Cost and Management Accountancy Course offered by the Institute of Cost Accountants of India
The main purpose of designing of this course is to nurture young minds into business leaders of tomorrow, wherein cost accountants can play a very important role in decision making. Students are more inclined in understanding the concepts of costing and management accounting and applying them in the practical work of field, they usually opt for this course instead of Company Secretary or Chartered Accountancy Course.
The different stages of examination includes the following-
- Foundation Programme
- CMA Intermediate Programme
- CMA Final Programme
At the outset the course looks like following
| Course | Duration & Eligibility | Subjects |
| Cost and Management Accountant by the Institute of Cost Accountants of India | 3-5 years standard duration for this professional course10+2 with a minimum 60% aggregateCourse if divided into three levels- Foundation, Inter and FinalPractical Internship is also required to be done by the candidates at a requisite interval of time frameMultiple attempts are also required to be taken sometimes by the candidatesMaximum attempts limit should be checked before pursuing the course | Business Mathematics and StatisticsLaws and EthicsAccountingEconomicsManagementCompany Accounts and AuditOperation Management Information SystemBusiness Strategy & Cost Management |
Accessing Question papers and answer sheets through ICAI portal
- Students need to access the website of ICAI https://icmai.in
- On the website, the students need to access the Examination Tab
Students can find following heads while searching for examination and accordingly they can select the stage as well as subject as mentioned below. The links are also given herein
- June 2019
- Dec 2018
- June 2018
- Dec 2017
- June 2017
- Dec 2016
- June 2016
- December 2015
- June 2015
- December 2014
- June 2014
- Dec 2013
- June 2013
Question Papers
Examination Question Papers Syllabus 2016, June 2019 Term
Foundation
- Fundamentals of Economics and Management
- Fundamentals of Accounting
- Fundamentals of Laws and Ethics
- Fundamentals of Business Mathematics and Statistics
Intermediate
- Financial Accounting
- Laws and Ethics
- Direct Taxation
- Cost Accounting
- Operations Management and Strategic Management
- Cost & Management Accounting and Financial Management
- Indirect Taxation
- Company Accounts and Audit
Final
- Corporate Laws & Compliance
- Strategic Financial Management
- Strategic Cost Management- Decision Making
- Tax Laws and International Taxation
- Corporate Financial Reporting
- Indirect Tax Laws and Practise
- Cost and Management Audit
- Strategic Performance Management & Business Valuation
CMA Foundation is the qualifying entrance test for registration to the Cost Accountancy Course. It’s a national level examination.
Syllabus – Foundation Course Curriculum
PAPER 1: FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC)
PAPER 2: FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA)
PAPER 3: FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS (FBMS)
PAPER 4: FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM)
Marks weightage of the four subjects
| Subject | Marks |
| PAPER 1: FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC) | 100 |
| PAPER 2: FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA | 100 |
| PAPER 3: FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS (FBMS) | 100 |
| PAPER 4: FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM) | 100 |
Paper 1- FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC)
| Module no | Module Description | Weight |
| Section A: Fundamentals of Business Laws 80% | ||
| 1 | Introduction | 10% |
| 2 | Indian Contracts Act, 1872 | 30% |
| 3 | Sale of Goods Act, 1930 | 20% |
| 4 | Negotiable Instruments Act,1881 | 20% |
| Section B: Business Communication 20% | ||
| 5 | Business Communication | 20% |
Paper 2 FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA)
| Module no | Module Description | Weight |
| Section A: Fundamentals of Financial Accounting 70% | ||
| 1 | Accounting Fundamentals | 30% |
| 2 | Accounting for Special Transactions | 15% |
| 3 | Preparation of Final Accounts | 25% |
| Section B: Fundamentals of Cost Accounting 30% | ||
| 4 | Fundamentals of Cost Accounting | 30% |
Paper 3 FUNDAMENTALS OF BUSINESS MATHEMATICS AND
STATISTICS (FBMS)
| Module no | Module Description | Weight |
| Section A: Fundamentals of Business Mathematics 40% | ||
| 1 | Arithmetic | 15% |
| 2 | Algebra | 20% |
| 3 | Calculus- Application in Business | 05% |
| Section B: Fundamentals of Business Statistics 60% | ||
| 4 | Statistical Representation of Data | 05% |
| 5 | Measures of Central Tendency and Dispersion | 15% |
| 6 | Correlation and Regression | 15% |
| 7 | Probability | 15% |
| 8 | Index Numbers and Time Series | 10% |
Paper 4 FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM)
| Module no | Module Description | Weight |
| Section A: Fundamentals of Business Economics 70% | ||
| 1 | Basic Concepts | 15% |
| 2 | Forms of Market | 20% |
| 3 | Money and Banking | 20% |
| 4 | Economic and Business Environment | 15% |
| Section B: Fundamentals of Management 30% | ||
| 5 | Fundamentals of Management | 30% |
Understanding Syllabus of CMA Foundation
The Institute has prescribed detailed syllabus w.r.t. each paper and content which will be part of the test. Following are the topics and subjects which are required to be part of the test. Students are expected to understand and have a proper grip on the topics. A proper SWOT analysis should be done by the students w.r.t. topics. The focus should be more on the topics/ subjects which seems tough or difficult for them.
