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CA Intermediate Course



As per the New Scheme of Education and Training 2023, the CA Intermediate course is a pivotal phase in the journey towards becoming a Chartered Accountant, following successful completion of the CA Foundation level. Administered by the Institute of Chartered Accountants of India (ICAI), the Intermediate course is designed to deepen the understanding of accounting principles, financial management, and taxation. The course comprises two groups, each consisting of four subjects, providing a comprehensive study of advanced accounting, corporate laws, audit and assurance, strategic management, and more. The Intermediate level acts as a bridge, refining the technical and practical skills of aspiring Chartered Accountants as they progress towards the final stage of their qualification.

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One distinguishing feature of the CA Intermediate course is its focus on building a strong foundation in both theoretical concepts and practical application. The curriculum is designed to expose candidates to real-world scenarios, enhancing their ability to analyze and solve complex financial problems. Additionally, the Intermediate course places emphasis on professional ethics and values, aligning future Chartered Accountants with the ethical standards expected in the field. This holistic approach ensures that individuals completing the Intermediate level are not only academically proficient but also equipped to handle the ethical challenges that may arise in their professional careers.

Eligibility

The candidates can register for the intermediate course through the following two routes:

1. Through CA Foundation Course: Candidates who have qualified CA Foundation Examination conducted by the Institute of Chartered Accountants of India (with minimum 50% marks).

2. Through Direct Entry Route:The following candidates are allowed to directly register for the CA Intermediate course:
- A Commerce graduate/ Post-Graduate (with minimum 55% marks) or Other Graduate/ Post-Graduate ( with minimum 60% marks)
- A candidate who has passed the Intermediate level exam conducted by the Institute of Company Secretaries of India or the Institute of Cost Accountants of India.


CA Intermediate Registration


Intermediate course is divided into 6 subjects and 2 groups and Intermediate exams are held twice in a year i.e., May and November.

The students who wish to appear in the May cycle should get themselves registered for the intermediate course before September in the previous year and the students who wish to appear in the November cycle should get themselves registered for the intermediate course before March in the same year.

Students from the CA foundation route can register themselves either for one group or both the groups of the intermediate course. However, the students from the direct entry route have to register themselves for both groups at a time.

Candidates who are pursuing the Final Year of Graduation Course can also register for the Intermediate Course on a provisional basis.


CA Intermediate Registration Fees


Particulars Both Groups (Rs.) Both Groups (US $) Group I/ II (Rs.) Group I/ II (US $)
Registration Fee 15,000 11,000
Students Activities Fees 2,000 2,000
Registration Fees as Articled Assistant 1,000 2,000
Total 18,000 1,000 13,000 600

CA Intermediate Application Fees


For Both Groups For Single Group
For Indian Centres INR 2700 INR 1500
For Kathmandu (Nepal) Centre INR 3400 INR 2200
For Overseas Centres (Abu Dhabi, Doha, Dubai, Muscat) US $500 US $ 325

Exam Pattern for May 2024


CA intermediate course consists of 6 subjects- Advanced accounting, Corporate and other laws, Taxation, Cost and management accounting, Auditing and ethics, financial and strategic management.

Each paper will carry 100 marks and a duration of 3 hours.

Each of the four papers will include multiple choice questions and descriptive questions. For MCQs, 30 marks will be allotted while the remaining 70 marks are for descriptive questions.

CA Intermediate Course Content

As described, the 6 subjects of CA Intermediate course are divided into 2 groups- Group 1- Advanced Accounting + Corporate and other laws + Taxation Group 2- Cost and management accounting + Auditing and ethics + Financial and strategic management

Objective- to acquire the ability to apply specific accounting standards and legislations to different transactions and events and in preparation and presentation of financial statements of various business entities.

1. Process of formulation of Accounting Standards including Indian Accounting Standards (IFRS converged standards) and IFRSs; Convergence vs Adoption; Objective and Concepts of carve outs.

2. Framework for Preparation and Presentation of Financial Statements (as per Accounting Standards).

3.
i Applicability of Accounting Standards to various entities.
ii Application of Accounting Standards:
AS 1 Disclosure of Accounting Policies
AS 2 Valuation of Inventories
AS 3 Cash Flow Statements
AS 4 Contingencies and Events Occurring After the Balance Sheet Date
AS 5 Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
AS 7 Construction Contracts
AS 9 Revenue Recognition
AS 10 Property, Plant and Equipment
AS 11 The Effects of Changes in Foreign Exchange Rates
AS 12 Accounting for Government Grants
AS 13 Accounting for Investments
AS 14 Accounting for Amalgamations (excluding inter-company holdings)
AS 15 Employee Benefits
AS 16 Borrowing Costs Leases
AS 17 Segment Reporting
AS 18 Related Party Disclosures
AS 19 Leases
AS 20 Earnings Per Share
AS 21 Consolidated Financial Statements of single subsidiaries (excluding problems involving acquisition of Interest in Subsidiary at Different Dates, Cross holding, Disposal of a Subsidiary and Foreign Subsidiaries)
AS 22 Accounting for Taxes on Income
AS 23 Accounting for Investment in Associates in Consolidated Financial Statements
AS 24 Discontinuing Operations
AS 25 Interim Financial Reporting
AS 26 Intangible Assets
AS 27 Financial Reporting of Interests in Joint Ventures
AS 28 Impairment of Assets
AS 29 Provisions, Contingent Liabilities and Contingent Assets

