The Chartered Accountancy course is one of the most prestigious and learning career that you can have at your disposal.
The sheer potential of this career or the path can guide you to immense success for the rest of your life. You’ll not be just an expert in law or accounts, but also in cost accounting, taxation and also financial management as well.
Therefore, you will have broad career aspects if you want to either be an auditor or just an investment banker.
Apart from that, the career path will also bring you success in the corporate life as well, as you move up the corporate ladder, in any auditing or law firm you start to work in.
The pay scale is also really good and is definitely improving over the years, as more students are getting better placements in some of the top companies in India and the world as well.
CA Foundation is the first hurdle that you need to clear to get into this course and this is what this article guide will help you with.
Best books for CA Foundation Exam Preparation
1. Fundamentals of Accounting
Accounting is one of the core subjects that you have to study up on if you’re planning to be a CA.
It deals with the basics of debit and credit, various types of accounts, like personal or nominal, teaches you how to draft a balance sheet and profit & loss statement and make you ready for next upcoming CA exams as well.
Accounting is also one of the most scoring subjects as well. Following are some of the books that you can refer to:
Grewal’s Accountancy by M.P Gupta & B.M Aggarwal (Buy Online)
This is the perfect book that you can use for knowing all the nooks and crooks about the basics of the accounting world. Each topic has been laid out in a pretty intuitive and easy fashion so that newcomers can quickly get the concepts right. Every chapter will be dealing with concepts first and then will proceed to the exercises, where one can test out themselves with numerous MCQs, as well as relevant test papers as well. The book can be easily availed through online e-commerce websites or offline stores.
Fundamentals of Accounting By P.C Tulsian and Bharat Tulsian (Buy Online)
In case you’re a novice at the accounting subject or have migrated from a different stream, like science or arts to commerce, then this book by P.C Tulsian and Bharat Tulsian will be a Godsent for anyone looking to get a faster grasp on the subject. This book will help you get the basic idea about accounting so that when you proceed to get a higher-level book, it will not be a problem for you to solve the problems. You will have both concept summary and MCQs at your disposal.
Fundamentals of Accounting by D.G. Sharma (Buy Online)
This particular book has been published by Taxmann and written by DG Sharma. Although the book is not as friendly for newcomers like the one by P.C Tulsian and Bharat Tulsian, still one can use it as a great reference book for more in-depth knowledge about the subject and score more marks and maybe event crack Top 50 in the CA Foundation rankings as well. You can order the book via Taxmann’s online e-commerce website.
The above three mentioned books will be the best for any new student who enrolls into this CA course and the book by P.C Tulsian and Bharat Tulsian will be the perfect recommendation.
Also Read:- Top 11 CA Coaching in Delhi
2. Mercantile Laws
Law is also one of the core subjects that every CA has to study throughout his or her entire course or career.
The law subject in the CA course is not as vast as one can find in the CS or Company Secretary course, but it is still very much in-depth.
In mercantile laws, you will get to know about the basic terms and acts, like the Partnership Act or the Contract Act.
There are a host of new concepts that one needs to know about, before moving over to the next part of the CA course. Following are some of the best law books that you can get for CA Foundation:
Mercantile Law Study material (ICAI)
There is no better book published in the market for mercantile laws, than from the creator of the CA course themselves, i.e. ICAI or the Institute of Chartered Accountants of India. Even though the language of the book can be non-intuitive for newcomers, the kind of concept it seeds into the brain of the students that enter the CA Foundation course, just cannot be argued with. Each chapter will be defined in the best possible manner along with relevant MCQs as well. This book can be availed online only via ICAI’s e-commerce book store.
Mercantile Law by M.C.Kucchal and Vivek Kucchal (Buy Online)
This is one of best reference mercantile law books that you can get on the market nowadays. Written by M.C.Kucchal and Vivek Kucchal, this book goes much more in-depth than the one by ICAI. Therefore, if you’re someone, who wants to get a stronger grasp of your subject and need to score more in exams, then this book will satisfy your cravings. The best thing that you can expect from this book is that every chapter has been explained in the easiest and simplistic words, that can be understood in the first attempt itself.
Both of the above-mentioned books can be used as a starting point for newcomers into the CA architecture.
Read Also:- CA Foundation Registration,Syllabus,Admit Card
3. General Economics
If you’re already a commerce student from your school days, then economics needs no such introduction. If you’re new to this subject, then economics can be explained by the knowledge that deals with production, consumption, and transfer of wealth.
The finances of a country run on economic concepts. In general economics, one will be dealing with both micro and macroeconomics and will learn to know about concepts like elasticity, supply, and demand, pricing, population, banking, interest rates, repo rates, etcetera.