| FUNDAMENTALS OF BUSINESS LAWS ANDBUSINESS COMMUNICATION (FBLC) | |
| SECTION A: FUNDAMENTALS OF BUSINESS LAWS | Introduction1.1 Sources of Law1.2 Legislative Process in India1.3 Legal Methods and Court System in India1.4 Primary and Subordinate Legislation Indian Contracts Act, 18722.1 Essential Elements of a Contract, Offer and Acceptance2.2 Void and Voidable Agreements, No Consideration No Contract2.3 Consideration, Legality of Object and Consideration2.4 Capacity of Parties, Free Consent2.5 Contingent Contracts2.6 Performance of Contracts2.7 Meaning of Indemnity, Guarantee, Pledge, Agent2.8 E-Contracts and E-Signature – Meanings and Requirements2.9 Discharge of Contracts2.10 Breach of Contract and Remedies for Breach of Contract Sale of Goods Act, 19303.1. Definition3.2. Transfer of Ownership3.3. Essential Conditions of a Contract of Sale3.4. Conditions and Warranties3.5. Performance of the Contract of Sale3.6. Rights of Unpaid Seller Negotiable Instruments Act, 18814.1. Characteristics of Negotiable Instruments4.2. Definitions of Promissory Note, Bill of Exchange and Cheque4.3. Difference between Promissory Note, Bill of Exchange and Cheque4.4. Crossing – Meaning, Definition and Types of Crossing4.5. Dishonour of Cheques (Section 138) |
| SECTION B: BUSINESS COMMUNICATION | Business Communication5.1 Introduction to Business Communication5.2 Features of Effective Business Communication5.3 Process of Communication5.4 Types of Business Communication5.4.1 Formal and Informal Communication5.4.2 Written, Verbal and Non-verbal Communication5.4.3 Vertical, Horizontal and Diagonal Communication5.4.4 Upward and Downward Communication5.5 Internet-based Business Communication5.6 Do’s and Don’ts of Communication through Social Media5.7 Writing and Drafting for Business Audiences5.7.1 Letter and Memorandum5.7.2 Report – Formal and Informal5.7.3 Business Proposal5.7.4 Enhancement of Writing Skills5.8 Intercultural and International Business Communication5.9 Barriers to Business Communication5.10 Legal Aspects of Business Communication5.11 Use of Graphics and References for Business Communication |
| FUNDAMENTALS OF FINANCIAL ANDCOST ACCOUNTING (FFCA) | |
| SECTION A: FUNDAMENTALS OF FINANCIAL ACCOUNTING | Accounting Fundamentals1.1 Understanding of Four Frameworks of Accounting (Conceptual, Legal, Institutional andRegulatory) and Forms of Organization1.2 Accounting Principles, Concepts and Conventions1.3 Capital and Revenue Transactions – Capital and Revenue Expenditures, Capital and RevenueReceipts1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction –Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary Books andFinalisation of Accounts1.5 Journal (Day Books; Journal Proper – Opening, Transfer, Closing, Adjustment and RectificationEntries), Ledger1.6 Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement1.7 Trial Balance1.8 Adjustment Entries and Rectification of Errors 1.9 Depreciation (Straight Line and Diminishing Balance Methods only) 1.10 Accounting Treatment of Bad Debts and Provision for Doubtful Debts Accounting for Special Transactions2.1 Consignment2.2 Joint Venture2.3 Bills of Exchange (excluding Accommodation Bill, Insolvency) Preparation of Final Accounts3.1 Preparation of Financial Statements of Sole Proprietorship3.1.1 Income Statement, Balance Sheet3.2 Preparation of Financial Statements of a Not-for-Profit Organisation3.2.1 Preparation of Receipts and Payments Account3.2.2 Preparation of Income and Expenditure Account3.2.3 Preparation of Balance Sheet |
| SECTION B: FUNDAMENTALS OF COST ACCOUNTING | Fundamentals of Cost Accounting4.1 Meaning, Definition, Significance of Cost Accounting, its Relationship with Financial Accounting4.2 Application of Cost Accounting for Business Decisions4.3 Definition of Cost, Cost Centre, Cost Unit and Cost Drivers4.4 Classification of Costs (with reference to Cost Accounting Standard 1)4.5 Ascertainment of Cost and Preparation of Statement of Cost and Profit (Cost Sheet) |
