I-CAAT is designed to evaluate the level of proficiency carried by aspirants of accounting profession.
I-CAAT Test is designed by IICA Research committee in such a way that he will be tested for his ability to handle Accounting Job in a practical situation.
Questions of I-CAAT examination is set in line with solving situation that would be faced by him if he is put to accounting jobs in a company or corporate atmosphere in reality.
For this purpose IICA Research committee have developed projects on accounting model of corporate companies and I-CAAT questions are drawn from these projects.
Scoring of I-CAAT Exam would be helpful to assess the ability of examinee to handle responsibilities while practicing the profession of accountancy.
Based on I-CAAT ratings an aspirant of Accounting Profession could be categorised into different levels of ability to handle accounting jobs.
A person who have undergone I-CAAT evaluation will be deemed to be qualified only if he secures 50% and above ratings in the evaluation test.
Based upon the marks scored by the candidate , level of certification will be declared and notified by a symbol according to the Table of rating provided
Through I-CAAT a person is tested for various skills that must be inherent in a person to be called as an Accountant.
I-CAAT constitutes a set of questions asked from a project of practical simulated accounts of a corporate company where generally maintained accounting books in a manual accounting atmosphere , which are the base of Double Entry Accounting system , such as Day Book , Journal Entries , Cash Book , Purchase Book , Purchase Return Book , Sales Book , Sales Return Book , Bank Book , Stock Registers , and other Ledgers for a particular period is provided to the candidate.
Questions are asked from these books such that each questions asked are those similar to queries expected to be asked by these candidates by his superior managers as if he were actually being put to the job of an Accountant.
So this evaluation test actually measures ones ability and efficiency to handle the Accountants job in real times.
If he is able to solve I-CAAT question then he would definitely be able to solve the same situation in actual circumstances.
Anyone who is having an aspiration towards profession of accountancy and have undergone some sort of practical or educational intuition about doing maintaining and preparation of accounts or who have knowledge of double entry bookkeeping system.
Ability to extract reports and informations for a particular period from books of Accounts.
Accuracy and Accounts are synonyms and mathematical accuracy is must for accountants.
Ability to pass accurate Double Entries for transactions as double entry is the breath air of a perfect accounting system .
Ability to identify products and product groups , rate averaging ,calculating stock balances, recognize issues , receipts and returns, calculate cost of sales.
Ability to accurately report all cash related queries and vigilant attitude towards cash as cash is the most liquid and vulnerable asset.
Ability to be forecasted and alert about the short term assets and liabilities in the form of creditors and debtors discharged duly and daily.
Ability to prepare Profit & Loss Accounts and Balance Sheet with respect to any period.
Ability to scan Accounts as a whole with respect to period , date, amount , averages, account heads, product categories etc.
Ability to identify nature of transaction and bring under particular suitable accounting heads.
Ability to calculate , categorise, report and analyse sales and purchases in terms of cash and credit.
Ability to properly charge customers and suppliers with transaction amounts without any mismatch and mistake.
Ability to differentiate capital expenditures from revenue expenses , identify and categorise transactions to proper blocks of fixed assets.
Abiity to properly calculate and report bank account transactions and correctly figure out balances of different bank accounts.
Ability to report and answer queries from accounts and extract accounting informations from books of accounts.
Ability to verify accounting entries and postings from subsidiary books to ledger with respect to correctness of date, amount, accounting heads and dr/cr aspects.
Ability to properly trace out financial flows and movement of funds through various transactions.
Ability to calculate and analyze financial ratios and draw out the health indicators of the business.
Authenticity of Membership Certificate issued to the candidate can be verified by any concernedperson from any part of the world by online at www.iica.us the official website of International Institute of Certified Accountants (IICA)