CA Foundation Exam Tips: How To Create Effective Notes For Business Law And BCR
May 27, 2023, 16:45 IST
Ca Foundation Exam: Ca Foundation Exam is the very first step of the CA exam journey. This exam is conducted twice a year by the Institute of Chartered Accountants of India (ICAI). It serves as an entry point for the chartered accountant. Hence, it is important to create effective notes for the Ca foundation exam.
In this blog, we will uncover how we can prepare effective notes for the Ca foundation exam subjects.
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Ca foundation exam is the first level in the journey of the Chartered Accountant. This exam can be subjective as well as objective based. However, this exam is a screening round for all the charter accountant aspirants. The Ca foundation exam was introduced by the ICAI to replace the earlier Common Proficiency Test (CPT).
However, it is designed to assess the candidate’s fundamental knowledge and understanding of accounting principles, mercantile law, general economics, and quantitative aptitude.
Business Law and BCR (business correspondence & reporting) are the two main Ca foundation subjects in the Ca foundation exam syllabus.
business law Ca foundation is one of the Ca foundation subjects that contains the legal framework and regulations regarding business transactions and operations. It covers the fundamental principles and rules that apply to business. It includes contracts, partnerships, company law, and other related areas. However, the objective of the business law ca foundation is to provide students with a proper understanding of legal concepts and their practical application in the business environment.
BCR (business correspondence and reporting) is a subject that focuses on preparing for effective management and responding to unexpected scenarios. It includes disruptions, risks, and crises. However, it aims to develop strategies and plans that ensure that the business doesn't get affected by unfavorable conditions if they occur.
Some of the important facts about the Ca foundation exam are given below:
- The Ca foundation exam is conducted by the Institute of Chartered Accountants of India.
- It is a national-level exam in India. Lakhs of students apply each year for this exam.
- This exam was earlier known as the Common Proficiency Test (CPT).
- This test is conducted twice a year.
- Also, the mode of language is English. It is not optional.
- The mode of application is online.
- Also, the mode of the exam is offline, pen-paper based.
- In addition, the duration of the exam is 3 hours.
- Also, the minimum qualification for the foundation is a graduate degree from a recognized university.
- Also, there are four papers in this exam and each paper carries 100 marks.
- In addition, papers 1 and 2 are subjective based and papers 3 and 4 are objective based.
- Besides, negative marking is present in paper 3 and paper 4.
- Also, you must score at least 40 marks on each paper to pass this examination.
Below are some of the ca foundation study plans to make effective Ca Foundation exam notes for the CA Foundation exam
- Use a structured format
Always organize your notes in a structured format. It makes it easy to review, especially during your revision. Besides, you can use headings, proper bullet points, and subheadings to categorize different topics. Also, this will help you create a visual hierarchy and enable you to find the required information.
- Focus on Important Concepts
During watching lectures and making notes, make sure not to write word for word or every detail exactly. Instead, focus on the important concepts, case studies, definitions, and practical examples that make the concept easier to understand.
- Abbreviations and Symbols
During notes, abbreviations can be a time saver. Make a habit of using symbols and abbreviations like “&” for “and”,”->” for “leads to”. It allows you to condense information and maintain clarity at the same time.
- Active Listening
Try to engage in listening while attending lectures on business law ca foundation and BCR resources. Also, take an active part in discussions, ask your queries, and seek clarifications when needed. Besides, this will help you identify the most important points to include in your notes and also help you better understand the material.
- Visual Aids
Visual aids are easier to understand, and they are one of the most effective ways to clarify our concepts regarding any topic. Some of the methods, like diagrams, flowcharts, and mind maps, can help make your notes more powerful. However, visual aids can serve as memory aids, assisting in information recall when needed.
- Digital Tools
Consider using digital note-taking tools and applications to enhance your note-taking experience. Nowadays, with the advance of technology, we can be more responsive in our preparation. Apps like Evernote, Microsoft OneNote, and Google Keep allow you to organize your searches. You can access your notes on multiple devices.
Also, with the help of digital tools, you can highlight, tag, save important links, and even take photos and store them topic-wise.
- Summarize and Review
Maintain the habit of reviewing your notes to refresh the topic you studied. Also, take time to summarize the studied topic and add the main points of each section or topic in your own words.
This will help you structure your learning. Also, it will ensure that the topics don't get washed out of your brain.
- Highlight Important Points
Always try to highlight the important points using a darker black pen or a highlighter. It will help you pay extra attention at the time of revision and ensure that you don’t skip that content during your exam revision.
- Take Help Of Previous Year's Exam Papers
You can structure your notes in a way that follows the current exam pattern and requirements of the Ca foundation exam. This will especially help you sort out the list of important topics and mention them in your notes.
- Make A Glossary
Try to make a separate section for the important legal terms, definitions, and explanations. It will provide you with a quick reference and help you grasp the meaning of legal terminology while studying or revising.
- Active Recall is Necessary
Some of the ways to make a habit of quick and effective revision are:
- Solve exercises and test your understanding of the material regularly.
- Don’t quickly jump on to see notes besides try to challenge yourself to recall it from your memory. It will help you strengthen your knowledge and memory power.
- It will help you keep all the studied topic remain fresh in your mind.
Overall, creating effective notes is an important part of your preparation for business law and BCR studies. If you implement it properly, it will boost your understanding, and expertise of the topics. The Ca foundation exam is an intermediate difficulty test, and the syllabus is vast. Hence, maintaining the habit of making notes will help you in your revision, and score high marks in the exam.
Q1. How many times is the CA foundation exam conducted in a year?
Ans. The Ca foundation exam is conducted twice a year, in the months of May and November.
Q2. Is the CA foundation exam hard to crack?
Ans. The Ca foundation exam is a medium difficulty level exam. If you prepare well and plan your preparation well, you can score well on the exam.
Q3. What is the weightage of the business law paper in the Ca foundation exam?
Ans. The weightage of business laws is about 25-30% in the Ca foundation exam.
Q4. Can we score good marks while preparing for only 2-3 months?
Ans. Yes, you can score good marks if you prepare and plan well for your exam. It includes understanding the syllabus and paper pattern, making notes, revising, and other things.
Q5. What are the passing marks for the Ca Foundation BCR?
Ans. Every student needs to score at least 40% in every subject to pass the Ca foundation exam 2023. However, keep checking the official website of ICAI for more updates on the pattern.
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