As such part of the capital which has been of questions, and time management. This will also help in
called for payment. It is the total amount called up on the identifying your strengths and weaknesses.
shares issued.
• Revision: Allocate sufficient time for revision before the
(e) Paid-up capital: It is the total amount paid or credited as exam. Review your notes, solved papers, and important
paid up on shares issued. It is equal to called up capital less concepts to reinforce your learning.
calls in arrears.
• Exam Day Strategy: On the day of the exam, make sure to
--------------------------------------------------------- read the instructions thoroughly. Manage your time wisely
Some useful examination tips for the subject are: and try to answer all questions within the allocated time.
• Study planner: Make a study schedule that covers everything Utilize the 15-minute reading time wisely to analyze the
in the syllabus and assign certain time each day or week for optional questions and plan the order of answering. Start
the subject. Start by getting a general idea of each chapter to with the questions you feel most confident about to build
grasp what it is about and the order of its topics. momentum and make a positive impression on the examiner.
• Make Notes: Prepare concise notes while studying, • Stay Focused and Consistent: Consistent and focused study
highlighting key concepts, definitions, and important case is key to mastering Business Laws. Allocate dedicated study
laws. These notes will serve as quick revision material before time and stick to a study schedule to ensure steady progress.
the exam. Maintain a positive mindset and stay calm during the exam.
Trust in your preparation and believe in yourself.

Paper 3: Quantitative Aptitude

How to Crack Quantitate Aptitude : Some specific points
related to preparing Quantitative Aptitude paper are as follows:
1. Read Carefully: Carefully read each question to understand
the problem statement and requirements. Pay attention to
numerical values, units, and any additional information
provided. Identify key information and relevant concepts
required to solve the problem.
2. Use of ICAI Materials: Study material by ICAI and Quick
Reference developed by ICAI for a summarized version of
the notes are very much useful to the students.
3. Plan Your Approach: Before attempting a question, analyze
the problem and devise a systematic approach to solve it.
The following table shows chapter-wise weightage in
paper 3 Quantitative Aptitude are given below:
Chapter Chapter Name Expected
Number Questions
Business Mathematics : 40 Marks
Quantitative Aptitude is not just about solving mathematical 4 Mathematics of Finance 14
problems; it's about understanding and applying mathematical 1 Ratio , Proportions, Indices and 5
concepts to solve real-world problems efficiently. In CA Logarithms
Foundation, Quantitative Aptitude is a 100 per cent analysis 5 Equations 5
and application-based paper. Since it will be Multiple Choice 6 Arithmetic Progression and 4
Question Paper, all questions should carry 1 mark each. Each Geometric Progression
question should have four choices, out of which one would be Coverage =28/40
correct. It is to be noted that there will be negative marking of
0.25 and examination duration is two hours, weightage given 50% of the syllabubs and 70% coverage
in the ratio of Business Mathematics (40 Marks) and Logical
Reasoning (20 Marks) and Statistics (40 Marks).

10 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

Chapter Chapter Name Expected 5. Identify Weak Areas: Regularly evaluate your performance
Number Questions and identify areas where you face challenges or make
7 Sets, Relation and Functions 4 mistakes. Seek additional help from teachers, mentors,
or online resources to clarify doubts and strengthen weak
5 Linear inequalities 1
areas, with the help examples given in the study material you
Coverage =33/40 understand, for example. ICAI mentoring sessions, and Live
Virtual Classes conducted by ICAI’s Board of Studies.
75% of the syllabubs and 80% coverage
For example, in Business Mathematics the chapters are
5 Permutations and Combinations 4 Mathematics of Finance, Permutations and Combinations.
6 Applications of Differential and 3 Applications of Differential and Integral Calculus. Statistics
Integral Calculus Chapters are Probability and Probability Distributions.
Coverage = 40/40 6. Master Mathematical Formulas: Memorize important
mathematical formulas and theorems. Understand when
and how to apply them in different types of problems.
Chapter Chapter Name Expected Questions Create a formula sheet for quick reference during revision.
Number For example at the end of each chapter summary is given go
Logical Reasoning ( 20 Marks) thoroughly and understand it .
9 Number series, Coding , 7. Manage Your Time: Allocate time for each question based
Decoding and odd man out on its complexity and marks allotted. Prioritize questions
5 Questions per based on their weightage and your confidence level.Avoid
10 Direction Tests
Chapter spending too much time on a single question. If you get
11 Seating Arrangements
stuck, move on to the next question and return to it later if
12 Blood Relations
time permits.
Coverage = 20/20
8. Use Shortcut Techniques: Learn and apply shortcut
Chapter Chapter Name Expected techniques for solving mathematical problems quickly
Number Questions and efficiently. Practice mental math techniques for faster
calculations. Familiarize yourself with common formulas,
Statistics ( 40 Marks) tricks, and shortcuts to save time during the exam. Use
13 Statistical Description of Data and 20 approximation techniques to estimate answers and verify
Sampling results quickly. Utilize calculator functions effectively to
14 Measures of Central Tendency and perform complex calculations accurately and efficiently.
Dispersion 9. Check Your Answers: After solving a question, double-
17 Correlation and Regression 5 check your calculations and ensure accuracy. Verify the
18 Index numbers 5 answer against the given options or reevaluate the solution
Coverage =30/40 if necessary. Be cautious of careless errors such as incorrect
Converge 75% of Marks Converge 67 % of statistics syllabus calculations, misinterpretation of data, or overlooking
15 Probability 5 important details. Cross-check solutions using alternative
methods or approaches to validate results and ensure
16 Theoretical Distributions 5
correctness. Allocate sufficient time for reviewing and
Coverage =40/40 revising answers before submitting the exam paper.
• Break down complex problems into smaller, manageable 10. Practice Mock Tests: Take mock tests under timed
steps. Use diagrams, tables, or equations to organize
conditions to simulate the exam environment and improve
information and simplify calculations.
your speed and accuracy. Analyze your performance in
• Topic-wise Preparation: Divide your study sessions into mock tests to identify areas for improvement and adjust
smaller segments focusing on specific topics within your study strategy accordingly. Identify recurring patterns,
quantitative aptitude. mistakes, and misconceptions to address them effectively.
• Concentrate on easy topics which you can attempt quickly, Evaluate your performance objectively and set realistic
for example: goals for improvement. Use mock tests as an opportunity to
• Logical Reasoning (20 Marks) : All Chapters refine your exam strategy, manage time effectively, and build
• Statistics : Statistical Description of Data , Sampling, confidence for the actual exam.
Measures of Central Tendency and Measures of Conclusion:
Dispersion) , Correlation and Regression and Index Quantitative aptitude is a critical component of the CA
numbers Foundation exam, requiring a strong understanding of
• In Business Mathematics : Ratio and Proportions, Sets , mathematical concepts, problem-solving skills, and time
Functions and Relations management abilities. By adopting a structured study approach,
4. Prioritize topics based on their weightage in the exam and practicing regularly, and implementing effective exam strategies,
your proficiency level: Allocate more time to challenging candidates can maximize their performance in this section
topics while ensuring coverage of all areas: and achieve success in the exam. It's essential to build a solid
• Business Mathematics: More weightage on topics is conceptual foundation, practice regularly, and develop strategic
given to Mathematics of Finance, Permutations and problem-solving skills to excel in quantitative aptitude. With
Combinations , Arithmetic and Geometric Progressions dedication, perseverance, and focused preparation, candidates
• Statistics: Probability and Probability Distributions can overcome challenges and perform well in the exam.

The Chartered Accountant Student May 2024 11

Strategies for Success in CA Exam

Paper 4: Business Economics

Contents Section Weightage (%)

Public Finance VII 10
Money Market VIII 10
International Trade IX 10
Indian Economy X 10
• According to the New Scheme implemented since July 1, 2023,
the syllabus of Paper 4 is of 100 marks.
• All Questions are compulsory and consisting of equal marks.
The Questions is set according to the weightage given above
and the syllabus. The Questions will test Knowledge and
Comprehension and Application analysis of the students.
• The study material October 2023 edition is the relevant edition
for June 2024 examination.
• The weightage allocated to each unit is aligned in the question
At the level of Economy as a whole, maximisation of satisfaction paper.
implies maximisation of social welfare. Thus, to achieve the
• There is negative marking only for Paper 3 and 4. There will be
objective of maximisation of satisfaction at the Individual
a deduction of 1/4 mark for each wrong / incorrect response.
level, maximisation of profit at the level of a producer, and
Multiple darkened circles will also be treated as wrong
maximisation of social welfare at the level of economy that we
responses in these two papers.
need to study economics.
• The duration of the examination is of 2 hours.
When the problems of choice are studied and addressed at
the level of individuals, it is called microeconomics. When the • The study material has been designed to explain principles and
problem of choice is studied and addressed at the level of the concept in a lucid and easy language with the help of diagram,
country as a whole, it is called macroeconomics. Both micro and tables, and illustration. It will enable student to understand
macroeconomics study problems relating to scarcity and choice. concepts and relate to real world situation.
The Economic world is extremely complex as there is a lot of • The student should study the BoS study material concept wise
interdependence among the decisions and activities of economic and practice different questions in the study material.
activities. Economic theories are hypothetical and simplistic • The student should practice Mock Test Paper from time to
in character as they are based on economic models built on time.
simplying assumptions. Therefore, usually there is a gap between • To develop a clear understanding of the concept and
the propositions of economic theory and happenings in the real applications.
economic world in which the managers make decisions. Business
• In Economics, Graph and Diagrams are very important. The
Economic enables application of economic logic and analytical
student should practice the same as through them the concept
tools to bridge the gap between theory and practice.
can be easily understood.
The current syllabus has been developed keeping in mind the fact
• The student should establish linkages between the concept as
that CAs now a days have to take up the role of not merely an
they are interrelated.
accountant or auditor but a business Solution provider. Business
Economics which integrates economic theory with business • The student should understand how the formula is obtained.
practice will help them in the process of business decision making. • The student should practice numerical on regular basis to
The scope of economics not only keeps changing rather it score better.
has been expanding since evolution. The dynamic nature of • The student should try to correlate the concept with what is
Economics is on account of two ways; economies of similar types happening around in the economy.
vary among systems and the same economy vary over time. • Live Learning Classes by Board of Studies give comprehensive
The content and weightage of the paper Business Economics is coverage of the content of the syllabus, clearing of doubts of
given below as per the New Scheme of Education implemented the student helps in making the student confident of facing the
from 1st July 2023: examination.
Contents Section Weightage (%) • The recorded video available at the BoS Mobile App is helpful
for student to study as per their convenience.
Introduction to Business Economics I 5
Each chapter in Business Economics is Interconnected. First
Theory of Demand and Supply II 10 understand each chapter and prepare one’s own note and
Theory of Production and Cost III 10 memorize the relationship between ideas and principles
Price Determination in Different IV 15 mentioned. The ability to perform well in the examination will
Markets be determined by the amount of preparation, confidence, and
knowledge of the subject.
Determination of National Income V 15
Time management of the student is very important be it in
Business Cycles VI 5 studies or in the examination. The student should also make sure

12 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

to set aside time for revision and practice. Regular revision is The student should thoroughly understand the examination
crucial for retaining what one had learned. Managing stress is syllabus and marking scheme. Focus on high weightage topics
vital so consider relaxation technique, yoga to stay calm during and prioritise mastering core concepts before moving on to
the exam preparation phase and even after passing the course. the advanced ones. This ensures efficient knowledge utilisation
Visit the concept ‘Remember, Revise, Recollect ‘all throughout during examination.
the preparation phase of Chartered Accountancy. The chapter on Indian Economy gives insight of the Indian
FOUNDATION
One of the general formula of solving a MCQ is to increase the
economic phenomenon during the pre-independence and post-
probability of the right answer is to increase the probability of independence era. It also illustrates the turning points in the
the right answer by removing all possible wrong answer, so start growth trajectory of India. The Role of Niti Aayog and the current
by eliminating the options which are clearly wrong, but this can status of the economy sector wise has also been discussed.
be only done when one has the command over the subject.