| FUNDAMENTALS OF BUSINESS MATHEMATICS ANDSTATISTICS (FBMS) | |
| SECTION A: FUNDAMENTALS OF BUSINESS MATHEMATICS | 1. Arithmetic1.1 Ratios, Variations and Proportions1.2 Time Value of Money and Annuity – Simple and Compound Interest1.3 Arithmetic Progression and Geometric Progression1.4 Time and Distance 2. Algebra2.1 Set Theory, including Venn Diagram2.2 Indices and Logarithms (Basic Concepts)2.3 Permutation and Combinations (Basic Concepts)2.4 Quadratic Equations (Basic Concepts) 3. Calculus – Application in Business3.1 Concept of Calculus and its Application in Business3.2 Revenue and Cost Function3.3 Optimisation Techniques (Basic Concepts) |
| SECTION B: FUNDAMENTALS OF BUSINESS STATISTICS | 4. Statistical Representation of Data4.1 Diagrammatic Representation of Data4.2 Frequency Distribution4.3 Graphical Representation of Frequency Distribution – Histogram, Frequency Polygon Curve,Ogive, Pie-chart 5. Measures of Central Tendency and Dispersion5.1 Mean, Median, Mode, Mean Deviation5.2 Range, Quartiles and Quartile Deviation5.3 Standard Deviation5.4 Co-efficient of Variation5.5 Karl Pearson and Bowley’s Co-efficient of Skewness6. Correlation and Regression6.1 Scatter Diagram6.2 Karl Pearson’s Co-efficient of Correlation6.3 Regression Analysis 7. Probability7.1 Concepts and Terminologies7.2 Primary applications of Probability Theorems 8. Index Numbers and Time Series8.1 Uses of Index Numbers, Methods of Construction of Index Number8.2 Components of Time Series and Calculation of Trend by Moving Average Method |
| FUNDAMENTALS OF BUSINESS ECONOMICS ANDMANAGEMENT (FBEM) | |
| SECTION A: FUNDAMENTALS OF BUSINESS ECONOMICS | 1. Basic Concepts1.1 The Fundamentals of Economics1.2 Utility, Wealth, Production1.3 Theory of Demand (Meaning, Determinants of Demand, Law of Demand, Elasticity of Demand- Price, Income and Cross Elasticity, Theory of Consumer Behaviour, Demand Forecasting) andSupply (Meaning, Determinants, Law of Supply and Elasticity of Supply), Equilibrium1.4 Theory of Production (Meaning, Factors, Laws of Production – Law of Variable Proportion, Lawsof Returns to Scale)1.5 Cost of Production (Concept of Costs, Short-run and Long-run Costs, Average and Marginal Costs,Total, Fixed and Variable Costs)1.6 Means of Production 2. Forms of Market2.1 Pricing of Products and Services in Various Forms of Markets – Perfect Competition, Duopoly,Oligopoly, Monopoly, Monopolistic Competition 2.2 Price Discrimination 3. Money and Banking3.1 Money – Types, Features and Functions3.2 Banking – Definition, Functions, Utility, Principles3.3 Commercial Banks, Central Bank3.4 Measures of Credit Control and Money Market 4. Economic and Business Environment4.1 PESTEL (Political, Economic, Societal, Technological and Legal) Analysis4.2 Emerging Dimensions of VUCAFU (Volatility, Uncertainty, Complexity, Ambiguity, Fear of Unknown and Unprecedentedness) |
| SECTION B – FUNDAMENTALS OF MANAGEMENT | 5. Fundamentals of Management5.1 Introduction to Management5.2 Stewardship Theory and Agency Theory of Management5.3 Planning, Organizing, Staffing and Leading5.4 Communication, Co-ordination, Collaboration, Monitoring and Control5.5 Organisation Structure, Responsibility, Accountability and Delegation of Authority5.6 Leadership and Motivation – Concepts and Theories5.7 Decision-making – Types and Process |
Understanding Syllabus of CMA Intermediate 2023
The Institute has prescribed detailed syllabus w.r.t. each paper and content which will be part of the test. Following are the topics and subjects which are required to be part of the test. Students are expected to understand and have a proper grip on the topics. A proper SWOT analysis should be done by the students w.r.t. topics. The focus should be more on the topics/ subjects which seems tough or difficult for them.
