CMA, CMA Foundation, CMA Inter

CMA Exam Question Papers and Answers

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

CourseDuration & EligibilitySubjects
Cost and Management Accountant by the Institute of Cost Accountants of India3-5 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 courseBusiness Mathematics and StatisticsLaws and EthicsAccountingEconomicsManagementCompany Accounts and AuditOperation Management Information SystemBusiness Strategy & Cost Management

Accessing Question papers and answer sheets through ICAI portal

  1. Students need to access the website of ICAI https://icmai.in
  2. 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

Question Papers

Examination Question Papers Syllabus 2016, June 2019 Term

Foundation

Intermediate

Final

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

SubjectMarks
PAPER 1: FUNDAMENTALS OF BUSINESS LAWS AND BUSINESS COMMUNICATION (FBLC)100
PAPER 2: FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA100
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 DescriptionWeight
Section A: Fundamentals of Business Laws                        80%
1Introduction10%
2Indian Contracts Act, 187230%
3Sale of Goods Act, 193020%
4Negotiable Instruments Act,188120%
Section B: Business Communication                                 20%
5Business Communication20%

Paper 2 FUNDAMENTALS OF FINANCIAL AND COST ACCOUNTING (FFCA)

Module no Module DescriptionWeight
Section A: Fundamentals of Financial Accounting                       70%
1Accounting Fundamentals30%
2Accounting for Special Transactions15%
3Preparation of Final Accounts25%
Section B: Fundamentals of Cost Accounting                                 30%
4Fundamentals of Cost Accounting30%

Paper 3 FUNDAMENTALS OF BUSINESS MATHEMATICS AND

STATISTICS (FBMS)

Module no Module DescriptionWeight
Section A: Fundamentals of Business Mathematics                      40%
1Arithmetic15%
2Algebra20%
3Calculus- Application in Business05%
Section B: Fundamentals of Business Statistics                               60%
4Statistical Representation of Data05%
5Measures of Central Tendency and Dispersion15%
6Correlation and Regression15%
7Probability15%
8Index Numbers and Time Series10%

Paper 4 FUNDAMENTALS OF BUSINESS ECONOMICS AND MANAGEMENT (FBEM)

Module no Module DescriptionWeight
Section A: Fundamentals of Business Economics                     70%
1Basic Concepts15%
2Forms of Market20%
3Money and Banking20%
4Economic and Business Environment15%
Section B: Fundamentals of Management                              30%
5Fundamentals of Management30%

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 LAWSIntroduction1.1 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 COMMUNICATIONBusiness 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 ACCOUNTINGAccounting 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 ACCOUNTINGFundamentals 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 MATHEMATICS1. 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 ECONOMICS1. 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 MANAGEMENT5. 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 CurriculumSyllabus – 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 LawsIntroduction 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 LawsFactories Act, 1948Payment of Gratuity Act, 1972Employees Provident Fund and Miscellaneous Provisions Act, 1952Employees State Insurance Act, 1948The Code on Wages, 2019
Section C: Corporate LawsCompanies Act, 2013
Section D: Business EthicsBusiness Ethics and Emotional Intelligence
Intermediate Course (Group – I)Paper 6 FINANCIAL ACCOUNTING (FA)
Section A: Accounting FundamentalsAccounting Fundamentals
Section B: Accounting for Special TransactionsBills of Exchange, Consignment, Joint Venture
Section C: Preparation of Financial StatementsPreparation of Final Accounts of Commercial Organisations,Not-for-Profit Organisations and from Incomplete Records
Section D: Partnership AccountsPartnership 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 StandardsAccounting Standards
Intermediate Course (Group – I)Paper 7DIRECT AND INDIRECT TAXATION (DITX)
Section A: Direct TaxationBasics of Income Tax ActHeads of IncomeTotal Income and Tax Liability of Individuals & HUF
Section B: Indirect TaxationConcept of Indirect TaxesGoods and Services Tax (GST) LawsCustoms Act
Intermediate Course (Group – I)Paper 8COST ACCOUNTING (CA)
Section A: Introduction to Cost AccountingIntroduction to Cost AccountingCost Ascertainment – Elements of CostCost Accounting Standards (CAS 1 to CAS 24)Cost Book Keeping
Section B: Methods of CostingMethods of Costing
Section C: Cost Accounting TechniquesCost Accounting Techniques
Intermediate Course (Group – II)Paper 9OPERATIONS MANAGEMENT ANDSTRATEGIC MANAGEMENT (OMSM)
Section A: Operations ManagementIntroductionOperations 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 ManagementIntroductionStrategic Analysis and Strategic PlanningFormulation and Implementation of StrategyDigital Strategy
Intermediate Course (Group – II)Paper 10CORPORATE ACCOUNTING AND AUDITING (CAA)
Section A: Corporate AccountingAccounting 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: AuditingBasic 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 ManagementFundamentals 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 AnalyticsIntroduction 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 ManagementFundamentals 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 AnalyticsIntroduction 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 AccountingIntroduction to Management Accounting
Section B: Activity Based CostingActivity Based Costing
Section C: Decision Making ToolsMarginal CostingApplications of Marginal Costing in Short Term Decision MakingTransfer Pricing
Section D: Standard Costing and Variance AnalysisStandard Costing and Variance Analysis
Section E: Forecasting, Budgeting and Budgetary ControlForecasting, Budgeting and Budgetary Control
Section F: Divisional Performance MeasurementDivisional Performance Measurement
Section G: Responsibility AccountingResponsibility Accounting
Section H: Decision TheoryDecision Theory

CMA Final Syllabus 2023

Paper No.Paper NameSectionWeight
13.Corporate andEconomic LawsSection A: Corporate Laws60%
Section B: Economic Laws and Regulations40%
14.Strategic FinancialManagementSection A: Investment Decisions25%
Section B: Security Analysis and PortfolioManagement35%
Section C: Financial Risk Management20%
Section D: International Financial Management15%
Section E: Digital Finance5%
15.Direct Tax Lawsand InternationalTaxationSection A: Direct Tax Laws60%
Section B: International Taxation40%
16.Strategic CostManagementSection A: Strategic Cost Management forDecision Making60%
Section B: Quantitative Techniques in DecisionMaking40%
17.Cost andManagement AuditSection A: Cost Audit50%
Section B: Management Audit25%
Section C: Internal Control, Internal Audit,Operational Audit and Other Related Issues15%
Section D: Forensic Audit and Anti-MoneyLaundering10%
18.Corporate FinancialReportingSection A: Indian Accounting Standards25%
Section B: Valuation of Shares, Accounting andReporting of Financial Instruments and NBFCs15%
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 FinancialReporting10%
Section F: Government Accounting in India10%
19.Indirect Tax Lawsand PracticeSection A: Goods and Services Tax Act and Rules70%
Section B: Customs Act and Rules30%
20AStrategicPerformanceManagement andBusiness ValuationSection A: Strategic Performance Management50%
Section B: Business Valuation50%
20BRisk Managementin Banking andInsuranceSection A: Risk Management in Banking60%
Section B: Risk Management in Insurance40%
20CEntrepreneurshipand StartupSection A: Entrepreneurial Skill Sets15%
Section B: The Entrepreneurial Eco-system15%
Section C: Idea to Action15%
Section D: Value Addition15%
Section E: Scale up10%
Section F: Risk Management Strategies10%
Section G: Leadership10%
Section H: Types of New Age Business10%