4. Company Accounts
(i) Schedule III to the Companies Act, 2013 (Division I)
(ii) Preparation of financial statements–Statement of Profit and Loss, Balance Sheet and Cash Flow Statement
(iii) Buy back of securities
(iv) Accounting for reconstruction of companies

5. Accounting for Branches including foreign branches

This paper is further divided in 2 sections- Company laws and other laws Objective- To develop an understanding of the legal provisions and acquire the ability to analyse and apply the laws in practical situations.

Contents for Part 1


I. The Companies Act, 2013: including important rules and drafting of notices, resolutions etc.–
1. Preliminary
2. Incorporation of Company and Matters Incidental thereto
3. Prospectus and Allotment of Securities
4. Share Capital and Debentures
5. Acceptance of Deposits by Companies
6. Registration of Charges
7. Management and Administration
8. Declaration and Payment of Dividend
9. Accounts of Companies
10. Audit and Auditors
11. Companies Incorporated Outside India

II. The Limited Liability Partnership Act, 2008 including important Rules

Contents for part 2

1. The General Clauses Act, 1897: Important Definitions, Extent and Applicability, General Rules of Construction, Powers and Functionaries, Provisions as to Orders, Rules, etc. made under Enactments and Miscellaneous provisions.

2. Interpretation of Statutes: Rules of Interpretation of Statutes, Aids to Interpretation, Rules of Interpretation/Construction of Deeds and Documents.

3. The Foreign Exchange Management Act, 1999: Significant definitions and concepts of Current and Capital Account Transactions.
Note: If any new legislation(s) is/are enacted in place of the existing legislation(s), the syllabus would include the corresponding provisions of such new legislation(s) with effect from a date notified by the Institute. The specific inclusion(s)/exclusion(s) in the various topics covered in the syllabus will be effected every year by way of Study Guidelines, if required.

This paper is further divided into 2 sections- Income tax and Goods and services tax.
Objective- To develop an understanding of the provisions of income-tax law and GST Law whereas to acquire the ability to apply such provisions to solve problems and address application oriented issues.

Contents for Part 1


1. Basic Concepts:
(i) Income-tax law: An introduction
(ii) Significant concepts in income-tax law, including person, assessee, previous year, assessment year, income, agricultural income
(iii) Basis of Charge
(iv) Procedure for computation of total income and tax payable in case of individuals

2. Residential status and scope of total income:
(i) Residential status
(ii) Scope of total income

3. Heads of income and the provisions governing computation of income under different heads:
(i) Salaries
(ii) Income from house property
(iii) Profits and gains of business or profession Capital gains
(iv) Income from other sources

4. Provisions relating to clubbing of income, set-off or carry forward and set-off of losses, deductions from gross total income.

5. Advance Tax, Tax deduction at source and tax collection at source.

6. Provisions for filing return of income and self-assessment.

7. Computation of total income and income-tax payable by an individual under the alternative tax regimes under the Income-tax Act, 1961 to optimise tax liability.

Contents for Section 2


1. GST Laws: An introduction including Constitutional aspects.

2. Levy and collection of CGST and IGST:
(i) Application of CGST/IGST law
(ii) Concept of supply including composite and mixed supplies
(iii) Charge of tax including reverse charge
(iv) Exemption from tax
(v) Composition levy

3. Basic concepts of:
(i) Classification
(ii) Place of supply
(iii) Time of supply
(iv) Value of supply
(v) Input tax credit

4. Computation of GST liability.

5. Registration.

6. Tax invoice; Credit and Debit Notes; Electronic way bill.

7. Accounts and Records.

8. Returns.

9. Payment of tax.

Objective- To develop an understanding of the basic concepts and applications to establish the cost associated with the production of products and provision of services and apply the same to determine prices and to develop an understanding of cost accounting statements.

