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Friday, 24 May 2019

CA Foundation Mock Test Papers for June 2019 exam. Latest Edition!!!

Friday, May 24, 2019 0

CA Foundation Mock Test Papers for June 2019 exam. Latest Edition!!!

CA Foundation Mock Test Papers

CA foundation exam is soon going to commence from 4th June 2019. The students appearing for this exam must be anxious to know the latest exam pattern and marking pattern for ICAI CA foundation exams.

Every year ICAI conducts Foundation exams in the month of May, but this year, the exam is postponed due to the election and will start from 4th June 2019.

ICAI has scheduled the CA Foundation Mock test for 2019 on 11th March 2019. With the help of Mock Test or Mock test Paper, you can understand the exam pattern and marking pattern of following exams.

If you are not able to appear for Mock test paper you can download the latest CA Foundation Mock test paper from these websites.

Read this article further to know everything about the Mock test paper.
Why do we need to practice with mock test paper?
How can You download the Mock test paper?
When does ICAI schedule mock test paper?
What is the process of registering for the Mock test? and
What subjects are best to study with Mock Test paper?
are some questions that will be answered in the article below.

Why do we need to practice with mock test paper?

Mock test paper is an effective warm-up exercise before an exam
To understand the exam pattern set by ICAI.
To understand the marking scheme for the following subject.
To evaluate students preparation and knowledge.
To help students in making an effective strategy to  finish the complete paper with proper time management,
To help students in building confidence in their knowledge and comprehension of questions.

Here is How You Can Download Mock test paper?

Mock test paper is available of ICAI website and also on good websites who provide an extra set of questions asked from the latest and updated syllabus. The process to download the Mock test paper is very simple and easy.

Visit on ICAI website

Select BOS knowledge portal under Student Tab
Select  your CA level course
Select the subject for which you want to download the Mock test paper
Select Mock test paper among the list of resources available
Download Mock test from November and May series

When does ICAI schedule Mock test paper?

ICAI has set 4 branches,
That schedule Mock test Paper twice every year. The Mock test paper is scheduled 2 months prior to exams. The ICAI schedule 2 series for every subject of Foundation, Intermediate and final level.
This year the scheduled dates for CA foundation Mock test paper  for both series is

Date & Time Schedule of Mock Test Paper – Foundation, First series

 8th Mar’19 and
 9th Mar’19
Paper-1: Principles and Practice of Accounting ( 10 AM to 1 PM )
Paper-2: Business Laws and Business Correspondence and Reporting ( 10 AM to 1 PM )
Paper-3: Business Mathematics and Logical Reasoning & Statistics (2 PM – 4 PM )
Paper-4: Business Economics and Business and Commercial Knowledge(2 PM – 4 PM )

Date & Time Schedule of Mock Test Paper – Foundation, Second series

15th April ’19 and
16th April 19
Paper-1: Principles and Practice of Accounting ( 10 AM to 1 PM )
Paper-2: Business Laws and Business Correspondence and Reporting ( 10 AM to 1 PM )
Paper-3: Business Mathematics and Logical Reasoning & Statistics (2 PM – 4 PM )
Paper-4: Business Economics and Business and Commercial Knowledge(2 PM – 4 PM )

What is the process of registering for the Mock test?

There are three ways to give Mock test paper?
Registering to ICAI scheduled Mock test
Appearing for Mock test scheduled by Coaching Institute
Downloading Mock test series and solving problems at a personal level.

If you want to appear for ICAI schedule Mock test than you need to register with your regional branch and enrol yourself for mock test.
Fees of  Rs.400/- for All Subjects and Rs 100 Subjectwise is also submitted at the time of registration.
This is a written test.
You register for your seat on first come first serve basis.
Cheque should be drawn on in favour of the regional branch for eg for the west zone the cheque will be drawn in favour  “WIRC OF ICAI” payable at Mumbai.

Your coaching institute might also schedule Mock test before exams .you should positively appear for these exams according to the decorum of your institute.

If you are not able to appear for Mock test then you can even download the  Mock test series uploaded on ICAI and other websites and can solve all the problems with fair means.

According to us, it is important to complete the syllabus timely and revise continuously to have the best results. The Mock test paper, RTP, Sample Papers, Previous year question paper should only be practised at the time of revision but there are few things we need you to keep in mind while solving Mock test paper.

Points to consider while solving Mock test Paper

Please ensure you know the updated and latest syllabus and are aware of necessary amendments of laws and accounting standards.
Avoid solving questions from the old syllabus which is obsolete.
Please only try to solve the latest Mock test paper for 2019 exams.
Try to use calculators for solving numerical problems and get handy with the shortcuts
Try to be fair while solving Mock Test and do not use unfair means. It won't help you with your real exams.
If you are willing to appear for ICAI schedule mock Test then please register timely to ensure your seat.
Please be keen to evaluate your answer sheet and try to learn from the mistake and clear all your doubt before exams.

CA  Foundation is the first level of CA exam.CA Foundation has 4 subjects and the latest syllabus for June 2019 exams is as follows.

Latest CA foundation June 2019 Syllabus

1)  Latest Updation made in Principles and Practices of Accounting syllabus

New additions
Average due date and account current.
Departmental Accounts.

2) Latest update  made in  Business Law syllabus

New additions  in the Partnership Act and Companies Act
The Limited Liability Partnership Act, 2008: Introduction- covering nature and scope, Essential features, characteristics of LLP, Incorporation and differences with other forms of organizations.
The Companies Act, 2013 [section 1 to 22]: Important definitions, Introduction of company & corporate veil theory, Classes of companies, Conversion of company, Incorporation of company, Memorandum of Association, Articles of Association, Alteration of Memorandum and Articles, Doctrine of Indoor Management, Conversion of companies already registered, Promoters, Service of documents.