INTERMEDIATE

PAPER 1: ADVANCED ACCOUNTING

• Many topics within the syllabus are interconnected, so
FINAL skipping any may result in gaps in conceptual understanding
and incomplete preparation for the exam.
• By thoroughly studying all the topics, students can gain
confidence in the subject and ensure readiness to perform
well in the exam."
Written Practice of Both Numerical and Theoretical Questions
• Students should focus on all type of questions (whether
numerical or theoretical) while solving the questions of the
study material.
• Written practice of each question by hand without referring
the solution in the first go will develop analytical skill and
proper understanding of the concept.
• In this way, students will learn time management, gain
There is a very popular saying that if you fail to plan then you plan speed, better hand-mind co-ordination, and their manner of
to fail. Planning is one of the essential elements for studying a expression in answering theoretical questions will improvise.
subject of a professional course. By planning, here we mean time Pattern of Question Paper
management for the subject as a whole and individually as well
• The paper of advanced accounting at the Interemdiate level
for every chapter.
would 30% case scenarios based multiple choice questions
Advanced Accounting examination paper is purely practical and 70% descriptive questions. For descriptive question
based. Therefore, one has to do written practice of good number paper will have total 6 questions carrying 14 marks
of questions on each topic. So, at the time of planning the study each. Question 1 will be the compulsory question and out
for accounting you should keep into mind the written practice of the remaining 5 questions, students will have to attempt
of practical questions also. Considering the practical nature of any 4. Question No. 1 is compulsory. (based on Accounting
the paper, start your studies from the day you receive the course Standards)
material.
Tips for examination
Each and every student should practice all the practical questions
We would like to also focus on following Advanced accounting
thoroughly before the examination. Practice is key to success in
related examination tips which you should keep in mind at the
any examination, especially in subjects like advanced accounting
time of appearing for the examination:
where application and problem-solving skills are essential. Solving
Practical questions of Final Accounts, Accounting standards and • While solving the paper in exam hall, you should first
Company Accounts requires considerable time and accuracy. write the answer which you know the best. Starting
Thorough practice of practical questions not only helps in with questions you are most comfortable with can boost
mastering the concepts but also improves speed and accuracy your confidence and set a positive tone for the rest of the
during exams. Regular practice builds confidence and enables you exam. Plus, it allows you to secure marks early on, giving
to perform your best when faced with challenging problems. you more time to tackle the more challenging questions
later.
Key points to be taken care of while preparing for the
examination • Use of proper formats: Follow proper formats while
preparing the financial statements. In this paper, Division
Comprehensive and In-Depth Syllabus Preparation
II of Schedule III to the Companies Act, 2013 is to be
• Avoid selective study during preparation. followed in case of financial statements prepared as per AS.

The Chartered Accountant Student May 2024 13

Strategies for Success in CA Exam

You should take care of the same at the time of solving the  error in addition in place of subtraction and vice versa
questions in the exam. Accounts presented in the prescribed  falter at the time of copying the figures in their answer
manner will help you in scoring due marks. sheet While solving the numerical questions, be alert
• Adequate Working Notes: In accounts, your solution is and conscious about the calculations and amounts used
generally divided in two parts viz- main solution and working in the solutions
notes. Working notes form part of your solution and carries • It is advisable to attempt all the sub-parts of a question
marks. Therefore, it is advised that calculations made on at one place. By answering all the sub-parts of a question
your calculator should also be written in your answer sheet together, you can improve the overall presentation of your
as working note, wherever required, neatly and precisely. answers.
Also your working note should be cross referenced with
the figure used in the main solution so that examiner can • The answers written on the answer sheet should be neat.
easily understand that how you have arrived at the particular Maintaining neatness and including working notes in your
figure. Prepare all necessary working notes which involve answers is crucial for effective communication of your
certain adjustments to arrive at the desired amount. understanding of concepts.

• State the assumption clearly: In case a question leaves • Common mistakes to be avoided in the answer sheets:
room for making an assumption and there is a possibility of The answers of the students are sometimes incomplete since
more than one assumption, it is important to clearly state the one or two parts of questions are skipped while reading the
assumption you have taken and solve the question accordingly. Question. Students sometimes give irrelevant details even
for small question thereby spending unnecessary time on the
• Answer the questions with due emphasis on the provisions question which is not required. It is advised that students
of Accounting Standards: Support your answers/conclusions should restrict their answers according to the marks allotted
with proper reasoning. Answers for questions based on to that question.
accounting standards should be supported with provisions
of that accounting standard rather than a mere common How to manage time in examination?
sense or guess work. It is not required to quote paragraph The examination period of three hours is the most crucial time
number of Accounting standard but you are expected to since it is the time when you apply the knowledge and skills you've
quote accounting standard number alongwith the name of acquired throughout your study period. How well you manage
the standard. However, if you state, paragraph number of those three hours, how effectively you tackle the questions, and
accounting standard, then it will add value to the solution how accurately you present your answers all reflect your level of
and will also help create a good impression in the mind of the preparation. You should follow the following tips:
examiner. You should quote number of accounting standard • Make optimum use of 15 minutes given for reading.
or name only when you are sure. It is better not to quote than • Go through all the questions quickly.
to misquote the accounting standard number.
• Select the questions that you would be attempting from all
• Alertness While Computation: In practical question, lots of the questions.
computations are required. Students apply correct concepts
/ knowledge but many a times error in the calculation part. • Mark the question which you will be attempting first.
These calculation mistakes may occur due to many reasons • Allocate an estimated time for each question based on
like. their difficulty level and marks carried keeping aside 10-15
 consideration of wrong figures minutes for revisions. Adhere to time allocated.

PAPER 2: CORPORATE AND OTHER LAWS

“The law is reason, free from passion”, is a famous saying by Aristotle. He emphasised on the importance of approaching the study
and application of law with rationality and objectivity, rather than being swayed by emotions or personal biases.

The laws / topic covered for Paper 2- Corporate and Other Laws
at Intermediate level, as a part of syllabus are:

The
S E

Companies
W AT

Act, 2013
LA OR
RP

The
Interpretation The LLP
CO

of Statutes Act, 2008

Laws/Topics
to be studied

As Chartered Accountants, our students need to imbibe The General

The FEMA,
Clauses Act,
reasonable understanding of the Laws rather than just the rote 1897
1999
learning.

14 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

Examination Strategy: Part II [30 Marks]

Part I [70 Marks] The Foreign Exchange Management Act, 1999 (FEMA) holds
significant importance in the regulation and management of
The Companies Act, 2013 covers the major portion of the foreign exchange transactions within a country. Due to increase
syllabus and is an important legislation for formations and in cross-border trade and investment activities, the necessity
regulation of companies. The Act majorly focusses on Corporate for robust regulatory frameworks governing foreign exchange
Governance and better transparency, safeguarding the minority transactions, made the law of immense importance.
interest, infusing confidence amongst investors in Indian
market and abroad and to further strengthen regulations for the The General Clauses Act, 1897 (GCA) holds supreme
companies, keeping in view the changing economic environment significance in the Indian legal system, serving as a foundational
as well as the growth of our economy. statute that lays down interpretative principles and general rules
applicable across various laws and statutes. Its importance lies
The Limited Liability Partnership Act, 2008 (LLP) deals with in providing uniformity and consistency in legal interpretation
the formation and a management of Limited Liability Partnership and application by establishing fundamental definitions, rules of
business. This is the most common business form in trend with construction, and principles of statutory interpretation.
lesser compliance for ease of doing business.
The interpretation of statutes
Here are some examination tips to help you effectively memorize serves as the foundation for
and study Part I of the syllabus: understanding and applying the
law effectively. Interpretation of
Remember, effective memorization and understanding legislation plays a crucial role Understand
go hand in hand. While it's important to memorize key in resolving ambiguities and Legal
provisions, strive to comprehend the underlying principles addressing emerging issues that
and their practical implications: may not have been anticipated when Reasoning
the law was enacted. Accurate and
precise interpretation of statutes
1. Understand Familiarize yourself with the structure of the is essential for upholding the rule
the Act. Understand how it is divided into chapters, of law and ensuring justice within
Structure sections, and schedules. Knowing the layout society.
can help you navigate through the Act more Here are some examination tips to help you effectively memorize
efficiently. and study the Part II of the syllabus:
2. Focus Identify the most important sections of the
1. Focus FEMA: Start by understanding the
on Key Companies Act, 2013/ the LLP Act, 2008.
on Key fundamental principles of FEMA, including
Sections
The Companies Act, 2013: Cover concepts Concepts its objectives, scope, key provisions related
such as types of companies, incorporation of
to foreign exchange transactions, capital
companies, prospectus, private placement,
account transactions, and current account
annual general meetings, accounts and audit
transactions.
etc.
GCA: Pay close attention to definitions,
LLP: Like its definition, formation, key features, interpretation clauses, and rules of
partners and their relation, Statement of construction mentioned in GCA.
Account and Solvency and annual return.
Interpretation: Understand the fundamental
Pay close attention to definitions, as they lay the principles of statutory interpretation, such as
foundation for understanding other provisions. the literal rule, golden rule, mischief rule, and
3. Understand Understand how different sections of the purposive approach. Familiarize yourself with
Application Companies Act, 2013/ the LLP Act, 2008 apply how courts interpret statutes to give effect to
in various situations. Relate the provisions to legislative intent.
real-life scenarios or case studies to deepen
2. Stay FEMA: Refer the guidelines, circulars, and
your understanding.
Updated master directions issued by the RBI or the
4. Compare Compare and contrast the provisions of the Government of India regarding FEMA.
the Acts LLP Act with those of the Companies Act, 2013.
Interpretation: Keep yourself updated
Understanding similarities and differences
with recent developments in statutory
between the two can help you grasp the unique
interpretation, including new case law,
features of Companies/ LLPs.
legislative changes, or scholarly commentary.
5. Practice Practice solving problems or answering Understanding evolving trends in
with questions based on examples to reinforce your interpretation can enhance your analysis and
Examples understanding and memory. interpretation skills.
6. Stay Keep yourself updated with any amendments 3. Compare GCA: Compare and contrast the provisions
Updated or changes to the Companies Act, 2013/ the with Other of GCA with those of other statutes or laws.
LLP Act, 2008. Legislation evolves, so ensure Act Understanding similarities and differences
you're studying the most current version of the can help you grasp the overarching principles
Act. Visit mca.gov.in to keep yourself updated of legal interpretation.
with the latest developments.