Contents


 1. Overview of Cost and Management Accounting: 

(i) Introduction to Cost and Management Accounting: 

a. Objectives and Scope of Cost and Management Accounting. 

b. The users of Cost and Management accounting information, Functions of management accounting. 

c. Role of cost accounting department in an organisation and its relation with other departments. 

d. Installation of Costing System. 

e. Relationship of Cost Accounting, Financial Accounting, Management Accounting and Financial Management. 

f. Cost terms and Concepts. 

g. Cost Reduction and Cost Control 

h. Elements of Costs. 

i Cost behavior pattern, Separating the components of fixed, variable, semi-variable and step costs. 

j Methods of Costing, Techniques of Costing. 

k Digital Costing. 

(ii) Elements of Cost and preparation of Cost Sheets: 

a. Functional classification and ascertainment of cost. 

b. Preparation of Cost Sheets for Manufacturing sector and for Service sector. 



2. Ascertainment of Cost and Cost Accounting System: 

(i) Material Cost: 

a. Introduction to procurement procedures. Valuation of receipts, issue and closing stock of Material, Stock verification. 

b. Material requirement analysis through digital costing including Government e-Marketplace (GeM). Introduction to Costing through Enterprise Resource Planning (ERP). Process of tender and quotation. 

c. Inventory control: 

- Techniques of fixing level of stocks-minimum, maximum, re-order point, safety stock, determination of optimum stock level. 

- Determination of Optimum Order quantity-Economic Order Quantity (EOQ). 

- Techniques of Inventory control-ABC Analysis, Fast, Slow moving and Non moving (FSN), High, Medium, Low (HML), Vital, Essential, Desirable (VED), Just-in-Time (JIT)- Stock taking and perpetual inventory system, use of inventory control ratios, Digital Inventory control. 

d. Treatment of Normal/Abnormal Losses w.r.t. waste, scrap, spoilage, defective, obsolescence. 

(ii) Employee Cost: 

a. Introduction to Attendance and Payroll procedures. 

b. Elements of wages-Basic pay, Dearness Allowance, Overtime, Bonus, Holiday and leave wages, Allowances and perquisites. 

c. Employee Cost Control. 

d. Employee Turnover-Methods of calculating employee turnover, causes of employee turnover, effects of employee turnover. 

e. Remuneration systems and incentive schemes-Premium Bonus Method (Halsey Plan and Rowan Plan). 

(iii) Direct Expenses: 

Identification of direct expenses with the main product or service and its treatment. 

(iv) Overheads: 

a Functional analysis-Factory, Administration, Selling, Distribution, Research and Development. 

b Behavioral analysis-Fixed, Variable and Semi-Variable. 

c Allocation and Apportionment of overheads using Absorption Costing Method. 

d Factory Overheads-Primary and secondary distribution. 

e. Administration Overheads-Method of allocation to cost centres or products. 

f. Selling & Distribution Overheads-Analysis and absorption of the expenses in products/ customers, impact of marketing strategies,   cost effectiveness of various methods of sales promotion. 

g. Treatment of Research and development cost in cost accounting. 

(v) Concepts of Activity Based Costing (ABC). 

(vi) Integration of cost and financial data: 

a. Recording of financial data and its segregation. 

b. Introduction to Non-integrated and Integrated Accounting system. 

c. Items included in cost accounts only but financial accounts and vice versa. 

d. Reconciliation of profit as per Cost and Financial Accounts (under Non-Integrated Accounting System). 



3. Methods of Costing 

(i) Single Output/ Unit Costing. 

(ii) Job Costing: 

Job cost cards and databases, collecting direct costs of each job, attributing overheads to jobs, Application of job costing. 

(iii) Batch Costing: 

Determination of optimum batch quantity, Ascertainment of cost for a batch, Preparation of batch cost sheet, Treatment of spoiled and defective work. 

(iv) Process/Operation Costing: 

a. Process cost recording, Process loss, Abnormal gains and losses, Equivalent units of production, Inter-process profit, Valuation of work in process. 

b. Joint Products-Apportionment of joint costs, Methods of apportioning joint cost over joint products. 

c. By-Products-Methods of apportioning joint costs over by-products, treatment of By-Product cost. 

(v) Costing of Service Sectors: 

Determination of Costs and Prices of services. 



4. Cost Control and Analysis: 

(i) Standard Costing: 

a. Setting up of Standards, Types of Standards, Standard Costing as method of performance measurement. 

b. Calculation and Reconciliation of Material Cost, Labour cost, Variable Overhead, Fixed Overhead. 

