Greetings to all fellow ‘Future Chartered Accountants’.
I would like to share that the institute has compiled a list of Frequently asked questions in ‘National Conventions/Conclaves’ of CA students and their answers.
These questions are similar to the various queries and doubts that we ourselves have in mind.
So reading these Q&As can be quite helpful to solve our own queries.
Click here to view the file consisting of Q&As.
Some of the FAQs (from that file) that are very common are-
Q.1 Maths is not needed in CA’s practice. Then why is it being tested at CPT Level?
Ans. Maths strengthens your base and trains you to deal with computational subjects like Accountancy, Financial Management, Cost Accounting etc. Therefore a basic understanding of mathematics is necessary for CAs and that is why it is being taught and tested at CPT level.
Q.2 Why is Information Technology subject introduced in CA course?
Ans. In today’s era, there is no field where the Information Technology has not penetrated and has not made its influential impact. One cannot refute its existence which effects key areas like Transportation, Employment, Health, Education, Accounting, Research, Finance to name a few. An information technology manager is responsible for the creation and implementation of a business process based information system for a client firm. A Chartered Accountant would be the ideal professional to suit the profile of an IT Manager with prior experience in diverse business processes, sound financial domain knowledge and analytical & logical mindset. In IT management, therefore, the role of a Chartered Accountant is considered to be very important and inevitable. Chartered Accountants as advisors, consultants, managers, auditors or planner play an important role in selecting, facilitating, controlling, managing, supervising and supporting proper IT management. Thus, a CA has a role to play in each step of IT management. Once a Chartered Accountant is fully prepared to take up this opportunity, then sky is the limit.
Q.3 How to manage both groups, how to prepare for IPCC (both group) within 8 months. What are the advantages of taking both groups together?
Ans. Managing both groups of IPCC requires a proper mix of intelligence and hard work and proper time management. This you will have to judge whether you are capable of taking both groups together or not. If you have even iota of doubt then it is better to take one group at a time. You save time when you take both the groups together. Plus, You have an edge over the students who do one group at a time as it is reflected in your Curriculum Vitae (CV).
Q.4 The Institute announced that articled students can find their firm through on-line Article Placement Portal. Kindly elaborate the procedure.
Ans. The Institute provides the facility of On Line Articles Placement Portal. This portal provides a platform to the firms of Chartered Accountants having vacancies for Articled Assistants to select eligible students and the candidates who are eligible for undergoing articled training. Both eligible firms and candidates have to register themselves online through the articles placement portal. Please visit http://bosapp.icai.org for details regarding this facility.
Q.5 Why is there no transparency in the recruitment of articles. Despite the fact that why one has scored well in the exams still the reference is to be applied for training?
Ans. The Institute does not have any role in placement of articles. However, for theconvenience of students and firms the Institute has started On-line Article Placement Portal where firms desiring to keep articles and students desiring for doing articleship register themselves for placement. The selection procedure is entirely the domain of the registering firm in which the Institute does not have any role to play.
Q.6 I have already registered for CA Final in Nov, 2011 but my attempt will be in 2014. Is it possible to exchange old material with the new?
Ans. You have to buy the updated study material relevant for your attempt. But as stated earlier, you must start your preparation right away. You must keep yourself updated every year by reading Students’ Journal, RTP for each attempt and buy the relevant material in Taxation and Law Paper with reference to relevant assessment year applicable for the particular examination attempt.
Q.7 After passing IPCC when should we start the study of Final course?
Ans. Immediately. You should not waste even a single day in a dynamic and demanding course like CA. Moreover, you will take some time in developing acquaintance with the subjects.
Q.8 How important is it to quote case laws in subjects like law and tax. Will we lose marks by not quoting unless demanded by the question?
Ans. Try to quote relevant section numbers/case laws, wherever possible. However, it is better not to quote than to misquote a section number/case law.
Q.9 Is it necessary to write the answer in the serial order?
Ans. It is not necessary to write the answer in the serial order. But you should mention correct question number clearly.
Q.10 I have already registered for CA Final in Nov, 2011 but my attempt will be in 2014. Is it possible to exchange old material with the new?
Ans. You have to buy the updated study material relevant for your attempt. But as stated earlier, you must start your preparation right away. You must keep yourself updated every year by reading Students’ Journal, RTP for each attempt and buy the relevant material in Taxation and Law Paper with reference to relevant assessment year applicable for the particular examination attempt.
Q.11 I am not doing graduation, am I eligible for IAS or IPS exam on the basis of CA degree?
Ans. Chartered Accountants are eligible for admission to Civil Services Examinations conducted by UPSC for recruitment to IAS, IPS and other Group A/Group B Central Services/Posts.
Q.12 How to write answer in theory papers especially Law?
Ans. In reference to the subject of law, while attempting practical/application oriented questions, students should be able to pinpoint the legal points or issues involved in any statement, problem or situation given in the question, explain the relevant legal provisions clearly, correlate the legal provisions to the given statement or problem or situation and cite the relevant case law in support of their reasoning.
For example, the answer of the students must be divided into four categories:
I. Name of the Act and the provision by which it is governed
II. Reference of any case law, if any for quality of the answer though not effecting on the scoring of the answer
III. Co-relation of the legal provisions to the given statement/problem in a question
IV. Conclusion
Q.13 Can a person become a CA without any type of tuitions or coaching?
Ans. Yes, it depends upon individual’s capability and aptitude.
These are but only a few out of the many Q&As provided therein.
The problem is, when we open the file, we find that the number of questions are too much and the file is too long. It becomes difficult to find questions that are relevant to us. So I decided to work upon the file and shorten the list of questions, and arrange them in a logical sequence. The link to my compilation is here-
FAQs by CA students
Hope this would prove useful.
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