📘 CA Foundation Paper 1: Accounting – Complete Guide + Study Plan
📘 CA Foundation Paper 1: Accounting – Complete Guide + Study Plan
Welcome to another insightful post on Towards the CA Tag. Today, we dive deep into Paper 1: Accounting – the backbone subject of the CA Foundation exam.
Whether you’re from a commerce background or new to accounting concepts, this guide will help you understand the syllabus and master it strategically.
📖 Paper 1: Accounting – Overview
🧾 Detailed Syllabus of Accounting
🔹 1. Theoretical Framework
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Meaning and Scope of Accounting
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Accounting Concepts, Principles, and Conventions
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Double Entry System and Accounting Equation
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Capital and Revenue
📌 Tip: These are basic theory questions often asked in 4–6 mark segments.
🔹 2. Accounting Process
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Journal Entries
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Ledger Posting
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Trial Balance
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Subsidiary Books
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Cash Book
🎯 Foundation of the subject. Get solid grip here before moving ahead.
🔹 3. Bank Reconciliation Statement (BRS)
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Need for BRS
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Preparation of BRS
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Adjusted Cash Book
🔄 Always tested for practical accuracy.
🔹 4. Depreciation Accounting
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Meaning & Causes
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Straight-Line Method vs. Written Down Value Method
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Accounting Entries and Effects on Financial Statements
🛠️ Make a table to compare both methods. Practice practical sums daily.
🔹 5. Rectification of Errors
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Types of Errors (Omission, Commission, Principle)
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One-sided vs. Two-sided Errors
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Suspense Account
🚫 Very scoring. Understand error impact clearly.
🔹 6. Bills of Exchange
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Concepts: Bill, Promissory Note
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Journal Entries for Drawer and Drawee
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Dishonour, Renewal, Endorsement
📄 Diagrams help in visualizing flow of transactions.
🔹 7. Final Accounts of Sole Proprietors
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Trading and Profit & Loss Account
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Balance Sheet Preparation
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Adjustments (Closing Stock, Accrued/Prepaid, Depreciation, etc.)
📊 Most important topic — expect at least 20 marks.
🔹 8. Special Transactions
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Consignment
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Joint Ventures
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Goods Sent on Approval
🔍 Requires conceptual clarity and journal entries.
🔹 9. Partnership Accounts (Basics)
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Features of Partnership
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Profit Sharing Ratios
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Capital Accounts (Fixed & Fluctuating)
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Interest on Capital / Drawings
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Admission/Retirement Basics
🔹 10. Introduction to Company Accounts
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Types of Companies
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Issue of Shares (Basics)
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Share Capital Accounting
🧠 Only introductory level. ICAI keeps it simple here.
📆 4-Week Study Plan for Paper 1: Accounting
Here’s a strategic weekly plan for concept learning + revision:
✅ Week 1: Foundation Week
Day | Topics |
|---|---|
1-2 | Theoretical Framework |
3-4 | Accounting Process (Journal → Ledger → Trial Balance) |
5-6 | Subsidiary Books + Cash Book |
7 | Revise + MCQs + Practice 1 Mock from this section |
✅ Week 2: Building Blocks
Day Topics 1 Bank Reconciliation Statement 2 Depreciation Accounting 3 Rectification of Errors 4 Bills of Exchange 5 Practical sums on above 6-7 Cumulative Revision + Practice Set 1
✅ Week 3: Advanced Applications
Day | Topics |
|---|---|
1-2 | Final Accounts of Sole Proprietor |
3 | Consignment |
4 | Joint Venture |
5 | Goods on Approval |
6-7 | Practice Final Accounts & Mock 2 |
✅ Week 4: Higher Concepts + Revision
Day | Topics |
|---|---|
1 | Partnership Accounts (Basics) |
2 | Company Accounts (Intro) |
3-4 | Solve ICAI past papers |
5 | Attempt Full-Length Mock |
6-7 | Final Revision + Sticky Notes & Cheat Sheet Review |
🧠 Tips to Score High in Paper 1
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Focus on accuracy and presentation in practical questions.
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Use formats for journal entries, ledgers, and statements.
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Don't ignore theory questions — prepare short bullet answers.
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Solve ICAI Sample Papers and Past Year Questions.
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Maintain a corrections notebook to record your mistakes.
🧩 What’s Next?
In the next blog, we’ll cover Paper 2: Business Laws, along with memory tricks and how to tackle case-based questions.
Stay tuned to Towards the CA Tag, and let’s crack CA Foundation — one subject at a time! 💪
💬 Have questions about any topic? Drop them in the comments or message me directly — I’m here to help!
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