(ii) Marginal Costing: 

a. Basic concepts of marginal costing, Contribution margin, Break-even analysis, Break–even and profit volume charts, Contribution to sales ratio, Margin of Safety, Angle of Incidence, Cost-Volume-Profit Analysis (CVP). 

b. Determination of Cost of a product/ service under marginal costing method, determination of cost of finished goods, work-in-progress. 

c. Comparison of Marginal costing with absorption costing method-Reconciliation of profit under both the methods. 

d. Short term decision making: 

- Make or buy decision 

- Discontinuation decision 

- Multiproduct break-even analysis 

- Limiting factor (key factor) 

(iii) Budget and Budgetary Control: 

a. Meaning of Budget, Essentials of Budget, Budget Manual, Budget setting process, Preparation of Budget and monitoring procedures. 

b. The use of budget in planning and control. 

c. Flexible budget, Preparation of Functional budget for operating and non-operating functions Cash budget, Master budget. 

d. Introduction to Principal/Key budget factor, Zero Based Budgeting (ZBB), Performance budget, Control ratios and Budget variances. 

e. Budgets and motivation. 

f. Feedback and Feed forward controlling in budgeting.

Objective- To develop an understanding of the concepts in auditing and of the generally accepted auditing procedures, techniques and skills and acquire the ability to apply the same in audit and attestation engagements.

Contents


1. Nature, Objective and Scope of Audit: 

Auditing Concepts: Origin of Auditing, Meaning of Audit, Need for Audit (Benefits of Audit), Objective of the Audit, Scope of Audit, External Audit engagements, Qualities of Auditor. 

- Inherent Limitations of an Audit; Relationship of auditing with other disciplines. 

(SA 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Standards on Auditing). 


2. Audit Strategy, Audit Planning and Audit Program: 

(SA 300 Planning an Audit of Financial statements) 

- Auditor’s responsibility to plan an audit of financial statements. Benefits of audit planning. 

- Planning is a continual and iterative process. 

- Discussion of elements of planning with the entity’s management. Involvement of Key Engagement Team Members in planning the       audit. Preliminary engagement activities. 

- The auditor’s consideration of client continuance and ethical requirements. Planning activities. 

- Establishing an overall audit strategy-Assistance for the auditor. Development of audit plan. 

- Documenting the overall audit strategy and audit plan; Audit program. 

- Development of Audit Plan and Program. 


3. Risk Assessment and Internal Control: 

- Audit Risk. 

- Risk of Material Misstatement, Inherent Risk and Control Risk, Detection Risk. 

- Sampling and Non-Sampling Risk. 

- Concept of Materiality, Materiality in Planning and Performing an Audit. 

- Auditor’s responsibility to apply the concept of materiality. 

- Auditor’s determination of materiality is a matter of professional judgement. Materiality and Audit Risk. 

- Application of materiality in planning and performing the audit. Concept of Performance materiality. 

- Determining materiality and performance materiality when planning the audit. 

- Use of Benchmarks in determining materiality for the financial statements as a whole. Materiality level or levels for particular classes     of transactions, account balances or disclosures. 

- Revision in materiality as the audit progresses. Documenting the Materiality. 

  (SA 320 Materiality in Planning and Performing an Audit). 

- Identifying and Assessing the Risk of Material Misstatement, Risk Assessment procedures. 

- Understanding the entity and its environment; Internal control. 

- Documenting the Risks. 

- Evaluation of internal control system. 

- Testing of Internal control; Internal Control and IT Environment (SA 315 Identifying and Assessing the Risks of Material Misstatement Through Understanding the Entity and Its Environment). 

Digital Audit: Key features, Impact of IT related Risks, Impact on Controls, Internal Financial Controls as per Regulatory requirements, Types of Controls, Audit approach, Understanding and documenting Automated environment, Testing methods, data analytics for audit, assessing and reporting audit findings. 

Overview and Introduction: The Auditor’s Responses to Assessed Risks-SA 330. 


4. Audit Evidence: 

- Meaning of Audit Evidence. 

- Relevance and Reliability of audit evidence; Sufficient appropriate audit evidence, Meaning of Assertions. 

- Assertions contained in the Financial Statements. Source of audit evidence. 

- Test of controls. 

- Substantive Procedures-Test of details and Substantive analytical procedures, Audit procedures for obtaining audit evidence. 

- Evaluation of Audit Evidence (SA 500 Audit Evidence), Audit Trail. (Using the work of Internal Auditors – SA 610) 

- Internal audit function. 

- External Auditor’s Responsibility for the audit, Evaluating the internal audit function. 

- Basics of Internal Financial Control and reporting requirements. Distinction between Internal Financial Control and Internal Control    over Financial Reporting. 

- Audit Sampling: (SA 530 Audit Sampling). Meaning of Audit Sampling. 

- Designing an audit sample; Types of sampling (Approaches to Sampling). 

- Sample Size and selection of items for testing; Sample selection method. 

- Obtaining evidence of existence of inventory; Audit procedure to identify litigation & claims, obtaining evidence regarding the presentation and disclosure of segment information (SA 501 Audit Evidence-Specific Considerations for Selected Items); External confirmation procedures. Management’s refusal to allow the auditor to send a confirmation request; Negative Confirmations(SA 505 External Confirmations); Audit evidence about opening balances; Accounting policies relating to opening balances; Reporting with regard to opening balances (SA 510 Initial Audit Engagements-Opening Balances). 