The Chartered Accountant Student May 2024 15

Strategies for Success in CA Exam

4. Analyze Interpretation: Study landmark cases that 6. Group Study Organize study sessions with classmates or
Case Law illustrate different approaches to statutory peers studying the same subject. Discussing
interpretation. Analyze how judges apply the topic with others help in learning
interpretative principles in specific contexts through active engagement and exchange of
and consider the implications of their perspectives.
decisions.
7. Engage in Engage in discussions with peers, teachers,
Discussions or legal professionals about statutory
General Tips interpretation. Explaining concepts to others
and debating different approaches can deepen
1. Create Study Create comprehensive study notes for each your understanding and help increase your
Notes section of the Act. Summarize key points, memory.
definitions, and rules in your own words.
Use bullet points or diagrams to organize 8. Regular Schedule regular revision to refresh your
information effectively. Revision memory of the topic. Spaced repetition
2. Create Develop a conceptual framework to techniques, where you revisit the material at
Conceptual understand how different sections of any Act increasing intervals, can enhance long-term
Framework interrelate. Create mind maps, flowcharts, retention.
or diagrams to visualize the connections
between various provisions. 9. Practice Mock Take mock tests or practice questions
Tests specifically designed to test your knowledge
3. Use Visual Create visual aids such as mind maps, of the subject. Analyze your performance and
Aids flowcharts, or diagrams to represent complex identify areas of weakness to focus your study
concepts or relationships between sections. efforts effectively.
Visuals can aid memory retention and help
you understand the interconnections within
the Act. Self-assessment
Example: Use visual aids such as diagrams, Last but not the least, self-assessment of your performance is
flowcharts, or concept maps to visualize the a ticket to success. This way you can cover up your grey areas,
process of statutory interpretation and the
wherever you are lacking. This should be done at the end
relationship between different interpretative
rules. after proper revision of the subject. Solve the questions given
in RTP and the Mock Test Paper (MTP) Series I and Series II
4. Create Condense each section into a concise in the examination conditions to assess the preparedness for
Summaries summary. Creating summaries will help you
examination. This will not only evaluate your readiness for the
grasp the main ideas quickly and serve as
useful revision material. exam but also assist in honing your time management abilities.
Use bullet points or diagrams to organize
information effectively.
5. Use Mnemonics are memory aids that can help
Mnemonics you to remember complex information
more easily. Create mnemonic devices for
remembering lists, acronyms, sequences
or key provisions or definitions of the Act.
Mnemonics can help you retain information
more effectively by associating complex
concepts with memorable phrases or All the best !!
images.

PAPER 3: TAXATION
SECTION A: INCOME TAX LAW
The April 2024 issue of the Student Journal offered you valuable Last-minute revision before the examination
insights in relation to the relevant Finance Act and applicable On the day before the examination, swiftly revise the "Let Us
assessment year for Intermediate Paper 3: Taxation Section Recapitulate" section provided at the end of each chapter, along
A: Income-tax Law for May 2024 Examination. It focuses on with the proforma outlining income computation under each
the preparation strategies for the subject and underscores head for both old and new tax regimes. This revision will help
the resources provided by the Board of Studies to enhance reinforce key concepts and computation proforma, ensuring
understanding. Here in this discussion, our objective is to equip you are well-prepared for the examination. Additionally, revise
you with guidance on how to approach the examination with all the notes you prepared during your study sessions, focusing
confidence and attain excellence in the subject. on the key points you have highlighted for last-minute revision.

16 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

taxable under section 112A, STCG taxable under section

111A and dividend income.
• As you all are aware that the income of an assessee is
categorised into five heads of income, namely “Salaries”, being
the first head, followed by “Income from house property”,
“Profits and gains from business or profession”, “Capital
Gains” and finally “Income from Other Sources”. Ensure
to follow the same sequence while answering question for
computation of Gross Total income or Total Income.
• It is vital to highlight that Health and Education Cess (HEC)
should not be factored in when providing marginal relief or
rebate under section 87A. Instead, HEC should be computed
on the tax amount after providing marginal relief or rebate
under section 87A, if any.
• While determining residential status of an individual, being
an Indian citizen or person of Indian origin who comes on a
Moreover, lay due emphasis on the amendments given in bold/ visit to India and stayed for 120 days or more but less than
italics in the Study Material and latest significant notifications 182 days in the relevant P.Y. and his total income other than
and circulars provided by way of Statutory Update for May 2024 the income from foreign sources exceeds R15 lakhs, his stay
examination. in India during the 4 P.Y. immediately preceding the relevant
P.Y. is also required to examine.
Below are some basic yet crucial points to remember for the
subject: • The deemed resident provisions contained under section
6(1A) are applicable only on an Individual who is an Indian
• From A.Y. 2024-25 onwards, the concessional tax regime
citizen provided other conditions are satisfied. They are not
under section 115BAC is the default tax regime for
appliable on a person of Indian origin.
individual/HUF/AoP/BoI/Artificial Juridical Person. It
implies that unless such persons are opting out of the default • From A.Y. 2024-25 onwards, standard deduction under
tax regime, they would pay tax at the rate specified under section 16(ia) of lower of R50,000 or gross salary under
section 115BAC. AMT provisions are not applicable, if such the head “Salaries”, is available under both tax regimes. If
assessees are paying tax under section 115BAC. the question provides salary of an assessee, don’t forget to
provide standard deduction unless the term "computed” is
• While computing total income as per section 115BAC,
specifically stated or the salary income represents income
certain exemptions, such as exemption under section
under that head.
10(13A) in respect of house rent allowance, exemption under
section 10(32) for minor child or deduction under section • It is crucial to note the implications of presumptive provisions
24(b) in respect of interest on housing loan for self-occupied contained under section 44AD or 44ADA while computing
property, deduction under Chapter VI-A other than 80JJAA the tax liability even if question does not contain any specific
or 80CCD(2) or 80CCH(2) or set-off of losses such as loss requirement regarding these provisions. For checking the
under the head house property, are not allowable to be set- applicability, the amount of turnover or gross receipts has to
off against income under any other head. be seen.
• Basic exemption limit under section 115BAC is R3 lakhs • Keep in mind the difference between the tax payable and
irrespective of the age of the individual. tax liability. If question requires to compute the tax payable,
then TDS/TCS or advance tax has to be deducted from tax
• The higher rate of surcharge under default tax regime
liability.
under section 115BAC is 25%, where the total income
excluding LTCG taxable under section 112, LTCG taxable Strategy for Exam Day
under section 112A, STCG taxable under section 111A and Alongwith well preparation for the examination, it is also
dividend income exceeds R2 crores. important that you approach the examination with a positive
• If deduction under section 35AD or under section 10AA or attitude. Stay calm and confident during the exam. Trust your
under section 80JJAA, 80QQB or 80RRB, being deduction preparation and focus on giving your best performance without
under Chapter VI-A under the heading C – in respect stressing too much. Do keep in mind the following points to
of certain incomes, is claimed by the assessee other than score well in this paper -
company and the adjusted total income of such assessee 1. Answer the questions with due emphasis on the provisions
exceeds R20 lakhs, the tax liability as per AMT provisions is of income-tax law.
also need to be computed. The threshold limit of R20 lakhs 2. State your assumptions/ views clearly.
for applicability of AMT is not applicable to firm and LLP.
3. First answer the question which you know best.
• The higher rate of surcharge of 25% or 37%, as the case may
4. Present your answers well.
be, under the normal provisions of the Income-tax act, 1961
is not applicable for LTCG taxable under section 112, LTCG 5. Manage your time wisely.

The Chartered Accountant Student May 2024 17

Strategies for Success in CA Exam

PAPER 3: TAXATION
SECTION B: GOODS AND SERVICES TAX
• While revising the services taxable under reverse charge, it is
important to check who is "Supplier" and "Recipient" of services
so as to determine the applicability of reverse charge provisions.
• It is crucial to observe that for the purposes of computing
aggregate turnover of a registered person for determining
his eligibility to pay tax under Composition scheme, value
of supplies from 1st April of a financial year up to the date of his
becoming liable for registration is included in the aggregate
turnover.
However, for the purposes of determining the tax payable
by a person under Composition scheme, the supplies from
1st April of a financial year up to the date when such person
becomes liable for registration are not included in the
aggregate turnover.
• Services provided “BY” whom and “TO” whom should be
examined before giving exemption to a particular service. In
other words, it is necessary to verify both the provider and
recipient of services before granting exemptions to ensure
accuracy.
• When determining the time of supply for tax payments under
reverse charge, the date of entry in the recipient's books
Revising the subject prior to the examination is considered. Conversely, under forward charge, the date of
On the day before your examination, prioritize efficient revision entry in the supplier's books is taken into account.
strategies due to time constraints. Focus on refreshing your • For the purpose of determination of value of supply under
memory by revisiting the "Let us Recapitulate" sections found GST, tax collected at source (TCS) under the provisions of
at the end of each chapter in your study material. Additionally, the Income Tax Act, 1961 would not be includible as it is
ensure to revise the statutory updates to stay abreast of the latest an interim levy not having the character of tax. Further, it
developments, as amendments are crucial from an examination must be noted that only subsidies directly linked to the price
perspective. of goods/services and received by non-Government body are
Mastering the Art of Answering Questions in Goods and added to the value. Blanket subsidy/donation received are not
Services Tax paper includible in the value. Note that if the subsidy is given by the
State or Central Government, it is not to be added to the value
Emphasize Legal Provisions:
of supply.
Provide answers grounded in the relevant legal provisions of GST
• Please ensure to verify that if value of taxable supply (other than
law, offering reasoned justifications to support your conclusions.
exempt supply and zero-rated supply) in a month of registered
Avoid relying solely on common sense or guesswork.
person exceeds R50 lakh, then rule 86B of the CGST Rules,
Clear Assumptions: 2017 gets attracted. Then, in that case, amount available in
State your assumptions clearly, acknowledging the potential for electronic credit ledger shall be utilized only to the extent of
diverse interpretations of tax laws. Proceed to answer questions 99% of the output tax liability while discharging tax liability.
based on your assumptions, ensuring transparency in your Balance 1% of the output tax liability needs to be discharged
reasoning. from electronic cash ledger. Thus, in the compulsory question in
Key Points the examination requiring computation of net GST payable, you
may verify applicability of rule 86B of the CGST Rules, 2017.
• It is essential to thoroughly revise the fundamental aspects
of GST law during your revision process. Begin by revisiting • Generally in the compulsory question, while computing net
the concept of supply outlined in Section 7 of the CGST Act, GST payable, students commit mistake by utilizing input tax
2017, along with Schedule I, Schedule II, and Schedule III of credit for discharging reverse charge liability. Output tax does
the CGST Act, 2017. Notably, under Schedule I of the CGST not include tax payable under reverse charge, so input tax
Act, 2017, transactions between related or distinct persons credit cannot be used for payment of any tax payable under
are considered as supplies under GST law, even if made reverse charge mechanism. Same has to be discharged in cash.
without consideration. Further, members of the same family • At the time of revision of e-way bill provisions, please note
are considered as related persons. Resultantly, it is important that blocking of GSTIN for e-way bill generation would only
to understand the definition of 'family,'. Family means the be for the defaulting supplier GSTIN and not for the defaulting
spouse and children of the person, and the parents, grand- Recipient or Transporter GSTIN. Suspended GSTIN cannot
parents, brothers and sisters of the person if they are wholly generate e-way bill as supplier. However, the suspended GSTIN
or mainly dependent on the said person. It may be noted can get the e-way bill generated as recipient or as transporter.
that dependency condition is not applicable in case of spouse • While computing interest payable under the CGST Act, 2017,
and children. Therefore, it is important to go through all the in cases where the tax return has been furnished after the due
definitions meticulously. date (but furnished before commencement of proceedings

