How to Prepare for CA Foundation Accounts in 7 Days
CA Foundation exam is the key to your Chartered Accountancy career, and the high-scoring paper of Principles and Practice of Accounting (Accounts) is one of the vital papers. Do not get tense if you have only 7 days of time for preparation — with a correct plan, discipline, and revision approach, you’ll surely clear the exam.
The blog facilitates dividing a one-week practice for the CA Foundation Accounts paper into a day-wise practice schedule, revision method, time scheduling, and how you could attain high scores in the paper.
CA Foundation Accounts Paper Preparation
Before embarking on the 7-day schedule, you should have a clear notion what the paper needs.
Topic: Financial Analysis, Planning, and Decision-Making
Paper No: 1
Total Marks: 100
Type: Subjective (Des
Passing Marks: 40% at individual discipline and 50% overall
Time: 3 hours
The Account paper is a reflection of your clarity of concepts, presentation, and accuracy of journal entries and computations. The course is a combination of topics of Class 11th and 12th standard but with advanced conceptual knowledge and professional presentation.
CA Foundation Accountancy Syllabus (according to ICAI)
- Theoretical Background
- Accounting Process (Journal, Ledger, Trial Balance)
- Bank Reconciliation Statement (BRS)
- Stock Values (Inventory,
- Depreciation Accounting
- Bills of Exchange and Promissory Notes
- Correction of Error
- Final Accounts of Sole Proprietorships
- Partnership Accounts (Basics, Admission, Retirement, Death)
- Company Account (Basic concepts, Issue of shares & debentures, Buyback)
- Accounting for Non-Profit Organisations
Week-wise 7-Day Study Schedule for CA Foundation Accountancy
Divide your practice into a concrete 7-day routine.
Day 1: Basics and Fundamentals Focus
Cover: Theoretical Background, Accounting Process, and Journal Entries
Redefine key accounting terms such as asset, liability, income, expense, capital, drawing, etc.
Exercise journaling and recording to ledger accounts.
Draw up a brief formula sheet and format sheet (final accounts, for trial balance, etc.).
Tip: Don’t omit the theory paragraph — it goes towards those little but vital marks at the start of the paper.
Target: Complete theory + journal entries + ledger + trial balance.
Time Utilized: 10–12 hours spread out over a day.
Day 2: Reconciliation of Bank, Depreciation, and
Cover: BRS, Stock Valuation (Inventories), Dep.
Solve at least 3–4 questions for each chapter.
Understand principles such as FIFO, LIFO, and weighted average method for stocks.
Understand straight line and reducing balance method of depreciation.
Write concise notes on typical changes which could be included in questions.
Tip: These questions are generally scoring if practiced regularly.
Day 3: Bills of Exchange, Rectification of Error
Cover: Bills of Exchange, Rectification of Error.
Find out how bills drawn, accepted, endorsed, discounted, or dishonoured are entered.
For rectification of errors, solve both one-sided and two-sided errors with proper narration.
Practice old MTP and RTP questions of ICAI for these chapters.
Tip: Show, don’t tell — lay out calculations nicely and deliver narration clearly.
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Day 4: Final Account of Sole Proprietorship
This is one of the most important and high-weightage chapters.
Learn structure of Trading Account, Profit & Loss Account, Balance Sheet.
Attempt full length questions with variations like amounts outstanding on expenses, prepaid items, depreciation, bad debts, closing stock, etc.
Attempt at least 2–3 complete question papers of this chapter.
Tip: Always prepare a summary sheet for all changes and their accounting effects.
Day 5: Partnership Accounts (Basics + Admission + Retirement)
Understand key concepts such as Profit-sharing ratio, Valuation of Goodwill, Revaluation Account, and Capital adjustments.
Practise a whole-question daily on admission and retirement.
Revise the theory of partnership from study material.
Tip: Prepare step-wise working notes for goodwill and revaluation at all times — it makes presentation and part-marking easy.
Day 6: Company Accounts + NPO
Cover: Issue of Shares, Forfeiture, Reissue, Buyback, and Debentures.
Practice at least one question on each topic from ICAI MTP or Study Material.
Next go for Accounting for Non-Profit Organisations (NPO) — study on Receipts & Payments Account, Income & Expenditure Account, and Balance Sheet preparation.
Tip: Company accounts are long, so chronological clarity, both journal-wise and in sequence, matters.
Day 7: Comprehensive Revision + Practice Test
Read through all applicable formats, journal writings, and adjustment effects.
Correct formulas, definitions, and conceptual arguments.
Try out one complete MTP (Mock Test Paper) under actual examination conditions — 3 hours, without a break.
Check for errors and rescore those areas.
Focus on faster speed, greater accuracy, and presentation.
Tip: After dinner, go through the evening reading your summary notes and vital changes one more time.
Some more tips for 7-Day CA Foundation Accountancy Preparation
- Stick to ICAI Materials:
Utilize ICAI Study Material, RTPs (Revision Test Papers), and MTPs (Mock Test Papers) at all times. They are your best buddies when exam seasons arrive.
- Emphasis on Conceptual Clarity:
Knowing the reasoning behind a passed entry rather than memorizing it is more crucial.
- Create Short Notes:
Maintain a single note on formulas, formats, and tricky changes. That shall be your quick revision sheet on the final day.
- Time Management:
Rehearse writing essays under time constraints — practice writing a 100-mark essay in 3 hours.
- Presentation Counts:
Write clearly, leave a gap between solutions, underline headings, and always draw workings separately.
- Avoid New Topics in the Last 2 Days:
Focus on editing what you already have rather than introducing new materials at the last minute.
Pitfalls to be Avoided
- Ignoring theory questions (they carry 8–10 marks).
- Not journaling on a daily basis.
- Omission of presenting working notes on the answer sheet.
- Taking too much time on a single long question on the paper.
Conclusion
It is perfectly possible to prepare for CA Foundation Accounts in 7 days if you plan cleverly, stay determined, and focus on practice over theory-heavy reading. As you know, Accounts is a subject all about seeing the sense of the entries and practicing all sorts of questions again and again.
Follow this 7-day schedule religiously, make intelligent changes, and practice mock tests sincerely — you shall effortlessly sail past 70 marks in the paper on Accounts and make a firm step towards success in your CA course.
FAQs on CA Foundation Accounts Preparation
Yes, if you practice for 10–12 hours a day with conceptual clarity, then it is highly likely that you clear the paper with good marks.
Final Accounts, Partnership Accounts, and Company Accounts have high weightage and form the priority areas.
Revise journals, adjustments that are tricky, formulas, and brief comments. Do not introduce new subjects.
Yes, all you need is ICAI Study Material, RTPs, and MTPs for practicing for the exam.
Work neatly, with relevant headings, underlining sums, and a clear division between workings and your final answer.