- Meaning of Related Party; Nature of Related Party Relationships & Transactions; Understanding the Entity’s Related Party      Relationships & Transactions (SA 550 Related Parties). 

- Analytical Procedures. 

- Meaning, nature, purpose and timing of analytical procedures; Substantive analytical procedures. 

- Designing and performing analytical procedures prior to Audit. 

- Investigating the results of analytical procedures (SA 520 Analytical Procedures). 


5. Audit of Items of Financial Statements: 

- Audit of sale of Products and Services; Audit of Interest Income, Rental Income, Dividend Income, Net gain/loss on sale of Investments etc. 

- Audit of Purchases, Employee benefits expenses, Depreciation, Interest expense, Expenditure on Power & Fuel, Rent, Repair to building, Repair to Machinery, Insurance, Taxes, Travelling Expenses, Miscellaneous Expenses etc. 

- Audit of Share Capital, Reserve & Surplus, Long Term Borrowings, Trade Payables, Provisions, Short Term Borrowings & Other Current  Liabilities. 

- Audit of Land, Buildings, Plant & Equipment, Furniture & Fixtures, Vehicles, Office Equipment, Goodwill, Brand/Trademarks, Computer Software etc. 

- Audit of Loan & Advances, Trade Receivable, Inventories, Cash & Cash Equivalent, Other Current Assets. Audit of Contingent Liabilities. 

(The list of items is illustrative only) 


6. Audit Documentation

- Concept of Audit Documentation. 

- Nature & Purpose of Audit Documentation; Form, Content & Extent of Audit Documentation.Completion Memorandum. 

- Ownership and custody of Audit Documentation (SA 230 Audit Documentation). 


7. Completion and Review 

- Meaning of Subsequent Events; 

- Auditor’s obligations in different situations of subsequent events. 

- Procedures for subsequent events. (SA 560 Subsequent Events). 

- Responsibilities of the Auditor with regard to Going Concern Assumption; Objectives of the Auditor regarding Going Concern. 

- Events or Conditions that may cast doubt about Going Concern Assumption. 

- Audit Procedures when events or conditions are identified (SA 570 Going Concern). Overview and 

- Introduction of Evaluations of Misstatements identified during the audit (SA 450). 

- Written Representations as Audit Evidence. 

- Objective of Auditor regarding Written Representation. 

- Management from whom Written Representations may be requested. 

- Written Representations about Management’s Responsibilities (SA 580 Written Representations) 

- Overview and Introduction of SA 260: Communication with Those Charged with Governance. 

- Overview and Introduction of SA 265 Communicating Deficiencies in Internal Control to Those Charged with Governance and Management. 


8. Audit Report 

- Forming an opinion on the Financial Statements. 

- Auditor’s Report- basic elements (SA 700 Forming an Opinion and Reporting on Financial Statements). 

- Communicating key Audit Matters in the Independent Auditor’s Report (SA 701) Types of Modified Opinion, Circumstances When a Modification to the Auditor’s Opinion is Required, Qualified, Adverse Disclaimer of Opinion (SA 705 Modification to the Opinion in the Independent Auditor’s Report). 

- SA 706 Emphasis of Matter Paragraphs and Other Matter Paragraphs in the Independent Auditor’s Report.  

- Nature of Comparative Information. 

- Corresponding Figure; Comparative Financial Statements (SA 710 Comparative Information 

– Corresponding Figures and Comparative Financial Statements). 

- Branch audit; Joint audit; Reporting requirements under the Companies Act, 2013 including CARO. 


9. Special Features of Audit of Different Type of Entities 

Appointment of Auditor, Audit Procedure and Audit Report in respect of different Category of Entities: Government; Local bodies; Not-for-profit organizations; Trust and Societies, Partnership Firms, Audit of different type of undertakings, i.e., Educational Institutions, Hotels, Clubs, Hospitals, etc., Basics of Limited Liability Partnerships (LLPs) Audit and Co-operative Societies Audit. 


10. Audit of Banks 

Understanding of accounting system in Banks, Audit Approach, Audit of Revenue items, Special Consideration in Bank Audit with emphasis on Advances and NPAs. 


11. Ethics and Terms of Audit Engagements 

- Meaning of Ethics. 

- Ethics is a State of Mind, Need for Professional Ethics. 

- Principles based approach v Rules based approach (Ethical or Legal). 

- The fundamental principles of Professional Ethics: Integrity; Objectivity; Professional Competence and Due care; Confidentiality;    Professional Behaviour.

- Independence of Auditors. 

- Threats to Independence: Self Interest threats; Self Review threats; Advocacy threats; Familiarity threats; Intimidation threats. 