18 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

under Section 73 or Section 74 of the CGST Act, 2017), shall • While revising TDS provisions under GST law, it may be
be levied on that portion of the output tax which is being paid noted that the tax would be deducted @ 1% under the CGST
by debiting the electronic cash ledger. Act, 2017 and 1% under the SGST Act, 2017 of the payment
• Rectification of errors/omissions in GSTR-1 is permissible made to the supplier (the deductee) of taxable goods and/or
upto November 30 following the end of the financial year or services, where the total value of such supply, under a contract,
the actual filing date of the relevant annual return, whichever exceeds R2,50,000. The value for this purpose shall exclude
is earlier. the amount of Central tax, State tax, Union Territory tax,
Integrated tax and cess indicated in the invoice.
• Registration is required only for a place of business from
where taxable supply takes place. • The chapters “Place of Supply”, “Accounts and records”, “Tax
deduction at source and collection of tax at source” have been
• The threshold limit for e-invoicing is R5 crores. Thus, all
introduced first time under the New Scheme of Education and
registered businesses with an aggregate turnover (based on
Training. Therefore, it is recommended that you thoroughly
PAN) in any preceding financial year from 2017-18 onwards
revise these provisions.
greater than R5 crores will be required to issue e-invoices

PAPER 4: COST AND MANAGEMENT ACCOUNTING

are given to employees like Rowan premium plan, Halsey
scheme, premium bonus plan, etc. Students should also
know the various methods of employee turnover.
(3) Understanding the meaning and differences among certain
terms such as allocation, apportionment and absorption
of overhead is important for conceptual clarity. Students
should know various methods of reapportionment because
it will help them in solving such type of questions in the
examination.
(4) While attempting the questions based on Activity Based
Costing (ABC), students are unable to hunt down the cost
centres and cost driver leading to transforming an easy
question into a difficult one. Students need to practice lot of
Chartered Accountants, as a global business solution provider, questions to overcome this problem.
play an important role in business, have an onus by helping an
(5) While preparing Cost Sheet, sometimes students get
entity to achieve its long-term objectives. In this direction, Cost
confused regarding the treatment of certain items like in the
and Management Accounting helps Chartered Accountants
case of administrative expenses, power and diesel, etc. So,
in taking timely and informed business decisions. Cost and
in case no clarity is there in the question, the students may
management accounting is an integral part of an organization,
make an assumption by way of a note mentioning whether it
providing essential information and analysis for planning,
is a direct or an indirect expense.
controlling, decision-making, and performance evaluation.
Its importance lies in its ability to support effective resource (6) Sometimes questions based on Process Accounting requires
allocation, cost control, and strategic decision-making, ultimately calculation of wastage in particular Process Account giving
contributing to the success and sustainability of businesses. the rate at which amount is transferred to next Process.
Here, students generally fail to understand the steps to be
The entire syllabus of this subject has been divided into fifteen
followed (which in actual is the reverse calculation) leading
chapters. The topics covered under these chapters are:
to poor performance.
1. Introduction to Cost and Management Accounting 2. Material
(7) Standard costing questions require computation of various
Cost 3. Employee Cost and Direct Expenses 4. Overheads:
variances where students lack conceptual knowledge behind
Absorption Costing Method 5. Activity Based Costing 6. Cost
the formulae used. Thus, reasoning behind formula to be
Sheet 7. Cost Accounting System 8. Unit & Batch Costing 9. Job
used is required before attempting these questions. The
Costing 10. Process & Operation Costing 11. Joint Products & By
students should avoid memorizing the formulas without
Products 12. Service Costing 13. Standard Costing 14. Marginal
proper understanding of the reasons and logic to solve
Costing 15. Budget and Budgetary Control.
practical problems.
Specific points related to chapters:
(8) Marginal Costing focuses on cost control and analysis, and
(1) While practicing questions based on Material, students it is used as a tool for decision making. Here, the students are
should keep in mind certain specific topics from where required to calculate the per unit cost of products and change
questions are usually asked like Economic Order Quantity in cost which will be observed when Production is increased
(EOQ); various stock level; treatment of waste, scrap, or decreased by one unit up to a certain level of Production
spoilage, deterioration, normal loss, abnormal loss, etc., but which is the core principle of the decision making.
some students have shown lack of conceptual clarity for the
(9) While solving the question of Budget and Budgetary
treatment of these topics. Thus, students need to practice
Control, students make mistakes in calculating the changes
more and more for quick recapitulation during the exam.
in each item of the budget. They need to read each point
(2) While preparing for Employee Cost, students should clearly to understand which item is fixed or variable and
focus on calculation of idle time, overtime, how incentives what is the percentage or ratio of change of each item.

The Chartered Accountant Student May 2024 19

Strategies for Success in CA Exam

PAPER 5: AUDITING AND ETHICS

“Perseverance and Focus Are the Secret of Success”

Key points to be taken care of while preparing for the

examination
Comprehensive and In-Depth Syllabus Preparation
• Ensure you have a strong grasp of the auditing standards
covered in the syllabus.
• Refrain from selective studying during preparation.
• Comprehensive study across all topics empowers students to
cultivate confidence in the subject and ensures they are well-
prepared to excel in the exam.
• Compile a list of challenging questions encountered during
preparation for focused review.
Written Practice: Practice is the key to success in auditing.
• Understand the concept first and thereafter practice at least
the definition portion and objectives of SAs.
• Written practice of each question by hand without referring
the answer in the first go will develop analytical skill and
proper understanding of the concept.
• Solve mock test papers, revision test papers and practice as
many questions as you can. This will help you to familiarize
yourself with the exam format and improve your time
management skills.

Auditing entails analytical thinking and the application of • Regular practice builds confidence and enables you to perform
multifaceted skills. Beyond mere subject knowledge, it demands your best when faced with challenging problems.
practice rooted in understanding, the ability to translate Tips for examination
conceptual knowledge into real-world scenarios, and proficiency • While solving the paper in exam hall, you should first write
in concise expression. It is essential for aspiring Chartered the answer which you know the best. Starting with questions
Accountants as it tests their understanding of auditing principles, you are most comfortable with can boost your confidence and
techniques, and ethical considerations. set a positive tone for the rest of the exam.
Make sure you thoroughly understand the syllabus outlined by • Presentation Matters: Organize your answers in a clear
the Institute of Chartered Accountants of India.
and logical manner, with proper headings and subheadings
Understand your syllabus and its weightage: where applicable. For case study-based questions, students are
The coverage of study material is detailed hereunder: required to provide the facts of the case, providing relevant
provisions and explanations to support your points.
Section Chapter Weightage
Chapter Name • Answer the questions with due emphasis on the provisions
No. No. (%)
I. Chapter 1 Nature, Objective and Scope of Standards on Auditing: Answers should be supported with
4% - 6% the relevant auditing standard rather than a mere common
of Audit
II. Chapter 2 Audit Strategy, Audit Planning 8% - 12% sense or guess work.
and Audit Program • Common mistakes to be avoided in the Answer Sheets:
III. Chapter 3 Risk Assessment and Internal 8% - 12% The answers of the students are sometimes incomplete since
Control one or two parts of questions are skipped while reading the
IV. Chapter 4 & Audit Evidence and Audit 12% -18% Question. It is advised that students should restrict their
Chapter 6 Documentation answers according to the marks allotted to that question.
V. Chapter 5 Audit of Items of Financial 12% - 20%
• It is advisable to attempt all the sub-parts of a question
Statements
at one place. By answering all the sub-parts of a question
VI. Chapter 7 Completion and Review 8% - 12% together, can improve the overall presentation of your answers.
VII. Chapter 8 Audit Report 8% - 12% • Manage your time effectively during the exam. Make
VIII. Chapter 9 & Special Features of Audit of 12% - 18% optimum use of 15 minutes given for reading.
Chapter 10 Different Type of Entities And
Audit of Banks “You Can Win If You Want”
IX. Chapter 11 Ethics and Terms of Audit 8% - 10%
Engagements In conclusion, maintain your focus, have faith in your abilities,
It is suggested that you should study the subject everyday. By and enter the examination with confidence. You possess the skills
doing so, you will be able to manage the first round of complete to succeed and realize your aspirations of becoming a Chartered
study and two rounds of revision well before time. Accountant.

20 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

PAPER 6A: FINANCIAL MANAGEMENT

Well, issue price (after adjusting floatation cost) is used
while calculating cost of equity and market price is used
while calculating cost of retained earnings. However, in the
absence of one data, another may be used.
(3) In the chapter Capital Structure, students are generally
confused that whether to use MM Approach with tax or
without tax. Students need to understand that tax benefits
have to be added to the value of an unlevered company to
arrive at the value of a levered company.
(4) As we know Leverage represents the influence of one
financial variable over some other related financial variable.
Students are generally comfortable in this chapter. However,
they need to be careful while preparing income statement
when any leverage value is given.
(5) In the case of Investment decisions, in specific questions
The entire syllabus of this subject has been divided into nine where decision making needs to be done between two
chapters. The topics covered under these chapters are: choices like whether to buy new machinery or repair the
1. Scope and Objectives of Financial Management 2. Types of existing one, students need to identify net cash outflow
Financing 3. Financial Analysis and Planning - Ratio Analysis or inflow. Students should remember to add back the
4. Cost of Capital 5. Financing Decisions - Capital Structure depreciation after calculating Profit after Tax, otherwise, it
6. Financing Decisions – Leverages 7. Investment Decisions 8. may lead to wrong decision.
Dividend Decisions 9. Management of Working Capital. (6) In the chapter Dividend Decision, students seem to be
Specific points related to chapters: sometimes in a dilemma as to which model to follow -
(1) Ratio Analysis is a topic where most of the students feel Walter Model or Modigliani Miller Model. In the absence
comfortable. However, they need to be vigilant while of any specific information, they can solve the question by
calculating solvency ratios such as debt to coverage ratio, looking at the figures/information given in the question.
debt to total assets ratio, debt service coverage ratio, capital (7) Management of Working capital is also one of the core
gearing ratio and proprietary ratio. topics where questions are being asked in most of the
(2) While attempting the questions based on calculation of examinations. But sometimes the students show lack
Cost of Capital, students need conceptual clarity regarding of conceptual clarity when it comes to management of
specific formulae to be followed w.r.t. a particular method. receivables. Students need to consider the credit terms, cash
While calculating cost of retained earnings, they sometimes discount, opportunity cost of investment in receivables,
get confused between using issue price or market price. while deciding between the present or proposed policies.