Economics is also a very good scoring subject as well – and the concepts are much easier to understand. The following are some of the most helpful books for the subject:
General Economics (PM Salwan & Pranjal B Deshpande) (Buy Online)
This book has been published by Taxmann and written by PM Salwan & Pranjal B Deshpande. This a perfect book for students who want to buy a reference book especially to practice more and more MCQs for their exams. The book has more than 1000 MCQs for anyone to solve. One can also look at the concept summary of each of the chapters as well, but the book should not be used to get a grasp on the subject itself.
General Economics study material by ICAI
If you’re looking for study material or a book that will dearly let you know about all the essential concepts, then again, the book by the ICAI themselves will be the perfect fit for your needs. The concepts and the chapters illustrated in this book is easily one of the best you can find on the market. Every concept has been explained in terms of graphs and examples so that newcomers will not have any problems whatsoever. This can only be obtained via ICAI’s e-commerce website for shopping books.
General Economics (S.K.Agarwal)
This book has been written by S.K.Agarwal and published by S. Chand. This is one of the most fewer books that delve right into the subject matter, more deeply than the ICAI study material.
The book can be termed as a slightly higher level, as the concepts are explained in a much broader fashion and will be perfect who wants to score more and get more out of the subject as well.
It comes with MCQs for practicing, along with a greater emphasis on macroeconomics than microeconomics. The book can be availed both in offline stores and online e-commerce websites as well.
The study material by ICAI will be the utmost recommended book for this subject. For practicing more MCQs, one should be picking up the book written by PM Salwan & Pranjal B Deshpande and more in-depth knowledge, the book by S.K.Agarwal should suffice.
Read:- Top 11 CA Coaching in Jaipur
4. Quantitative Aptitude
Quantitative Aptitude involves mathematical questions and analysis. The subject includes mostly chapters from 11 or 12 standards in school, like statistics, permutation combination, compound interest & simple interest, probability, etcetera.
Some of the chapters can be tough and hard to understand for some students out there and this is the reason why a good book is highly recommended in this subject.
Mathematics is always a scoring subject if you practice a lot, but without practice, this subject will be hard to clear. One can look at the following books for quantitative aptitude:
Quantitative Aptitude by Dr. T.Padma and K.C.P Rao (Buy online)
Since mathematics can be harder to understand for some students, this particular book written by Dr. T.Padma and K.C.P Rao is highly recommended. The book goes through every chapter in the syllabus with ease, explaining all the concepts via examples, and then moving onto practice MCQs. Even if one is not good at mathematics, following this book as a guide will help him or her immensely in scoring respectable marks for passing the CA Foundation.
One can easily follow the above book to get the best results in quantitative aptitude.
Why choose the CA profession?
The following are some of the reasons why the CA profession will be the best fit for you:
The CA profession is very secure. There will never be a day on earth where CAs can be replaced by AI or machine learning. The CA profession is also the most recession-proof profession as well. There will always be a strong demand for CA skills in the world.
The starting salaries for a young CA is much greater than a typical engineer and is quite similar to an MBA pass out from IIM. Also, the future salary prospects will be higher as well.
Even though CAs are stereotyped to have dull and boring jobs, that is usually not the case, even in the slightest. CAS have amazing careers if they’re determined on their work culture.
Things to consider while choosing CA Foundation books
Choosing a book for a serious course like CA is not easy, especially when you have so many books beside you in the market nowadays.
You have to look at various factors before buying one. Some of the most important factors when deciding a book is mentioned as below:
Go through the reviews for that specific type of book from that particular edition and author. Reviews can be found either online or from former students as well.
Make sure you compare prices, both in online e-commerce stores as well as in offline brick & mortar stores, and buy the cheaper option of the two.
Learn to know whether the contents of the book are in-line with your own needs. For example, a book mainly consisting of MCQs will not be enough for someone who in search of basic concepts first.
Always scour for the latest edition of books, as it will cover the changes in the latest syllabus along with changes in government laws and regulations as well.
It is nothing sort of wonderous to see more and more students picking up the CA course and going ahead with their dream of becoming a CA in the future and help in the country’s financial needs and growth.
The Chartered Accountancy profession demands excessive dedication and hard work, that can be tough to realize at first, but once you pass the preliminary stage, you can be assured of your success.
All the books listed in this article guide will assist you in the best possible manner, without a doubt.
Yes, ICAI study material enough for CA Foundation. But as Compliant By Many Student That Language and Readability of ICAI Material is Tough.
Yes, in all CA exams, use of calculator is permitted. Provided, the calculators can be of any type with up to 6 functions, 12 digits and up to two memories.
There are 4 Subjects in CA Foundation Exam:-
1. Fundamentals of Accounting,
2. Mercantile Law,
3. General Economics
4. Quantitative Aptitude