3) Latest update  made in Business Correspondence and Reporting syllabus

New additions:
Section A
Section B
Section C
Comprehension Passages and Note-Making
Developing Writing Skills
Basic English Grammar
Comprehension Passages
Note Making

Article Writing
Report Writing
Writing Formal Letters
Writing Mails
Resume Writing

Introduction to Basic Writing
Nouns, Pronouns and Verbs
Articles, Adjectives and Adverbs
Prepositions, Conjunctions and Interjections
Direct Indirect, Active-Passive Speech
Vocabulary, Root Words, Synonyms, Antonyms, Prefixes, Suffixes, Phrasal verbs, Collocations and Idioms

4) Latest Update made in  Business Mathematics and Logical Reasoning and statistics syllabus.

New addition
Logical reasoning as a new subject is introduced.
Algebra of Matrices, Inverse of a Matrix and determinants, solving system of equations using matrix method (Cramer’s rule) involving not more than 3 variables.
The nominal rate of return
Compound Annual growth rate (CAGR)

5)  Changes made in Business Economics syllabus

New addition
Introduction to Business Economics
Meaning of Business Economics
Business Cycles Meaning of Business Cycles, Phases of  Business Cycles, Features of Business Cycles, Causes behind these Cycles.
Objectives of Business Firm- Profit Maximization, Sales Maximization, Growth Maximization.
Topics removed from CA Foundation course.
Macro Economics
Indian Economy

We hope this article will let you know all the latest update related to CA Foundation Mock Test paper for June 2019.

Keep yourself healthy and organised.

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Tuesday, 14 May 2019

Accounting and its Importance

Tuesday, May 14, 2019 1

Introduction to Accounting and Its Importance

Accounting and its Importance on taxonline24

Accounting is a way to organize the finances of a business so that its financial transactions can be tracked accurately. Accounting is extremely significant to every business. Therefore, every individual involved in a business is required to have basic knowledge about accounting and its importance, which we have elaborated below.

The topics covered in this article are:
1.      What is accounting?
2.      Importance of Accounting
3.      Types of Accounting

What is accounting?

Accounting is an organized and systematic way of recording the financial transactions which are made by a business. It is a process which summarizes, analyses, and reports the business transactions to third parties like regulators, oversight agencies, and tax collectors.
Being a one of the most important functions of a business, accounting is carried out by a professional accountant or bookkeeper in small firms, and by financial departments at bigger companies. Accounting generates various important reports of cost accounting and managerial accounting which the management helps the business management in making informed decisions.

Bookkeepers may handle basic functions of accounting, but only qualified accountants who are designated by the central authorities (Chartered Accountant, etc.) are supposed to handle advanced accounting functions of a business.

Accounting helps in creating financial statements of a company. Financial statements of a business summarize its operations, cash flow, and financial position in the market for a said period of time. They concisely summarize several financial transactions which the business may have made and recorded in the particular time period.This helps investors and other entities to analyze the financial position of a business and make decisions accordingly.

While preparing financial statements of a business, accountants usually follow the Generally Accepted Accounting Principles (GAAP). GAAP is basically a set of accounting principles or standards which follows the double-entry system of accounting. It is used in identification of balance sheets, measuring outstanding shares, and other issues of accounting.

Importance of Accounting 

Accounting mainly helps in recording transactions in an organized manner and creating financial statements for a business. However, accurate and proper accounting can pose as a defense mechanism of a business. Accurate accounting helps in reducing the business exposure to fraudulent risks. If the accounting is done right, then the audits conducted by the government will not create any hurdle in the daily operations of the business.

Accounting allows the business to grow in a measured and planned manner. It helps in tracking the business assets, liabilities, expenses, and incomeso that the business can make informed financial decisions. Decisions made on the basis of present financial health and past performance of the business will help in molding a more financially stable future. This will propel the growth of the business and guide it to the path of attaining maximum profit.

Accounting done wisely will help the business in attracting and satisfying its customers. It helps the business to have knowledge of its financial position and understand its sources of revenue and expenses. This gives a better understanding of the business to the management and shows how the business can be grown while maintaining customer satisfaction.

Lastly, accounting informs the business what it owes and what it is owed. It helps in tracking loanand interest repayments, managing payroll records, maintaining a budget, attracting potential investors, and setting up accurate financial records for payment of business taxes.

Types of Accounting

There are three main categories of accounting: financial accounting, managerial accounting, and cost accounting. They are elaborated as follows:
·         Financial Accounting: Financial accounting involves those processes which are used by professional accountantsto generate the accounting and financial statements of a business, annually. These statements are then made public to be viewed by investors, creditors, customers, and regulatory bodies.It aims at providing the financial information of a business to its outsider parties. Financial accounting considers money to be a measure of the economic performance of a business.

·         Managerial Accounting: Managerial or Management accounting involves those processes which are used by professional accountants to generate monthly and quarterly reports, which can be used by the management of the business to make important business decisions. It aims at helping managers and supervisors of the company in making financial decisions.

·         Cost Accounting: Cost accounting involves those processes which take into account all the costs related to the manufacturing of a product. The information produced by cost accounting further helps managers, analysts, accountants, and business owners to do the costing of their products. Cost accounting considers money to be an economic factor of production.

Author Details
Name :- Anil Tanwar
Contact No. :- 9318353236
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