PAPER 6B: STRATEGIC MANAGEMENT

The Strategic Management examination requires a
comprehensive understanding of key concepts and the ability
to apply them in real-world scenarios. As you prepare for your
Strategic Management exam, it is essential to have a clear strategy
in mind to tackle the questions effectively. Here are some tips to
help you excel on exam day:
Understand the Exam Pattern: Familiarize yourself with
the exam pattern, including the number of questions, types of
questions (objective vs. subjective), and the weightage of each
section. This will help you plan your time and efforts accordingly.
Skill-wise and Section-wise Weightage of marks
The weightage has been allotted to various topics in the subject.
The weightage has been given both skill wise and also topic/
chapter wise. The skill level and their weightage for Strategic
Management are given below:
Skill-wise Weightage
Level I Level II
Comprehension & Analysis &
Knowledge Application
30%-55% 45%-70%

The Chartered Accountant Student May 2024 21

Strategies for Success in CA Exam

Section-wise Weightage • Eliminate Incorrect Options: Exclude answer choices that

Part B Strategic Management of the syllabus consists of 50 are clearly incorrect based on your understanding of the
marks. There are five chapters in the syllabus. concepts and the given situation.
• Choose the Best Answer: Select the option that best aligns
Chap- Suggested with the strategic management concepts and the specific
Chapter Name
ter No. weightage (in %) details of the scenario provided in the question.
1. Introduction to Strategic • Review Your Answer: Double-check your selection to ensure
Management 15 – 25 it accurately reflects the application of strategic management
concepts to the given situation.
2. Strategic Analysis: External 15 - 25
Environment • Move On: If you are unsure about an answer, make your best
guess and move on to the next question. You can always come
3. Strategic Analysis: Internal 15 - 25 back to it later if you have time.
Environment Answering the Compulsory Caselet Based Descriptive
Questions
4. Strategic Choices 15 - 25
Use the STAR Approach: When answering Caselet based
5. Strategy Implementation and 15 - 25 questions, use the STAR approach:
Evaluation • Situation: Identify the key issues or concepts in the case.
• Task: Explain the concept or theory relevant to the case.
Total 75% - 125%
• Action: Discuss the actions taken or recommended based on
Part B Strategic Management paper consists of two sections. the situation.
Section A comprises Multiple Choice Questions (MCQs) of 15 • Result: Conclude with the outcome or impact of the actions.
marks. This section includes MCQs based on the Integrated Answering Direct Theoretical Questions
Case Scenario and Independent Application/Situational Based • Highlight the main points with a brief description, such as
MCQs, testing students' analysis and application skills. bullet points with headings.
Section B, the Descriptive Questions section comprises 35 marks • Write your answers in a clear and concise manner.
and includes compulsory Caselet Based Descriptive Questions
• Rather than trying to cover everything, focus on providing in-
where students analyze and apply strategic management concepts
to specific scenarios. Additionally, students must choose 2 out of depth analysis and well-supported arguments.
3 questions, allowing them to demonstrate their comprehension • Quality of content is more important than quantity.
and knowledge skills. • Break the answer into brief points or paragraphs.
Tips for Solving Case Scenario Based MCQs • Support your answers with relevant examples from real-world
• Start with Questions: Begin by reading the questions related scenarios to demonstrate your understanding of the concepts.
to the case scenario. • Ensure your examples are well-explained and directly related
• Identify Concepts: Note down or mentally identify the to the points you are making.
concepts mentioned in the questions. • Avoid diagrammatic representation or flowchart.
• Read the Case Scenario: Read the case scenario with a focus Managing Time in Examinations
on finding the concepts identified in the questions.
• Utilize Reading Time: Make optimal use of the 15 minutes
• Link Concepts: Connect the concepts from the questions to provided for reading the paper.
the relevant parts of the case scenario.
• Quick Overview: Quickly go through all the questions to get
• Return to Questions: Revisit the questions and attempt an idea of what is being asked.
to solve them based on the linked concepts from the case
scenario. • Select Questions: Choose the questions you will attempt
based on your preparation and comfort level.
• Build Speed and Accuracy: This approach can help you solve
case scenarios more efficiently and accurately, improving your • Mark Questions: Mark the questions you plan to attempt first
overall performance. to maintain focus.
How to Attempt the Independent Application/Situational • Time Allocation: Allocate time for each question based on its
Based MCQs difficulty level and marks allotted. Reserve at least 10 minutes
for revision.
• Read the Question Carefully: Understand the scenario
presented in the question and the specific information it • Adherence to Time: Stick to the allocated time for each
provides. question to ensure you cover all questions.
• Identify the Key Concepts: Determine which strategic • Answer Length: Keep your answers concise and relevant to
management concepts are being tested in the question. This the marks assigned to each question.
could include topics like competitive advantage, strategic In conclusion, effective preparation, practice, and time
analysis, strategy formulation, implementation, or evaluation. management are crucial for success in your Strategic
• Analyze the Situation: Consider the given situation from the Management exams. Use these tips to enhance your exam-taking
perspective of the concepts you've identified. Think about how skills and approach each question with confidence.
the principles of strategic management apply to the scenario.

22 May 2024 The Chartered Accountant Student

 INTERMEDIATE
Strategies for Success in CA Exam

FINAL

Paper 1: Financial Reporting

based MCQs. Independent MCQs are for evaluating the
conceptual clarity of the topic while case scenario based
MCQs will give you hands on practice for the examination.
(ii) Revision Test Paper (RTP), Mock Test Papers (MTPs) and
Suggested Answers
Attempt all questions given in RTP as it will help you in
understanding your preparedness and to work upon your
grey areas.
Mock Test Papers are strategically designed to mirror the
actual pattern, section-wise and skill-wise weightages and
are prepared based on the questions which can be asked in
the examination. You are expected to attempt the MTPs
under examination conditions. This will make you confident
and ready for the main exams.
Practice questions appeared in the previous examination to
understand the type of questions asked and the manner of
presenting the answers. This will further boost the confidence.
C. Revision of entire course in the last few months
Introduction (i) Saransh- The Last Mile Referencer
The Final examination of the Institute of Chartered Accountants As the name suggest, Saransh has been developed for the
of India (ICAI) is a significant milestone in the journey of every last-minute revision. This one stop repository consolidates
aspiring Chartered Accountant. Among the various papers, the significant concepts of all relevant Ind AS at one place, by
Paper 1 on Financial Reporting holds immense importance due capturing the key points in the form of diagrams, flow charts,
to its comprehensive coverage of Indian Accounting Standards tables and illustrated journal entries. It will surely serve as a
(Ind AS) and their application in real-world scenarios. For ready reckoner and enable you in easy retention and quick
gaining prowess, this paper requires diligent preparation and revision of Ind AS.
strategic approach.
(ii) Thorough and in-depth preparation of entire syllabus
A. Manner of assessment
Do not go for selective study at the time of preparation. Most
In Financial Reporting, under the new scheme of education of the Ind AS are largely inter-connected, so skipping any of
and training, the assessment pattern of this paper will be 30% the Ind AS may lead to vacuum in the conceptual clarity and
by the way of case scenario based MCQs and 70% by the way preparation for the paper remains incomplete. Due to complete
of descriptive questions. All case scenarios / MCQs, will be study of all the topics, you will be able to gain confidence in the
compulsory and there would be no internal or external choice. subject and also the surety to fare well in the exam.
There would be no negative marking for wrong answers. No
D. Tips to be followed before the examination
reasoning is required to be given for answering the multiple-
choice questions (MCQs). Each MCQ will have four options (i) Practice, Practice and Practice
with only one correct answer. For remaining 70 marks, the Shortlist the illustrations for revision in your final round of
question paper will consist of 6 questions; first question will be study. Shortlisting of illustrations should be based on the
compulsory and out of remaining five questions, you have to difficulty you faced while solving them. Summary of tricky
answer any four questions. points and adjustments gathered from the practice of various
B. Inputs provided by the Board of Studies (BOS) for revision good illustrations may be prepared and revised which will
help in grasping the intricate practical aspects. Such tricky
(i) MCQ Paper Practice Portal
points or adjustments should be cross linked with the
Since introduction of objective type assessment is a new concerned illustration number so that at the time of revision
change, you have to be ready with the preparation for case you not only study the accounting treatment but also refer
scenario based MCQ manner of assessment. BOS has the whole solution again.
introduced the Multiple-Choice Questions (MCQ) Practice
(ii) Stay updated with amendments
Portal which is accessible through BOS Knowledge Portal
and ICAI-BOS Mobile app. This portal will enhance your Stay abreast with the latest amendments notified by the
analytical skills through Case Scenario-based MCQs and MCA. Integrating these amendments into your study
time management skills by attempting questions within material and practice sessions ensures that you are well-
the stipulated timeframe. For your practice, it carries prepared to tackle questions based on current standards/
both independent MCQs (Chapter-wise) and case scenario amendments in the examination.

The Chartered Accountant Student May 2024 23

Strategies for Success in CA Exam

(iii) Use of proper and prescribed format for presentation of (iv) Adequate Working Notes
accounts In accounts, your solution is generally divided in two parts
Adopt the prescribed formats while practicing the Financial viz- main solution and working notes. Working notes form
Statements of companies to ensure accuracy of the solution part of your solution and carries marks. Therefore, it is
from all aspects. Ind AS based financial statements are advised that calculations made on your calculator should
prepared as per the formats prescribed in Division II of the also be written in your answer sheet as working note,
Schedule III to the Companies Act, 2013. wherever required, neatly and precisely. Also, your working
note should be cross referenced with the figures used in the
(iv) Written practice of both numerical and theoretical main solution for quick reference of the examiners.
questions
(v) Answer the questions with due emphasis on the
Written practice of all type of questions (whether provisions of Ind AS
numerical or theoretical) by hand without referring the Support your answers / conclusions with proper reasoning.
solution in the first go will develop your analytical skill Answers for questions based on Ind AS should be supported
and proper understanding of the concept. In this way, you with due provisions of that Ind AS rather than a mere
will learn time management, gain speed, better hand-mind common sense or guess work. Quoting of paragraph number
co-ordination, and your manner of expression in answering of Ind AS is not required but quoting of Ind AS number and
theoretical questions will also improve. title is expected. You should quote number of Ind AS or
E. Tips to be followed during the examination name only when, you are sure.
(i) Focus on Presentation and Language (vi) State the assumption clearly
In addition to mastering the content, pay attention to the In case a question leaves room for making an assumption
and there is a possibility of more than one assumption, it is
presentation of your answers. Maintain clarity and coherence
important to clearly state the assumption you have taken and
in your answers and ensure that your handwriting is legible.
solve the question accordingly.
Use headings, subheadings, and bullet points wherever
necessary to organize your answers effectively. Moreover, (vii) Alertness while computation
adhere to the language and terminology prescribed by Ind Students apply correct concepts / knowledge but many a
AS while framing your answers. times err in the calculation part. These calculation mistakes
may occur due to many reasons like consideration of wrong
(ii) Time Management is the Key figures, error in addition in place of subtraction and vice
Allocate appropriate time to each section of the paper based versa, falter at the time of copying the figures in their answer
on its weightage and complexity. Prioritize questions based sheet i.e. unconsciously interchanging of the digit places
on your strengths and tackle them accordingly to maximize of the amount etc. Therefore, while solving the numerical
your score. questions, be conscious about the calculations and amounts
(iii) Use of Proper Formats used in the solutions.
With thorough preparation and a confident mindset, you can
You should take care of the prescribed formats at the time
conquer the challenges posed by the Financial Reporting paper
of solving the questions in the exam which will help you in
and emerge victorious in your pursuit of becoming a Chartered
scoring due marks. Accountant.