- Safeguards to Independence; Professional Skepticism, Terms of Audit Engagements Preconditions for an audit; Audit Engagement. 

- Agreement on Audit Engagement Terms. 

- Terms of Engagement in Recurring Audits (SA 210 Agreeing the Terms of Audit Engagements). 

- Overview and Introduction of SQC 1 Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information and Other Assurance and Related Services Engagements. 

- Overview and Introduction of SA 220-Quality Control for an Audit of Financial Statements). 


This paper is further divided into 2 sections- Financial management and strategic management.
Objective- To develop an understanding of various aspects of Financial Management and acquire the ability to apply such knowledge in decision-making, to understand various finance functions like financing decision, investment decision, dividend decisions and to develop an understanding of strategic management concepts and techniques and acquire the ability to apply the same in business situations.

Contents for Section 1


 1. Financial Management and Financial Analysis: 

(i) Introduction to Financial Management Function: 

a. Objective and scope of financial management. 

b. Profit Maximisation, Wealth Maximisation and Value Creation. 

c Role of Financial Manager and Financial Controller. 

d. Financial management environment. 

e. Functions of finance executives in an organization. 

f Financial distress and insolvency. 

(ii) Financial Analysis through Ratios: 

a. Users of the financial analysis. 

b. Sources of financial data for analysis. 

c. Calculation and Interpretation of ratios. 

d Limitations of ratio analysis. 


2. Financing Decisions and Cost of Capital: 

(i) Sources of Finance: 

a. Different Sources of Finance, Characteristics of different types of long-term debt and equity finance, Method of raising long term finance. 

b. Different Sources of short-term Finance. 

c. Contemporary sources of funding-P2P lending, Equity funding, Crowd funding, Start-up funding, etc. 

d. Internal fund as a source of finance. 

e International sources of finance. 

f Other sources of finance-Lease Financing, Sale and lease back, Convertible debt, Venture capital, Grants etc. 

(ii) Cost of Capital: 

a Significance of cost of capital. 

b Factors of cost of capital. 

c Measurement of costs of individual components of capital. 

d Weighted average cost of capital (WACC). 

e Marginal cost of capital. 

(iii) Capital Structure Decisions: 

a Significance of capital structure. 

b Determinants of capital structure. 

c Capital structure planning and designing. 

d Designing of optimum capital structure. 

e. Theories of Capital Structure and value of the firm-relevancy and Irrelevancy of capital structure. 

f. EBIT-EPS Analysis, Breakeven- EBIT Analysis. 

g Under/ Over Capitalisation. 

(iv) Leverages: 

a Types of Leverages-Operating, Financial and Combined. 

b Analysis of leverages. 


3. Capital Investment and Dividend Decisions: 

(i) Capital Investment Decisions: 

a Objective of capital investment decisions. 

b Methods of Investment appraisal: 

- Payback period, Discounted payback period. 

- Accounting Rate of Return (ARR). 

- Net Present Value (NPV)-The meaning of NPV, Strengths and limitations of NPV method, The working capital adjustment in NPV analysis, Capital rationing, Equivalent Annual Costs. 

- Internal Rate of Return (IRR)-Limitations of the IRR method, Multiple IRRs. 

- Modified Internal Rate of Return (MIRR)-Definition and explanation of MIRR, Process for calculating MIRR, Strengths of the MIRR approach. 

- Profitability Index. 

(ii) Dividend Decisions: 

a. Basics of Dividends. 

b. Cash dividend, stock dividend/ bonus share, stock-splits, share buy back. 

c Determinants of dividend. 

d Relevancy and Irrelevancy of Dividend Policies-Traditional Approach, Walter’s model,Gordon’s model, Modigliani and Miller (MM) Hypothesis. 


4. Management of Working Capital: 

a. The management of working capital-Liquidity and Profitability. 

b. The Working capital financing decisions-Primary and Secondary Sources of Liquidity. 

c. The Working Capital Cycle (Operating Cycle), Effectiveness of Working Capital based on its operating and cash conversion cycles. 

d. Assessment of working capital requirement. 

e. Management of Accounts Receivables (Debtors).

f Factoring and Forfaiting. 

g. Credit Management: 

- Credit granting. 

- Monitoring accounts receivables. 

- Debt collection. 

h. Management of Accounts Payables (Creditors). 

i Management of Cash, Treasury management. 

j Banking norms of working capital finance.


Contents for Section 2

1. Introduction to Strategic Management: 

(i) Meaning and Nature of Strategic Management. 

(ii) Importance and Limitations of Strategic Management. 

(iii) Strategic Intent-Vision, Mission, Goals and Values. 

(iv) Strategic Levels in Organizations (Network, Corporate, Business and Functional). 


2. Strategic Analysis: External Environment: 

(i) International and Macro Environment: PESTLE Analysis. 