| Syllabus – 2022: Intermediate Course Curriculum | Syllabus – 2016 Intermediate Study Material |
| GROUP – I PAPER 5: BUSINESS LAWS AND ETHICS (BLE) PAPER 6: FINANCIAL ACCOUNTING (FA) PAPER 7: DIRECT AND INDIRECT TAXATION (DITX) PAPER 8: COST ACCOUNTING (CA)GROUP – IIPAPER 9: OPERATIONS MANAGEMENT AND STRATEGIC MANAGEMENT (OMSM) PAPER 10: CORPORATE ACCOUNTING AND AUDITING (CAA) PAPER 11: FINANCIAL MANAGEMENT AND BUSINESS DATA ANALYTICS (FMDA) PAPER 12: MANAGEMENT ACCOUNTING (MA) | Paper-5 Financial Accounting Paper-6 Laws and Ethics Paper-7 Direct Taxation Revised Edition January 2023 Paper-8 Cost Accounting Paper-9 Operations Management & Strategic Management Paper-10 Cost & Management Accounting and Financial Management Paper-11 Indirect Taxation Revised Edition January 2023 Paper-12 Company Accounts & Audit |
| Intermediate Course (Group – I) | Paper 5 BUSINESS LAWS AND ETHICS (BLE) |
| Section A: Commercial Laws | Introduction to Law and Legal System in IndiaIndian Contracts Act, 1872Sale of Goods Act, 1930Negotiable Instruments Act, 1881Indian Partnership Act, 1932Limited Liability Partnership Act, 2008 |
| Section B: Industrial Laws | Factories Act, 1948Payment of Gratuity Act, 1972Employees Provident Fund and Miscellaneous Provisions Act, 1952Employees State Insurance Act, 1948The Code on Wages, 2019 |
| Section C: Corporate Laws | Companies Act, 2013 |
| Section D: Business Ethics | Business Ethics and Emotional Intelligence |
| Intermediate Course (Group – I) | Paper 6 FINANCIAL ACCOUNTING (FA) |
| Section A: Accounting Fundamentals | Accounting Fundamentals |
| Section B: Accounting for Special Transactions | Bills of Exchange, Consignment, Joint Venture |
| Section C: Preparation of Financial Statements | Preparation of Final Accounts of Commercial Organisations,Not-for-Profit Organisations and from Incomplete Records |
| Section D: Partnership Accounts | Partnership Accounts |
| Section E: Lease, Branch and Departmental Accounts etc. | Lease AccountingBranch (including Foreign Branch) and Departmental AccountsInsurance Claim for Loss of Stock and Loss of ProfitHire Purchase and Installment Sale Transactions |
| Section F: Accounting Standards | Accounting Standards |
| Intermediate Course (Group – I) | Paper 7DIRECT AND INDIRECT TAXATION (DITX) |
| Section A: Direct Taxation | Basics of Income Tax ActHeads of IncomeTotal Income and Tax Liability of Individuals & HUF |
| Section B: Indirect Taxation | Concept of Indirect TaxesGoods and Services Tax (GST) LawsCustoms Act |
| Intermediate Course (Group – I) | Paper 8COST ACCOUNTING (CA) |
| Section A: Introduction to Cost Accounting | Introduction to Cost AccountingCost Ascertainment – Elements of CostCost Accounting Standards (CAS 1 to CAS 24)Cost Book Keeping |
| Section B: Methods of Costing | Methods of Costing |
| Section C: Cost Accounting Techniques | Cost Accounting Techniques |
| Intermediate Course (Group – II) | Paper 9OPERATIONS MANAGEMENT ANDSTRATEGIC MANAGEMENT (OMSM) |
| Section A: Operations Management | IntroductionOperations PlanningDesigning of Operational Systems and ControlApplication of Operation Research – Production Planning and ControlProductivity Management and Quality ManagementProject Management, Monitoring and ControlEconomics of Maintenance and Spares Management |
| Section B: Strategic Management | IntroductionStrategic Analysis and Strategic PlanningFormulation and Implementation of StrategyDigital Strategy |
| Intermediate Course (Group – II) | Paper 10CORPORATE ACCOUNTING AND AUDITING (CAA) |
| Section A: Corporate Accounting | Accounting for Shares and DebenturesPreparation of the Statement of Profit and Loss and Balance Sheet (As Per Schedule III of Companies Act, 2013)Cash Flow StatementAccounts of Banking, Electricity and Insurance CompaniesAccounting Standards |
| Section B: Auditing | Basic Concepts of AuditingProvisions Relating to Audit under Companies Act, 2013Auditing of Different Types of Undertakings |
| Intermediate Course (Group – II) | Paper 11FINANCIAL MANAGEMENT ANDBUSINESS DATA ANALYTICS (FMDA) |