Paper 2: Advanced Financial Management

Whenever we discuss strategies for winning, everyone will

You can win have their own approach, which naturally differs from one
another. However, there are some common tips applicable to
all for succeeding in examinations. When discussing Paper 2
– Advanced Financial Management (hereinafter referred to
as AFM), it is a rebranding of Paper 2 – Strategic Financial
Management under the old scheme. This paper is not only
important in today’s globalized world but also strategically
significant from an examination viewpoint because it is
a numerical-oriented paper where students tend to score
well (generally more than 60%), which helps them meet the
minimum overall target of 50% marks. Being numerical based,
a student is considered successful if they have secured at least
65% marks in this paper.
This paper is divided into two parts. The first section of the
question paper will consist of Multiple Choice Questions
based on given case scenarios. Answers to these questions do
not require the presentation of workings, but it is advised for
numerical-based MCQs that before marking any option, some
working be carried out in the answer book so that chances
of wrong answer are minimized. The second section will be
descriptive, consisting of both numerical and theoretical-based

24 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

questions that require complete presentation of answers in the list out. While the verb 'list out' simply requires writing headings,
answer book. the others require detailed explanations.
Some of the important points that will help the students will In numerical questions, if verbs such as Evaluate, Decide, or
become winner in this paper are as follows: Advise are used, they should be concluded with advice or a
Accuracy decision on whether to take a particular course of action or not.
Since this paper is numerical-oriented, the level of accuracy, as Instructions
well as the scope for cross-checking, is higher compared to other Generally, numerical questions in this paper are followed by
theory-based papers. some notes in the form of Present Value Factors, Exponential
Relevant Details Values, and the number of days in a year to be used in answering
Answers to theoretical questions should be supported by relevant the question. These notes may also include instructions regarding
details and be concise. Merely writing headings, unless required, rounding off the answer to a certain number of decimal points.
may not earn any marks. Generic answers should be avoided. These instructions are provided to ensure uniformity in the
answers where assumptions are possible. Therefore, it is vital to
Working Notes
follow these instructions without fail because it is possible that
In numerical questions, the figures or values used in the main you may have practiced similar types of questions before and
answer should be supported by adequate working, clearly chosen nearby values according to your own preference.
indicating how figures not provided in the questions have been
derived. Control on Emotions
Brainstorming In numerical questions, there's a numbers game, and there's a
temptation to start with those numbers and reach the correct
The initial reading time allowed (15 minutes) is good for answer. Although most of the time you succeed in reaching the
starting to brainstorm the choice of questions to attempt and correct answer, it's possible that these numbers may be tricky,
determining the order in which they will be tackled. If a question's and due to exam pressure, you may not get the values needed
requirement is not properly understood in one reading, take the to proceed further. You may start feeling that the marks may
time to comprehend it thoroughly. Though time is limited during not justify the time invested, and you're left with little time for
the examination, an additional reading of a newly encountered another part of the question, making the overall attempt a failure.
type of question may bring the student on the same page as the
paper setter expects. Hence, it is advised to attempt those questions for which you are
confident that you can perform well.
Time Management
Since this paper consists of two sections, proper time Step-wise Marking
management is crucial. It is not essential to split time using the As mentioned above, it may be possible that you will not reach
average minutes per mark when answering any question because the concluding part of the question and may get stuck after a few
it's possible that one part of a question may not require as much steps. In such situations, it is better not to devote more time to
time proportionate to the marks it carries. In such situations, the same question and move to another question, leaving some
time saved from such parts can be utilized in another question space to reconsider if time allows. Even, due to a shortage of
requiring more in-depth analysis. time, you could not revisit this incomplete answer, it will still be
Since there is a dedicated section for the MCQs based on case evaluated. Since a step-wise marking scheme is followed, if there
scenarios, it is essential to allocate sufficient time for this section. are some correct steps in the incomplete answer, you will be
That is, at least 35 to 45 minutes should be reserved for this section. awarded marks for these steps. Hence, it is advised not to cross
out this type of partial answer unless you have attempted another
Balance question which you believe to be correct to your satisfaction.
Maintaining a balance between speed and accuracy is crucial Don’t Skip any Topic
when answering MCQs. Therefore, it's important not to rush to
conclusions too quickly and to think twice before marking any It is crucial that none of the topics in the syllabus be left uncovered,
choice. as the structure of the questions in AFM consists of a mix and
match from different sections of the syllabus. If you take the
Final Decision risk of skipping any one topic, it's possible that you may be able
It is crucial to pay attention to the verbs. In theoretical questions, to attempt one part of the question well, but another part may
common verbs used include explain, describe, distinguish, and remain untouched. This could result in unnecessary loss of marks.

Paper 3: Advanced Auditing, Assurance and Professional Ethics

Auditing forms the backbone of the accounting profession,
ensuring the accuracy and reliability of financial information.
The CA Final Advanced Auditing, Assurance, and Professional
Ethics paper is the culmination of journey towards becoming
a Chartered Accountant. This paper tests your comprehensive
understanding of auditing and assurance practices, as well as
your ability to apply ethics in the professional domain. With
proper preparation and strategic approach, you can excel in this
examination and pave your way towards success. Here are some
tips to help you for getting good marks in this paper:

The Chartered Accountant Student May 2024 25

Strategies for Success in CA Exam

Understand your Syllabus and its weightage: Syllabus of CA. Final Paper 3 is divided into 19 Chapters. These 19 Chapters are again
divided into 5 sections. Weightage allocated to each section is given below:
Section No. Chapter No. Chapter Name Weightage (%)
I. Chapter 1 to Quality Control, General Auditing Principles and Auditors Responsibilities, Audit
Chapter 11 Planning, Strategy and Execution, Materiality, Risk Assessment and Internal Control, Audit
45% - 55%
Evidence, Completion and Review, Reporting, Specialised Areas, Related Services, Review
of Financial Information, Prospective Financial Information and Other Assurance Services.
II. Chapter 12 Digital Auditing & Assurance. 3%- 6%
III. Chapter 13 to Group Audits, Special Features of Audit of Banks & Non-Banking Financial Companies, 17%- 24%
Chapter 17 Overview of Audit of Public Sector Undertakings, Internal Audit, Due Diligence,
Investigation & Forensic Accounting.
IV. Chapter 18 Emerging Areas: Sustainable Development Goals (SDG) & Environment, Social And 3% - 6%
Governance (ESG) Assurance.
V. Chapter 19 Professional Ethics & Liabilities of Auditors. 17% - 24%

Master the Basics: Ensure you have a strong grasp of the • Avoid diagrams, flowcharts, and tables to illustrate your
fundamental auditing concepts covered in the CA Intermediate points in examination.
syllabus. Build upon this foundation by delving deeper into • Instead of giving a general answer understand the
advanced auditing techniques, including risk assessment, audit requirement of the question and give specific and to-the-
sampling, and audit documentation. Understand the unique point answer.
challenges and requirements associated with each type of audit • Each answer should commensurate with the marks the
engagement. question carries.
Try to apply the knowledge gained during practical training where B. Case Study Analysis: Practice analyzing case studies to
you perform various audit procedures, including substantive develop critical thinking and analytical skills. Case studies
procedures, tests of controls, and analytical procedures. often feature in the CA Final exam and require you to apply
"Knowledge is of no value unless you put it into practice." auditing principles or provisions to practical scenarios. So,
- Anton Chekhov you need to familiarize yourself with the ICAI's Code of
Emphasize the importance of understanding conceptual clarity Ethics, regulatory requirements and Auditing Standards.
rather than rote learning. Further, time management strategies Further, while answering the case study-based questions in the
for balancing preparation across different sections is also examination, your answer should comprise of Fact of the Case,
essential for success. Provision and Explanation and Conclusion part. Conclusion
Have in-depth understanding of Auditing Standards: Stay should always be derived after interlinking the provision and
abreast of the Engagement and Quality Control Standards explanation with fact of the case. While solving case study
issued by the Institute of Chartered Accountants of India based descriptive question, following steps to be taken:
(ICAI). Understand how these standards impact audit • Read Carefully: Pay close attention to the fact given for
planning, execution, and reporting. Solve the questions based each question or case study. Identify the key issues and
on Standards on Auditing. Understand the scope and objective requirements before formulating your response.
of each standard. It will help you in identifying the applicable • Structure Your Answers: Organize your answers
standard in the situation given in the question. in a clear and logical manner, with proper headings
Time Management: Manage your time effectively during the and subheadings where applicable. Present your
exam. Select questions based on their marks and allocate time answer coherently, providing relevant provisions and
accordingly. Don't get stuck on one question for too long, as this explanations to support your points.
may cost you valuable marks elsewhere. • Apply Concepts to the Scenarios: Case studies are
Best utilize 15 minutes reading time. During reading time : designed to test your ability to apply the concepts
• go through all the questions quickly; to practical situations. Draw parallels between the
• prioritize the questions you are most confident about; theoretical framework and scenarios, demonstrating
your understanding and provide a proper conclusion
• select the questions that you would be attempting from all the
based on the interlinking of provisions, explanations,
questions;
and facts of the case.
• Mark the question which you will be attempting first;
C. MCQs based questions would be application-based only.
• Allocate an estimated time for each question based on their Student can get maximum marks in the same as there will
difficulty level and marks carried keeping aside 10-15 minutes not be any negative marking for wrong answers. Further,
for revisions and adhere to time allocated. reasoning for the answer is also not required. However,
Ensure that you attempt all parts of the paper to maximize your students needs to have good knowledge of the provisions and
score. apply the same correctly to the case on hand to choose the
Precision in Answers: Ensure your answers are precise, well- correct option.
structured, and supported by relevant provisions. Avoid vague For case scenarios based MCQs, students are required to
or ambiguous responses. read the scenario carefully as MCQs arise from the facts/
A. In case of direct theoretical questions, the main points provided information in the case scenario. Focus on applying
with brief description such as bullet points with headings knowledge effectively for solving MCQs based questions.
can form part of answer. Answer can be in brief points or • Elimination Technique: If you're unsure, try to
paragraph in properly framed language. eliminate obviously incorrect options. Narrowing down

26 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

your options increases the probability of selecting the and important questions before appearing for examination.
correct answer. If you can confidently eliminate one or Repetition is the mother of learning, the father of action,
more answer choices, your odds of guessing correctly which makes it the architect of accomplishment." - Zig Ziglar
among the remaining options improve. Practice solving mock tests and past examination papers to
• Keyword Recognition: Look for keywords in the familiarize with the exam pattern and types of questions. Take
question that might help you identify the correct answer. mock tests to simulate exam conditions and identify areas where
• Analyze the Given Options: Understand the difference you need improvement.
between each option provided. Sometimes, just Confidence and Positivity: Approach the exam with confidence
understanding what is different about each choice can and positivity. Trust in your preparation and abilities. Keep
lead you to the correct answer. a positive mindset, even if you encounter difficult questions
• Focus on Key Terms and Phrases: Pay close attention during the exam.
to words like "not," "except," "always," and "never." These Stay Calm Under Pressure: Lastly, stay calm and composed
words can significantly alter the meaning of the question during the exam. Don't let stress or anxiety overwhelm you. Take
and help you select the correct answer. deep breaths, read each question carefully, and tackle them with
• Relate to Practical Situations: Try to relate the question a clear mind.
to practical auditing scenarios. Think practically about In conclusion, success in the CA Final Advanced Auditing,
how the situation might be handled in a professional Assurance, and Professional Ethics paper requires a combination
setting. of knowledge, critical thinking, and ethical competence. By
• Answer Every Question: An educated guess is better mastering auditing techniques, honing your analytical skills, and
than leaving it unanswered. As there's no negative demonstrating ethical leadership, you can not only excel in the
marking, ensure you attempt to answer every question, examination but also contribute to the integrity and credibility
even if you're unsure. of the accounting profession. Remember to stay focused, believe
Revision and Mock Tests: Revise concepts regularly to reinforce in yourself, and approach the examination with confidence.
your understanding and retention. Allocate sufficient time for You have the capability to win and achieve your dreams as a
revision in your study schedule. Revise with the help of your notes, Chartered Accountant.

