CA Foundation Exam > CA Foundation Notes > Business and Commercial Knowledge (Old Scheme) > ICAI Notes- Importance of BCK for Chartered Accountants
ICAI Notes- Importance of BCK for Chartered Accountants | Business and Commercial Knowledge (Old Scheme) - CA Foundation PDF Download
The Chartered Accountants are the custodians of a nation’s resources. They are responsible for putting in place a credible system of truthful and fair accounting and reporting of the society’s resources, their deployment and utilisation. Business and commercial sector comprises a large share of their work arena. In this context BCK is likely to make them more aware and responsive. Each business has its own peculiarities and associated variation in notions of product, inventory, revenue, profit, etc. For
example, a fast moving consumer goods (FMCG) business pertains to manufacture, distribution and sale of a large variety of staples (groceries, bakery, confectioneries, etc.), personal care and home care products such as soaps and detergents, toiletries and cosmetics etc. The Chartered Accountant can easily develop notions of cost, inventory, revenue, profits etc. However, in hotels & restaurants these notions change. Moreover, in
addition to certain common laws that all businesses are subject to , each business is subjected to a host of laws specific to it. The Chartered Accountants shall be able to conduct the audit diligently only when they understand the nuances of the business whose accounts they prepare or audit.
Getting conversant with and updating BCK
We have noted that BCK domains are vast, eclectic and ever expanding. We are also convinced that BCK is important for a successful education & career as a Chartered Accountant. Now, how do we get to terms with BCK especially if we do not have a prior background e.g. 10+2 or degree in commerce? The task indeed seems Herculean! And to top it there is a constant dilemma whether to focus on specialisation / core discipline i.e.
Question for ICAI Notes- Importance of BCK for Chartered AccountantsTry yourself: What is the role of Chartered Accountants in a nation's resources?View Solution
accounting and taxation or diffuse our energy to such a wide topic as “business?” Take a trip to the tips for enhancing one’s BCK Quotient (BQ) #1.
Enhancing BQ #1
| Self Assurance | Business is all around. We encounter it, engage with it in numerous transactions on a daily basis. |
| Non-commerce background is not ahandicap | If you had science, use the bridge of technology to crossover to business. If you had humanities then there are several bridges connecting with business: economics for sure; history of daily lives and livelihoods; geography- the resources, the occupations; psychology & sociology- understanding of human behaviour and so on. Leverage the eclectic nature of BCK. |
| Observation andExperience are the bestguides | It is all about becoming slightly more conscious of our sensory activities. Maybe an article in a newspaper, a TV Commercial or a Business News, a visit to aMarket or a Mall, Browsing of the Net or a smartphone App. |
| Each one of us have sixhonest servants | Yes! Rudyard Kipling reminds us: keep six honest serving men (They taught me all I knew); Their names are What and Why and When And How and Where and Who. Excerpted from ‘Elephant’s Child’ We may therefore wear our looking glasses and set out on an exploratory journey. |
| Practice andImprovement viaReffective Thinking leadsto perfection | We may maintain a daily journal of BCK wherein we record our observationsand organize our readings, viewings, listenings etc. |
An Illustrative List of Sources of Enhancing BCK
Note: Its not an inclusive list but a convenient sampling
News Paper
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Business Magazines | |||
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Business Channels | |||
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The document ICAI Notes- Importance of BCK for Chartered Accountants | Business and Commercial Knowledge (Old Scheme) - CA Foundation is a part of the CA Foundation Course Business and Commercial Knowledge (Old Scheme).
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FAQs on ICAI Notes- Importance of BCK for Chartered Accountants - Business and Commercial Knowledge (Old Scheme) - CA Foundation
| 1. What is the importance of BCK for Chartered Accountants (CA) Foundation? |  |
Ans. BCK, which stands for Basic Competency Knowledge, plays a crucial role in the CA Foundation examination. It assesses the students' understanding and knowledge of fundamental concepts and principles of accounting, economics, business laws, and mathematics. Scoring well in BCK is essential as it forms the basis for advanced studies in the field of chartered accountancy.
| 2. What topics are covered under BCK for CA Foundation? | |
Ans. BCK for CA Foundation includes various subjects such as Accounting, Economics, Business Laws, and Mathematics. These subjects cover topics like financial statements, business transactions, cost and management accounting, microeconomics, macroeconomics, business and commercial knowledge, mercantile laws, and mathematical reasoning.
| 3. How can I prepare effectively for the BCK section in the CA Foundation exam? | |
Ans. To prepare effectively for the BCK section in the CA Foundation exam, you can follow these tips:
1. Understand the syllabus thoroughly and create a study plan accordingly.
2. Read the study material provided by ICAI and make concise notes for each topic.
3. Practice solving previous years' question papers and mock tests to familiarize yourself with the exam pattern and improve time management.
4. Seek guidance from experienced faculty or join coaching classes to clarify any doubts and get expert guidance.
5. Regularly revise the topics to strengthen your understanding and retention.
| 4. Are there any specific resources or books recommended for studying BCK for CA Foundation? | |
Ans. ICAI provides study material specifically designed for the CA Foundation exam. It is recommended to refer to this study material as it covers all the necessary topics and is aligned with the exam pattern. Additionally, you can also refer to reference books authored by renowned authors in the field of chartered accountancy to gain more insights and practice questions.
| 5. How much weightage does the BCK section carry in the CA Foundation exam? | |
Ans. The BCK section carries a significant weightage in the CA Foundation exam. Out of the four papers, Principles and Practice of Accounting and Business Law and Business Correspondence and Reporting together constitute 100 marks, which is almost half of the total marks of the exam. Therefore, scoring well in the BCK section is crucial for achieving a good overall score in the CA Foundation exam.
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