A chartered accountant, also known as a certified public accountant or CPA, is a professional accountant qualified to work with a spectrum of accountancy related activities. A chartered accountant will implement accounting systems, prepare monthly financial reports, and submit corporate tax returns.
CA Sanketsa introduces the topic of the theoretical framework for the foundation paper on
Principles and Practice of Accounting (PPA). He emphasizes the importance of cooperation
and using the ICI learning application for answering questions during the course. He also
provides information on the subjects in the foundation course and where to find study
material. Sanketsa mentions that the exam will be held in English, but revisions will be
conducted in Hindi for the benefit of South Indian students. He mentions that the syllabus for
the accounts paper is almost the same as the old course, with some applicability changes for
December 2023.
The importance of the Board of Studies classes for the foundation level exams. They
reassure the students that they can rely on these classes and contact the Board of Studies if
they have any questions or difficulties. The objective of the foundation level is to develop a
basic understanding of accounting concepts and principles, which are fundamental for
various subjects like income tax, costing, expenditure, and financial management. The
speaker explains that accounts serve as the base for all subjects and are essential in
practical life as well. They also provide an overview of the syllabus, which includes chapters
on bookkeeping, inventory valuation, depreciation, bank reconciliation, special transactions,
final accounts, partnerships, non-profit organizations, and company accounts. While the
syllabus may be vast, the speaker assures that it is not too difficult at the foundation level.
The importance of hard work and daily study for success at the Foundation level. They
recommend using only the study material provided and not referring to any other sources.
They also highlight the benefits of maintaining a 100-page book for concepts, formulas, and
formats as a revision aid. The speaker stresses the need for consistency in this difficult
course and advises students to use a black pen, red pen for important points, pencils for
drawing, erasers, and a non-Casio calculator.
The instructor emphasizes the importance of taking personal responsibility for success and
not making excuses. They mention that teachers can provide guidance, but it is up to the
individual student to put in the effort. The instructor assures that they will help students and
encourages them to reach out if they have any difficulties. They also discuss the use of
writing materials and address concerns about the relevance of previous educational
achievements. The instructor explains that they will change students' perspective on
accounting and clarifies the need for maintaining two notebooks for note-taking. Finally, they
mention that the aim of the course is to teach students the accounting process.
The importance of accounting as a language of business and explains that financial
statements are the primary means of communication in business. They introduce the
concept of financial statements, specifically the balance sheet and profit and loss account.
The balance sheet includes assets, liabilities, and capital, while the profit and loss account
includes expenses and income. The speaker also distinguishes between expenses and
assets, noting that expenses provide benefits for only one year, whereas assets provide
benefits over multiple years. The goal is to consolidate all expenses, incomes, assets,
liabilities, and capital balances in one place.
The topic of financial statements and their components, such as the balance sheet and the
profit and loss statement. He explains that the balance sheet shows the financial position of
a company, including its assets, liabilities, and capital, while the profit and loss statement
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