PAPER 4: DIRECT TAX LAWS & INTERNATIONAL TAXATION

Significant Notifications/Circulars given as Statutory Update
and Significant rulings of Supreme Court/High Court given as
Judicial Update to stay abreast of the latest developments, as
amendments are crucial from an examination perspective.
Highlighting Some Key Areas For Emphasis
• It is important not to allow certain exemptions/disallowances
while computing total income and tax liability of a domestic
manufacturing company/ domestic company if it is opting
for concessional tax regimes available under section 115BAA
or 115BAB, as the case may be. Moreover, while computing
tax liability as per section 115BAA or 115BAB, it is to be
The April 2024 issue of the Students' Journal outlined the
kept in mind that Long-term Capital Gains (LTCG) or
preparation strategies, syllabus coverage, applicable Finance
Short-term Capital Gains (STCG) or certain other incomes
Act and relevant assessment year for May 2024 Examination
which are taxable as per tax rates specified in Chapter XII
for Final Paper 4: Direct Tax Laws & International Taxation.
would be taxable at the rates specified thereunder. Moreover,
This issue provide you guidance on how to approach the
surcharge is applicable at fixed rate of 10% irrespective of the
examination, how to present answers in the examination, how
amount of total income.
to manage time during examination. It also highlights the key
areas which need special attention for the subject. • With effect from A.Y. 2024-25, the concessional tax regime
u/s 115BAC is the default tax regime. It implies that unless
As you all are aware that this subject is broadly categorized
the Individuals/ Hindu Undivided Family (HUF)/Association
into three sections namely, Section I: dealing with substantive
of Persons (AoP)/Body of Individuals (BoI)/Artificial Juridical
provisions of the Income-tax Act, 1961, Section II: covering
Persons are opting out of the default tax regime, they would
the procedural and compliance provisions and Section III:
pay tax at the rates specified u/s 115BAC. In case they want
contains international taxation. The weightage assigned to
to pay tax under normal provisions of the Income-tax Act,
Section I is 40%-45%, Section II is 20%-30% and 30%-35% to
they need to opt out of the default tax regime.
Section III. Keeping in mind the weightages assigned to these
sections, you can strategically allocate time for revising the • In case, Individuals, HUF, AoP, BoI, Artificial Juridical
topics. Persons paying tax as per default tax regime, then, certain
exemptions, such as exemption under section 10(13A) in
Consolidate Your Learning – Revise, Revise And Revise
respect of house rent allowance, exemption under section
On the day before the examination, swiftly revise the Saransh – 10(32) in respect of income of minor child, deduction under
Last Mile Referencer provided along with all the notes prepared section 24(b) in respect of interest on housing loan for self-
during your study sessions, focusing on the key points you occupied property, deduction under Chapter VI-A [other
have highlighted for last-minute revision. This revision will than 80CCD(2) or 80CCH(2) or 80JJAA] or set-off of losses
help reinforce key provisions ensuring you are well-prepared such as loss under the head house property against income
for the examination. Moreover, make sure to revise the latest under any other head are not allowable. With effect from
amendments given in the Study Material in Bold/italics, A.Y. 2024-25, standard deduction u/s 16(ia) of R50,000

The Chartered Accountant Student May 2024 27

Strategies for Success in CA Exam

under the head “Salaries”, and deduction of R15,000 or 1/3rd, In the subject of direct taxes, it is important that you write
whichever is lower in respect of family pension is allowable answers as per the relevant updated provision applicable for
under default tax regime as well as under normal provisions. your examination. Along with the knowledge of amended/new
• Specific requirement to compute Alternate Minimum Tax provisions, it is also necessary to remember the applicability date
(AMT) would not be given in the question, you have to gather of the amended provision.
this requirement on your own, if deduction under section Conquer the Exams with Unwavering Confidence
35AD or under section 10AA or under any section in Chapter After diligent preparation for the examination, it's crucial
VI-A under heading “C - deductions in respect of certain to approach it with a positive mindset. Do keep in mind the
incomes” other than 80P is claimed by the assessee other than following points to score well in this paper:
company and the adjusted total income of such assessee R20
• Answer the questions with due emphasis on provisions
lakhs. The threshold limit of R20 lakhs for applicability of
of the law - Support your answers/conclusions with proper
AMT is not applicable to firms and LLP. AMT provisions are
reasoning. Answers should be based on relevant legal
not applicable, if an individual, AOP/BOI/ HUF are paying
provisions or judicial decisions rather than mere common
tax under section 115BAC or 115BAD or 115BAE, as the
sense and/or guesswork. In respect of computational problems,
case may be.
the reasoning for treatment of various items should be given in
• In case a senior citizen or very senior citizen is paying tax your answer. The length and depth of reasoning to be given
under section 115BAC, the applicable basic exemption limit would depend on the marks allotted for the question.
is R3,00,000.
• Supplement your computation with working notes -
• Remember to gross up the amount of dividend or other income Give complete working notes while solving computational
on which tax is required to be deducted at source (TDS), if net problems. For example, if you are computing allowable salary
amount or amount received is given in the question. of working partners as part of computation of total income
• It is essential to remember special tax rates applicable for of a firm, the working note should specify the limits under
non-residents, along with the restrictions, if any (like, no section 40(b)(v) for allowability of salary based on book profits
deduction allowed in respect of certain income subject to of the firm. The book profit to be taken into consideration for
tax at special rates). calculating these limits should also be worked out.
• TDS is required to be deducted inclusive of surcharge, if • Manner for answering case law-based question – Refer
applicable and Health and Education Cess (HEC) in respect April 2024 issue of the Students' Journal for guidance on how
of payment made to non-residents. Thus, while grossing up to answer case law-based questions.
the income, rate inclusive of surcharge, if applicable and • Try to Quote relevant section numbers/case laws –
HEC has to applied. Quoting section numbers would definitely add value to your
• The tax rates or TDS rates applicable to a foreign company answers. However, it is better not to quote than to misquote a
would remain same, even if such foreign company became section number/case law.
resident on account of Place of Effective Management • State your assumptions/views - Since the provisions of tax
(POEM) is in India. laws are subject to different interpretations by various courts,
• While computing tax liability on income computed applying there are possibility of alternate views. You are required to
the presumptive provisions contained u/s 44BB, 44BBA, state your view/assumption clearly while answering.
44BBB etc., check the applicability of surcharge as well. • Time management – You all are aware that assessment
• It is important to note the applicability of each and every would be 30% case scenarios based multiple choice questions
section to a non-resident, since certain sections are applicable and 70% descriptive questions. Be extra careful, while
to resident assessee only. For instance, deduction u/s 80G choosing the correct option of the MCQ. Allocate your time
for contribution towards Clean Ganga Fund is available to wisely between MCQs and descriptive section.
resident assessees only, deduction u/s 80TTB is available to Approach the examination with a positive attitude. Rest assured,
senior citizen, being a resident in India. if you put in your best efforts, success will surely follow!

PAPER 5: INDIRECT TAX LAWS

for the forthcoming examinations. This issue will elaborate the
revision strategy day before examination, how to manage time in
the examination and how to present answers in the examination
so as to ensure success therein.
Day before the exam: Streamlining your revision
One day prior to the examination, you should refrain from
delving into much details due to time constraints. For refreshing
your memory of the key concepts and provisions of the subject,
just go through “Let us Recapitulate” section given at the end
of most of the chapters of Part-I: Goods and Services Tax and
Indirect Tax Laws (hereinafter referred as IDTL), namely, Goods at the end of chapters of Module-4 covering the provisions of
and Services Tax (GST) law and Customs law and Foreign Trade the Customs and FTP, in the Study Material. These summaries
Policy (FTP), Indirect Tax Laws has emerged as one of the most encapsulate the key concepts and provisions, for strengthening
dynamically evolving subjects in the Chartered Accountancy your understanding and for easy retention and quick revision
Course. Chartered Accountants play a critical role in advising of Indirect Tax Laws within the limited preparatory period
clients and organizations on managing these taxes effectively. preceding the examination. Also, make full use of Saransh – Last
The previous issue outlined the strategy to prepare this paper Mile Referencer of Indirect Tax Laws. In the previous issue, you

28 May 2024 The Chartered Accountant Student

 Strategies for Success in CA Exam

were advised to structure your studies based on the assigned e) First attempt the question which you know best – This
weightages for each section. At the time of revising the subject will boost your confidence while attempting the remaining
day before the examination, it is advisable to revise the chapters questions and create a positive impression of your level of
in the order of their weightages, starting with those carrying the knowledge on the examiner.
highest weightage. In both Part-I: GST and Part-II: Customs & f) Present your answers well - Underline important points,
FTP, you should begin your revision with substantive provisions case laws and section/rule references as and when you answer
before progressing to the procedural laws. each question. Also, make sure that your handwriting is neat
As regards the computational problems, as advised earlier, and legible. Answer all sub-parts of a question one after the
at the time of preparing the subject, you should work out other. Do not answer different sub-parts of the same question
these problems from ‘Test Your Knowledge’ section of the at different places.
Study Material of Indirect Tax Laws independently and then
How to manage time in the examinations?
compare your solutions with the provided answers. At that
time, mark the problems which contain some difficult issues or Let us understand how you can manage time effectively in the
the problems which you find important from the examination examination. You should first leverage the 15-minutes reading
point of view, using a highlighter. For each marked question, period given for descriptive portion before the start of the exam.
briefly summarize the treatment of the said issues and First question in the descriptive portion is compulsory and out of
annotate this summary at the end of that question. When you the remaining five descriptive questions, there’s a choice of one
practice the same chapter subsequently, pay special attention question. You should give a quick glance to all the descriptive
to these marked questions. This will help you in preparing a questions except question 1 since the same is compulsory and you
gist of critical issues and their treatment. On the day before don’t have a choice pertaining to the same. Out of the 5 optional
the examination, since it is not possible to solve all the questions, identify the 4 questions you'll attempt. Thereafter,
computational questions in one day, going through the gist of identify the descriptive question you feel most confident about.
these issues would be very helpful. Place special emphasis on This will be the question you will answer first, setting a positive
the questions based on evaluation and synthesis skills in the momentum for the paper.
‘Test Your Knowledge’ section of Chapter 7 – Input Tax Credit Distribute the total time available for writing the examination
of Module 2 of the Study Material. between the case scenario based Multiple-Choice Questions
You may also quickly go through the Statutory Update for this (MCQs) portion and descriptive portion. Since you are not
paper to revise all the latest developments in GST, Customs & FTP required to provide reasoning for the MCQs, you can assign
since amendments are pivotal from the examination point of view. relatively less time for the same. Further, allocate estimated
Mastering the art of answering the questions in the Indirect time for each question of the descriptive portion based on
Tax Laws paper its difficulty and assigned marks. For instance, since the
a) Answer the questions with due emphasis on provisions first compulsory question requiring the computation of the
of the law – Always support your answers/conclusions with net GST liability tests your evaluation and synthesis skills;
proper reasoning. Answers should be based on relevant you should devote sufficient time for integration, analysis
legal provisions of the GST law/Customs law/Foreign and application of the provisions tested therein. Remember
Trade Policy rather than a mere common sense and/or to reserve 10-15 minutes for final review of the answers at
guess work. While solving the computational problems, the end.
you should provide brief explanatory notes in support of Thus, the 15-minute reading period is critical. It allows you
the treatment of the items specified in the question. Even to identify the questions you'll attempt and sequence them
if a particular item does not affect the computation, brief strategically. This way you can start writing the answers
explanatory notes for the same should also be incorporated immediately upon receiving the answer booklet.
in the solution. In the MCQ portion, you should give a meticulous reading to the
b) Quote relevant section numbers/rules, etc – You may case scenario alongwith the MCQs based on the same. As you go
provide reference to specific sections/rules/notification through each MCQ, focus on identifying the relevant information
numbers/circular numbers to demonstrate a thorough grasp provided in the scenario and the applicable concept/provision of
of the legal framework. Quoting sections/rules/notification law which is relevant for answering said MCQ. Thereafter, you
numbers/circular numbers definitely add value to your should mark the correct answer based on your understanding and
answers. However, it is better not to quote than to misquote assessment. In descriptive portion, you should write each answer
a section/rule/notification number/circular number as in commensuration with the marks which the question carries.
inaccurate citation can undermine your credibility. Aim for precise and focused responses. Try to adhere to your pre-
c) Give clear assumptions - The provisions of indirect tax laws allocated time for each question. If you find yourself exceeding the
are subject to different interpretations by various courts. estimated time, move on to the next question to maintain your
In case where divergent views are possible or owing to overall pace. If time permits, you can return to these questions
ambiguity in the question, there are possibilities of alternate and complete them. Strive to attempt all questions within the pre-
views/assumptions, you should state your view/assumption allocated time. Six average answers can fetch you more marks than
clearly and proceed to answer the question on that basis. three excellent answers. So, don’t leave any question unanswered.
d) Answer in commensuration with the marks carried by the Try to attempt all questions. Lastly and importantly, stay calm and
question - You should determine the length of your answer confident during the examination. Manage exam stress effectively
having regard to the marks allotted to the question. Focus on by practicing relaxation techniques such as deep breathing and
providing a well-structured answer that covers all aspects positive visualization.
of the question, at the same time the answer should not be By following above strategies, you can approach the exam with
unnecessarily lengthy. Dispel the myth that lengthy answers a clear plan and maximize your chances of achieving a strong
fetch more marks. score.