| Section A: Financial Management | Fundamentals of Financial ManagementInstitutions and Instruments in Financial MarketsTools for Financial AnalysesSources of Finance and Cost of CapitalCapital BudgetingWorking Capital ManagementFinancing Decision of a Firm |
| Section B: Business Data Analytics | Introduction to Data Science for Business Decision-makingData Processing, Organisation, Cleaning and ValidationData Presentation: Visualisation and Graphical PresentationData Analysis and Modelling |
| Intermediate Course (Group – II) | Paper 11FINANCIAL MANAGEMENT ANDBUSINESS DATA ANALYTICS (FMDA) |
| Section A: Financial Management | Fundamentals of Financial ManagementInstitutions and Instruments in Financial MarketsTools for Financial AnalysesSources of Finance and Cost of CapitalCapital BudgetingWorking Capital ManagementFinancing Decision of a Firm |
| Section B: Business Data Analytics | Introduction to Data Science for Business Decision-makingData Processing, Organisation, Cleaning and ValidationData Presentation: Visualisation and Graphical PresentationData Analysis and Modelling |
| Intermediate Course (Group – II) | Paper 12MANAGEMENT ACCOUNTING (MA) |
| Section A: Introduction to Management Accounting | Introduction to Management Accounting |
| Section B: Activity Based Costing | Activity Based Costing |
| Section C: Decision Making Tools | Marginal CostingApplications of Marginal Costing in Short Term Decision MakingTransfer Pricing |
| Section D: Standard Costing and Variance Analysis | Standard Costing and Variance Analysis |
| Section E: Forecasting, Budgeting and Budgetary Control | Forecasting, Budgeting and Budgetary Control |
| Section F: Divisional Performance Measurement | Divisional Performance Measurement |
| Section G: Responsibility Accounting | Responsibility Accounting |
| Section H: Decision Theory | Decision Theory |
CMA Final Syllabus 2023
| Paper No. | Paper Name | Section | Weight |
| 13. | Corporate andEconomic Laws | Section A: Corporate Laws | 60% |
| Section B: Economic Laws and Regulations | 40% | ||
| 14. | Strategic FinancialManagement | Section A: Investment Decisions | 25% |
| Section B: Security Analysis and PortfolioManagement | 35% | ||
| Section C: Financial Risk Management | 20% | ||
| Section D: International Financial Management | 15% | ||
| Section E: Digital Finance | 5% | ||
| 15. | Direct Tax Lawsand InternationalTaxation | Section A: Direct Tax Laws | 60% |
| Section B: International Taxation | 40% | ||
| 16. | Strategic CostManagement | Section A: Strategic Cost Management forDecision Making | 60% |
| Section B: Quantitative Techniques in DecisionMaking | 40% | ||
| 17. | Cost andManagement Audit | Section A: Cost Audit | 50% |
| Section B: Management Audit | 25% | ||
| Section C: Internal Control, Internal Audit,Operational Audit and Other Related Issues | 15% | ||
| Section D: Forensic Audit and Anti-MoneyLaundering | 10% | ||
| 18. | Corporate FinancialReporting | Section A: Indian Accounting Standards | 25% |
| Section B: Valuation of Shares, Accounting andReporting of Financial Instruments and NBFCs | 15% | ||
| Section C: Accounting for Business Combinationsand Restructuring (in Compliance with Ind ASs) | 20% | ||
| Section D: Consolidated Financial Statements andSeparate Financial Statements (in Compliance with Ind ASs) | 20% | ||
| Section E: Recent Developments in FinancialReporting | 10% | ||
| Section F: Government Accounting in India | 10% | ||
| 19. | Indirect Tax Lawsand Practice | Section A: Goods and Services Tax Act and Rules | 70% |
| Section B: Customs Act and Rules | 30% | ||
| 20A | StrategicPerformanceManagement andBusiness Valuation | Section A: Strategic Performance Management | 50% |
| Section B: Business Valuation | 50% | ||
| 20B | Risk Managementin Banking andInsurance | Section A: Risk Management in Banking | 60% |
| Section B: Risk Management in Insurance | 40% | ||
| 20C | Entrepreneurshipand Startup | Section A: Entrepreneurial Skill Sets | 15% |
| Section B: The Entrepreneurial Eco-system | 15% | ||
| Section C: Idea to Action | 15% | ||
| Section D: Value Addition | 15% | ||
| Section E: Scale up | 10% | ||
| Section F: Risk Management Strategies | 10% | ||
| Section G: Leadership | 10% | ||
| Section H: Types of New Age Business | 10% |