Common Proficiency Test is an entry level test for the Chartered Accountancy course. It is a test of four subjects – Fundamentals of Accounting, Mercantile Laws, General Economics and Quantitative Aptitude. This test is an objective multiple choice type examination, with negative marking, carrying a total of 200 marks, which is divided into two sessions of two hours each with a 90 minute break in between.
Subjects to be studied:
|SESSION – I (Two Sections- Two hours – 100 Marks)||SESSION – II (Two Sections- Two hours – 100 Marks)|
|Section A: Fundamentals of Accounting ( 60 Marks )||Section C: General Economics ( 50 Marks )|
|Section B: Mercantile Laws ( 40 Marks )||Section D: Quantitative Aptitude ( 50 Marks )|
Eligibility for Registration:
A student who has passed the Standard X examination conducted by an examining body constituted by law in India (or an examination recognized by the Central Government as equivalent thereto) may register for the Common Proficiency Test.
Eligibility for Appearing in CPT Exam:
A registered student may appear for the Common Proficiency Test after having appeared for the Senior Secondary i.e. 10+2 examination conducted by an examining body constituted by law in India or an examination recognized by the Central Government as equivalent thereto, and has complied with such requirements as may be specified by the Council from time to time.
The minimum marks required in each section and in the aggregate in all sections of CPT as per the revised passing requirements will be as under:-
(Mandatorily to be secured after negative marking)
|A||Fundamentals of Accounting||60||18|
*A candidate is required to secure a minimum of 30 per cent marks in each Section and a minimum of 50 per cent marks in aggregate in all the four Sections to pass the Common Proficiency Test.
CPT Examination Schedule:
Paper pencil mode, i.e. Physical CPT will be held twice a year: in June and in December. ICAI also conducts the CPT examination online. For more details about online CPT examination please visit www.icai.org.
Last Dates of Registration:
A student who has got himself registered for the Common Proficiency Test 60 days prior to the first day of the month in which the CPT examination is to be held can appear for the examination i.e. on or before 1st April and 1st October for appearing in the CPT examination to be held in June and December respectively. The last date for registration to attempt the examination in June is the 31st of March of the same year, and for December, it is the 30th of September of the same year.
How to Register for CPT with ICAI?
Student needs to take the prospectus containing application form from the ICAI office and submit the form along with following documents. The address of ICAI offices is available on www.icai.org. Student may register online on ICAI website.
ICAI Online Application Form for Registration to CPT
Documents required for Registration:
ICAI Registration & Exam Fees:
For Registration with ICAI – Rs. 6,000 and towards ICAI Exam Fees – Rs. 1,000, payable separately by way of Demand Draft in favour of “The Secretary, The Institute of Chartered Accountants of India”, payable at Mumbai / Chennai / Kolkata / Kanpur / New Delhi.
(One paper -Four hours -200 Marks)
Level of Knowledge : Basic knowledge.
SESSION –I : Two Sections -two hours -100 marks
Section A: Fundamentals of Accounting ( 60 marks )
To develop conceptual understanding of the fundamentals of financial accounting system.
1. Theoretical Framework
2. Accounting Process
3. Bank Reconciliation Statement
5. Depreciation Accounting
6. Preparation of Final Accounts for Sole Proprietors
7. Accounting for Special Transactions
8. Partnership Accounts
9.Introduction to Company Accounts
Section B : Mercantile Laws ( 40 marks )
To test the general comprehension of elements of mercantile laws.
1. The Indian Contract Act, 1872: An overview of Sections 1 to 75 covering the general nature of contract, consideration, other essential elements of a valid contract, performance of contract and breach of contract.
2. The Sale of Goods Act, 1930: Formation of the contract of sale -Conditions and Warranties -Transfer of ownership and delivery of goods -Unpaid seller and his rights.
3. The India Partnership Act, 1932: General Nature of Partnership -Rights and duties of partners -Registration and dissolution of a firm.
SESSION –II : Two Sections -two hours -100 marks
Section C : General Economics ( 50 marks )
To ensure basic understanding of economic systems, economic behaviour of individuals and organizations.
(I) Micro Economics
1. Introduction to Micro Economics
2. Theory of Demand and Supply
3. Theory of Production and Cost
4. Price Determination in Different Markets
(II) Indian Economic Development
5. Indian Economy -A Profile
6. Select Aspects of Indian Economy
7. Economic Reforms in India
8. Money and Banking
Section D: Quantitative Aptitude ( 50 marks )
To test the grasp of elementary concepts in Mathematics and Statistics and application of the same as useful quantitative tools.
1. Ratio and Proportion, Indices, Logarithms
4. Simple and Compound Interest including Annuity -Applications
5. Basic concepts of Permutations and Combinations
6. Sequence and Series -Arithmetic and Geometric Progressions
7. Sets, Functions and Relations
8. Limits and Continuity -Intuitive Approach
9. Basic concepts of Differential and Integral Calculus (excluding trigonometric functions)
10. Statistical description of data
11. Measures of Central Tendency and Dispersion
12. Correlation and Regression
13. Probability and Expected Value by Mathematical Expectation
14. Theoretical Distributions
15. Sampling Theory
16. Index Numbers