(ii) Defining the industry for analysis (Value Chain, PLC). 

(iii) Porters Five Forces - Industry environment analysis. 

(iv) Understanding customers and markets. 

(v) Competition in the industry. 


3. Strategic Analysis: Internal Environment: 

(i) Understanding key stakeholders (Mendelow’s Model). 

(ii) Strategic drivers (Industry & markets, Customers, Channels, Product & Services, Competitive Advantage). 

(iii) The role of resources and capabilities. 

(iv) Combining external and internal analysis (SWOT Analysis). 

(v) Gaining competitive advantage (Michael Porter’s Generic Strategies). 


4. Strategic Choices: 

(i) Strategic Choices: Concentric, Conglomerate, Market Development, Product Development, Innovation, Horizontal integration, vertical integration, Turnaround, Divesture, Liquidation. 

(ii) How to Develop Strategic Options: 

- Ansoff’s Matrix 

- ADL Matrix 

- BCG Matrix 

- GE Matrix 


5. Strategy Implementation and Evaluation: 

(i) Implementation: Formulation vs. Implementation Matrix, Linkages and Issues. 

(ii) Strategic Change through Digital Transformation. 

(iii) Organisation Structure (hard) and Culture (soft). 

(iv) Strategic Leadership. 

(v) Strategic Control. 

(vi) Strategic Performance Measures. 




CA Intermediate Admit Card


As we know that CA Intermediate examinations will commence from 3 May 2024 so admit cards will be available on the official website of ICAI. All the candidates can download admit cards from the official website by using their registration number and password.


CA Intermediate Results


ICAI will release the CA Intermediate exam results within a month or two after the exams are conducted.

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PRIYANSHI GARG

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“ Sir, you are really awesome. I have never met you personally but ek ajeeb sa mental connection ho gaya hai aapse. I am taking your satellite classes in Agra. I can't even imagine what would be the sit... “

PARAS KALRA

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“ ASHISH KALRA SIR, the most hardworking and sincere teacher I’ve ever met. IGP means awesome and the best institute for CA classes. I believe all my success is because of this hardworking teache... “

ABHISHEK BHARTI

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“ The most important thing that I've learnt is to plan my work. ASHISH SIR has been a constant source of motivation who instills a lot of confidence in a person. I actually started believing, that achie... “

SASHA AGGARWAL

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“ You are an awesome teacher by the way you teach. Your hard work to build our careers motivates us to work more till our last breath. You taught us not just Cost and FM, but also about all life aspects... “

HEMANT AGGARWAL

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“ IGP is a place you can trust. I am very happy to be a part of this institute. CA Ashish Kalra is a great teacher and I am so blessed to be a part of his life which he shared with us while teaching us.... “

VISHAL KAPOOR

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“ Experience of those four months with Ashish Kalra Sir was out of the world. A person who possesses such vast knowledge not only in the field of cost & F.M. but in other fields also, that we can dream ... “

AKSHAY JAIN

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“ Ashish Sir is an amazing teacher. The way he introduces us with a concept, it make sure we never forget it. He has an explanation for every part of a concept, you just have to be a tentive and never g... “

ANSHIKA GOEL

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“ it was a great experience studing from Ashish Sir. He always motivated us to give our best. He focused on concepts which really helped me in my revisions. His books are more than sufficient for exams ... “

DIVIJ CHADHA

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“ Ashish sir is the best teacher anyone can get…. The way he teaches the concepts and clear each and every doubt is just amazing….. Studing Costing and FM from Ashish sir is just blessing ... “

Divya Jain

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“ I was not able to clear only SCMPE for the last 2 times. But this time because of your classes, I crack it and become CA. Thanks a lot sir... “

ARPIT

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“ I Scored 80 marks in SFM in yesterday result and I am a CA now so thanku sir for your guidance and effort.... “

ANURAG ARORA

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“ Sir apke padhane ka tarika is out of level full conceptual clearity milti hai and theory padhane ka itna interesting way hai ki kabhi bore nahi hote…... Thanks for all such efforts you do for us... “

ANUBHAV THAKUR

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“ Sir ji…. Apne Economics, FM, Cost itni easy tarah se padhaya ki sab samajh aa gya... Sir I Love You… you are the best teacher of this world thanks sir ji for this. ... “

ANSHUL VASHISTHA

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“ Ashish sir apke jaisa teacher kabhi nahi mila aur shayad kabhi milega bhi nahi. Sir u r the best…... And apke concept batane ki technique is simply awsome. According to my family and friends I c... “

ANKIT KUMAR

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“ Best faculty for CA and only institute with face to face classes. Energy level is so high. Motivational lectures are awsome. Best books and content fully covered. Fun and knowledge together. ... “

