The CMA foundation examination aims to create Certified Management Accountants who can play an important role in the crucial corporate decision-making process. The Fundamentals of Accounting subject tests a student’s ability to understand and explain the conceptual framework of accounting and use the basic concepts of cost & management accounting in solving some fundamental problems. The syllabus consists of fundamentals of financial accounting (80%) and fundamentals of cost accounting (20%).
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- Weightage of different topics of Fundamentals of Accounting | CMA Foundation
- How to study CMA Foundation Fundamentals of Accounting
- How to score well in CMA Foundation Fundamentals of Accounting
- Online resources to study for CMA Foundation Fundamentals of Accounting
Weightage of different topics of Fundamentals of Accounting | CMA Foundation
Before you begin to prepare, it makes sense to get a macroscopic overview of the paper.
Suggested marks distribution for examination:
|Short questions & Practical Problems||40 marks|
|Objective questions (60 marks)|
|MCQ||True / False||Matching|
Section-wise topics and their weightage:
|Section A: Fundamentals of Financial Accounting|
|Accounting for Special Transactions||20%|
|Preparation of Final Accounts||25%|
|Section B: Fundamentals of Cost Accounting|
|Fundamentals of Cost Accounting||20%|
How to study CMA Foundation Fundamentals of Accounting
- Brush up your basics with the help of class 12th NCERT. 1-2 days should be sufficient for this.
- Go through the exam syllabus and pattern and start creating a study schedule for yourself accordingly. Do not follow someone else’s timetable. Every person has a different style of studying. Keep your capabilities and core strength in mind while making your timetable.
- Make sure you refer to the study material provided by ICMAI for every topic and understand what kind of answers expected by the examiner.
- You need to prepare all the topics thoroughly irrespective of the last year’s question paper trends. The basics of this subject will form the foundation of your career.
- Just like mathematics, accounting concepts build upon each other. Therefore, clarify your concepts in one chapter before moving to another chapter.
- Do not try mugging up. Understand the logic behind every concept.
- Dedicate a separate notebook for Fundamentals of Accounting. Note down all important concepts and formulas. This will be the guide for revision a day before the exam.
- Study the questions given in the study material thoroughly. Questions asked in the exam follow the same pattern.
- For most students, this is their first competitive exams. If that is the case with you, do not hesitate to take external help. With the growing popularity of online platforms, you could benefit from the availability of some top professors offering help online. Feel free to subscribe to a video series so that your screen time is utilized well. Sometimes we are under a perception of knowing it all. However, little guidance is always useful.
- Attempt as many mock papers as possible in the real examination environment. Analyze your performance and revise accordingly.
- Develop a habit of revisiting all your answers at the end of the paper. You may know the concepts well, but a small calculation error can ruin it for you. So always allocate some time for review.
How to score well in CMA Foundation Fundamentals of Accounting: 10 Handy Tips
- Once you get the question paper, go through all the questions. Allot time to questions based on the marks they carry. This ensures you don’t waste much time on questions carrying fewer marks.
- Attempt multiple-choice questions first.
- Draw proper formats for balance sheets, P&L statements, etc.
- Ensure you show working notes.
- Write narration for every journal entry.
- For journal entry questions, record the dates of transaction and narration.
- Try to attempt all the questions. There is no negative marking. In subjective questions, marks are allotted even if you have used the right approach.
- Underline keywords in your answer.
- Avoid using short forms or abbreviations.
- The marks you score depend on the adherence to the language used by the institute in its content. So, ensure your answers are written accordingly.
Online resources to prepare for CMA Foundation Fundamentals of Accounting
Syllabus and Study Notes
Mock Test Paper:
Guidelines for Students:
Question Paper December 2018:
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