ITC Entrance Exam study guide
ITC Entrance Exam · Work through your exam, one topic at a time.
The ITC Entrance Exam is the gateway assessment for candidates seeking entry into the Institute of Chartered Accountants of Sri Lanka's (CA Sri Lanka) chartered accountancy pathway - specifically the ITC (Information Technology and Communication) stage that sits at the start of the professional programme. It is designed for school leavers, undergraduates and career-changers who want to demonstrate the foundational business knowledge needed before progressing to the more advanced levels of the CA qualification. The ITC Entrance Exam study guide has 6 sections and about 2,185 words.
01Financial Accounting and Reporting: IFRS Measurement and Presentation
Financial Accounting and Reporting tests whether you can apply the IASB Conceptual Framework and IFRS Standards to prepare, present and interpret general-purpose financial statements. Most marks come from a measurement computation, a journal entry, or a defensible judgement on recognition and disclosure - not from definitions.
419 words, about 2 min02Management Accounting and Cost Accounting: Costing, Variances and Decisions
This domain tests whether you can build a cost, explain cost behaviour, and use cost data to support a decision or evaluate performance. Expect computational questions on CVP, variances and relevant costing, plus short interpretation of the figures.
344 words, about 2 min03Taxation: Taxable Income, Reliefs and Tax Administration
Taxation tests whether you can move from accounting profit to taxable profit, apply reliefs and credits correctly, and explain administration and compliance obligations. Rates, thresholds and specific rules vary by jurisdiction, so the examiners reward the mechanics and the reasoning; the figures below are illustrative.
341 words, about 2 min04Business Law and Ethics: Contracts, Companies and Professional Conduct
This domain tests legal rules for transactions and entities, plus the ethical framework governing professional conduct. Questions are usually short scenarios: identify the rule, apply it to the facts, and state the consequence.
358 words, about 2 min05Auditing and Assurance: Risk, Evidence, Materiality and Reporting
Auditing and Assurance tests the logic of an audit: assess risk, design a response, gather sufficient appropriate evidence, and conclude. Scenario questions reward precise use of ISA terminology and a clear chain from assertion to procedure to conclusion.
349 words, about 2 min06Business Finance and Economics: Valuation, Cost of Capital and Markets
This domain tests quantitative finance - time value, appraisal, cost of capital - alongside the economics that shape the firm's environment: demand, market structure, policy and exchange rates. Discount incremental after-tax cash flows, excluding sunk costs and including working capital and opportunity costs.
374 words, about 2 min