The Chartered Accountant Student May 2024 29

Strategies for Success in CA Exam

PAPER 6: Integrated Business Solutions

• Apply Concepts and Frameworks: Apply various concepts,
and frameworks to thoroughly analyse and resolve problems.
Employ critical thinking to evaluate the consequences of
your decisions and explore alternative viewpoints. Integrate
knowledge from various subjects forming part of syllabus to
develop comprehensive solutions.
• Plan Answers: It is very helpful when constructing your answer
that it has a logical structure. Inputting an outline answer plan
at the start of each task or requirement will help you to plan the
structure and reduce the risk of forgetting any good points.
• Organize Responses Logically: Organize your responses
Integral to the Integrated Business Solutions (IBS) curriculum
logically, with clear headings and subheadings to denote
is the ‘Case Study’, a vital aspect of the CA Final Level. Here,
different sections.
students must apply their knowledge gathered from the five core
subjects at final level and Self-paced Modules Set A & B. • Communicate Clearly: Clearly communicate your analysis
and recommendations in your responses. Use concise and
Solving multidisciplinary case study will enhance analytical
professional language, and support your arguments with
skills and decision-making skills of students. This holistic and
evidence from the case study. Moreover, do not waste time in
integrated approach ensures that students emerge well-equipped
providing irrelevant material that does not answer the question.
to tackle the multifaceted challenges presented in the constantly
changing business environment. • Consider Ethical Issues: Consider ethical and professional
considerations in your analysis and recommendations. Ensure
To effectively engage with this subject, envision yourself in the
that your proposed solutions align with the requirements of the
role of a Senior Manager, Finance Director, Auditor or CEO.
questions.
Your task demands an intimate understanding of the company, its
intricacies, and its operations. Your responsibilities encompass • Develop Time Management Skills: Develop effective time
crafting and implementing strategic and financial plans, as well management skills to ensure that you can complete all questions
as overseeing the adherence to statutory compliances. within the allocated time. Prioritize your responses based on
the marks allocated to each question and allocate sufficient
Tackling IBS Paper:
time for analysis, planning, and writing. By strategizing your
• Read Instructions Thoroughly: Begin by thoroughly time allocation, you can maximize your efficiency and increase
reading the instructions provided for the case study paper to your chances of completing the exam successfully.
understand the format, requirements, and allocation of marks.
• Review Answers Carefully: Review your answers carefully
• Scan the Case Study: Quickly scan through the entire case before submitting your exam paper. Check for any errors,
study to get a sense of its structure, key points, and the issues ensure clarity in your responses, and make any necessary
presented. revisions to improve the overall quality of your work
• Conduct Thorough Analysis: Start by conducting a thorough • Utilize Open Book Resources: As it is an open book exam,
analysis of the case study to identify its key issues and factors. take relevant material along with you pertaining to each
An analytical approach in this context involves breaking down included subject in the paper so that in case of need, it can be
the complexities of the problem or process into smaller, more easily referred to.
manageable parts. This method allows for a comprehensive
By following these points and implementing them effectively, you
understanding of the entire scenario, enabling you to address
can approach the IBS paper with confidence and increase your
various issues highlighted within the case study effectively.
chances of success.

CROSSWORD SOLUTION - april 2024

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N E F 15
B C O X C
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S C I U 17
V C
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M 19
M E 20
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U D D 21
E D 22
C O S O
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M 24
I 25
G F
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O E S D
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P R O
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J E C T I 30
O N 31
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T P A 33
T R Y 34
M T O
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A G N I
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F O G T
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B A R T E R 45
B O N D

30 May 2024 The Chartered Accountant Student

 announcement
BOARD OF STUDIES OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA
SCHOLARSHIP SCHEME FOR CA STUDENTS

Students can apply online anytime for the Scholarship by login at Self Service Portal (SSP) at https://eservices.icai.org
In case of any clarification, please contact at Phone: 0120-3045914; Email: bos.operations@icai.in; Website: www.icai.org

Save
Upcoming Conferences of CA Students the
dateS
S. No. Dates Branch/ RC Name Region Conference Type
1 1-2 June, 2024 Vijaywada South National
2 1-2 June, 2024 Bhilwara Central State Level
3 1-2 June, 2024 Udaipur Central Mega
4 14-15 June, 2024 Manguluru South National
5 15-16 June, 2024 SIRC (Chennai) South National
6 22-23 June, 2024 EIRC (Kolkata) East International
7 28-29 June, 2024 Ernakulum South Mega
8 28-29 June, 2024 Nagpur West National
9 28-29 June,2024 Tirupur South State Level
10 29-30 June, 2024 Aurangabad West Mega
11 29-30 June, 2024 Ahmedabad West National
12 29-30 June, 2024 Ludhiana North National
13 5-6 July, 2024 Chandigarh North National
14 5-6 July, 2024 Coimbatore South National
15 5-6 July, 2024 Vadodara West Mega
16 6-7 July, 2024 Thiruvananthapuram South National
17 6-7 July, 2024 Vapi West State Level
18 12-13 July, 2024 Hyderabad South National
19 13-14 July, 2024 Pimpri Chinchwad West Mega
20 10-11 August, 2024 Surat West National
21 10-11 August, 2024 Pune West National
22 17-18 Aug. 2024 Thrissur South Mega
23 23-24 August, 2024 Palakkad South State Level
Note:- Please contact to concerned Regional Council/Branch for more details

The Chartered Accountant Student May 2024 31

https://ira.icai.org/
RNI NO. 66180/1997
Postal Registration: DL(C)-01/1280/2024-26, Licence To Post Without Prepayment,
WPP Licence No.: MR/Tech/WPP-247/DL(C)/2024-26 Posted at Patrika Channel Sorting Office, Mumbai - 400001
Posting Date: Last Three Days of Advanced Month and first four days of current month days/ dates only
Date of publication: 26th of previous month
CROSSWORD - may 2024
1 2 3 4 5 6 7 8 9 25. An organisation and association of
universities in India.
10 11 12 13 26. An agreement according to international
law to form a free-trade area between the
14 15 16 17
cooperating states.
18 19 20 28. The increase in revenue that results from the
sale of one additional unit of output.
21 22 30. An extraordinary general meeting is a way to
meet and deal with urgent matters.
23 24 25 26 31. A mandatory contribution levied on
27 28 29 30 31
corporations or individuals to finance
government activities and public services.
32 33 34 34. The ___rate is an interest rate determined by
individual banks.
35 35. A quasi judicial body that hears income tax
appeals from Taxpayers, who do not agree
36 37 38 39 40 41
with any order.
42 43 36. Abbre: Centre For Financial Literacy.
38. To provide with what is useful or necessary in
44 45 achieving an end.
39. A non-governmental trade association and
advocacy group.
ACROSS 42. An international professional
41. The study of how people use technology to
association.
1. _______ means earnings before manage information.
43. A very small memory card that
interest, taxes, and amortization. contains unique information.
6. Give way to arguments, demands. 44. Refers to how quickly an
10. Abbre : quad-level cell. investment can be sold without
11. The world’s leading professional body negatively impacting its price.
of Management Accountants. 45. Specialist in energy management
13. A commercial shipping term used and automation.
in overseas transport and on inland Down
waterways. 1. Abbre : Equity Commonwealth.
14. A colorless, odorless, and tasteless 2. A digitally distributed,
gas. decentralized, public ledger that
16. ____can be calculated by exists across a network.
determining the change in 3. A small electronic device made
consumption divided by the change up of multiple interconnected
in income. electronic components.
17. Expressing the time when an event 4. Refers to the overall cost of
takes place. production.
18. A group of independent market 5. Tests mathematical problem
participants who collude with each solving with arithmetic, algebra,
other. counting, geometry.
20. Treating other people equally Under 6. A human-engineered DNA
the WTO agreements. molecule used to clone DNA.
21. A scheme for salaried employees to 7. A condition or supposition.
invest during work life and enjoy the 8. The transfer of money by
benefits after retirement. one party to another with an
22. A regional development bank agreement to pay it back.
established on 19 December 1966. 9. Program aims to establish
23. An intermediary between issuers of a Giro system to transfer
public or private debt and market subsidies directly to the people
investors. through their linked bank
24. The use of computer-based software account.
to aid in design processes. 12. A central government
27. A hormone released by the pituitary scheme, under which MPs
gland. can recommend development
29. The foundational agreement reached programmes involving spending
between many countries after World of Rs 5 crore every year.
War II to reduce tariffs, quotas. 15. Indicates the change in total
32. It means it accepts less than what production output caused by
was due in a particular loan account. using an additional resource.
33. Abbre : generally accepted principles 19. Indicates the change in total
and practices. production output caused by
35. World most secure payment and using an additional resource.
Crypto-currency wallet application. 20. A data measurement unit
36. An American cable television applied to digital computer or If undelivered, please return to: The
channel owned by Warner Bros. media storage. Institute of Chartered Accountants of India,
37. Something that has actual existence. 23. The platform brings professional ICAI Bhawan, Indraprastha Marg,
40. A fixed payment amount made by a and academic content in
borrower to a lender at a specified New Delhi-110002
multiple formats which can be
date each calendar month. used in a self-paced manner.
36