AMAN SAXENA

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“ Choosing Ashish Sir as mentor was one of the decisions I am proud of, beside his extreme knowledge and ability to disseminate it, his hardwork for us was indeed selp motivating. Now to elobrate on stu... “

DUSHYANT GARG

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“ Words are too little to express what you are to me. You are the most invaluable part of my life and play multiple roles. But it was a teacher that you first exercised your influence on me. So on the o... “

ETI Agarwal

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“ The Ashish Kalra Sir u have been so much more than a teacher for us…. (mentor, guide, friend) I can challenge anybody in the whole world to find a better teacher than u…. U have set a grea... “

Himanshi Goel

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“ Ashish Kalra Sir YOU ARE THE BEST, I still remember the first day of class when all questions seemed same and confusing to me and last day when I was able to handle them proficiently. You made CMA lik... “

Isha

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“ Ashish Kalra Sir, You are the Best, I still remember before the first day of class when everything was new and tough in my mind, since the first day till the last day everything was easy as a cakewalk... “

Ishita

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“ The experience of taking classes from Ashish Sir is magical, something that cannot be accurately described in words. Although I took a pendrive classes, I never felt disconnected and it was as if I wa... “

Mahin Naim

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“ Sir, you have been an excellent teacher, hardworking and devoted to your work and to us. You have helped us grasp your subject through intresting lectures and presentations, feeling us up to achieve o... “

Mittul Garg

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“ Ashish sir is the one who takes a hand opens a mind and touches the heart. He is the best inspiration one can get He is the best teacher one can get. ... “

Neha Tayal

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“ Sir… you are the best teacher no one can teach Cost, FM & ECO for finance better than you….. This whole market is full of teachers but you are diamond of the field and your book of economi... “

Nikhil Arora

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“ Give your best and you will definitely get the best. Keep on working hard and you will clear your CA Exams with good marks. This is what I did. I make a schedule and tried to follow it. Sir always use... “

Prachi Jain

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“ The great instiute, where students are empowerd with knowledge and wisdom. CA Ashish Kalra Sir is DRONNACHARYA of CA students, in their classes knowledge flows like water is flowing in the river. He w... “

Satpal Singh

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“ It has been a great expereince studing CMA & FM Eco from you Ashish Sir. I am so lucky that I got a teacher like you. Your teaching method is really simple, straight forward and effective and I will n... “

Shivam Malhotra

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“ Ashish Kalra Sir has an impeccable talent of bringing the best out of his students. Further his questioning attitude and the method of developing the concepts is something which not only makes the sub... “

Vijender Aggarwal - 2 Times AIR-1

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“ The experience of taking classes from CA Ashish Kalra Sir was amazing. He is the most hardworking person I have ever seen. The positivity and energy level which he passes to his students is simply a... “

Shubham Malhotra-AIR-1-CMA Marks 100/100

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“ It was an amazing experience attending Kalra sir's classes. A great extent of this achievement of mine is owed to sir. The flawlessness of his teaching and the passion with which he teaches are someth... “

Bhumika Agarwalla-AIR-1-CFM Marks

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“ I am Abhishek Agarwal, I secured All India 2nd rank in the CA-IPCC Nov’15 exams and got 82 marks in CFM. Talking about CA Ashish Kalra Sir I think he is a person who not only possesses the most... “

Abhishek AgarwaL-AIR-2-CFM Marks 82/100

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“ I feel lucky that I got chance to be taught by CA Ashish Kalra Sir. To attend his class was quite a fabulous experience for me. He is the best teacher, mentor and guide I have ever seen. He makes ever... “

Pramanshu Sharma-AIR-3-CFM MARKS 88/100

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“ "Teaching at its very best is what describes CA Ashish Kalra sir and CA Vijender Aggarwal sir. They both are extraordinary teachers. Their teaching style makes them stand out among others. They put ... “

AISHNIT KAUR-AIR-4

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“ "The first coaching that I took was Cost and FM. It was a really great experience with sir. Everyday we came, the class comprised half of learning and half of motivation. We always had our fire burn... “

Aekansh Jain-AIR-4

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“ "The experience of those 5 months with CA Ashish Kalra Sir was a life transforming journey. The main thing that is required in CA exams is Conceptual understanding. Sir's classes were a perfect blen... “

Shubham Agarwal-AIR-5

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“ "It's a matter of great pride for me to achieve these goals and in reaching these milestones, IGP played a very important role for me. Be it CPT, IPC or Final, at all the levels all the faculty prov... “

Pragati Varshney-AIR-7-CFM Marks 94/100

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“ Scored 100/100 in CMA and couldn’t have achieved it without Ashish sir. I used to keep contacting him regarding my doubts and at times when I was tensed. He used to be always there for me to guide ... “

Muskan Vadhera-CMA Marks 100/100

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AIR 1