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How to Prepare for Fundamentals of Accounting | CMA Foundation Subject-wise Tips

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The CMA foundation examination aims to create Certified Management Accountants who can play an important role in the crucial corporate decision-making process.

how to prepare for fundamentals of accounting

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%).

Here’s what you will read next:

  1. Weightage of different topics of Fundamentals of Accounting | CMA Foundation
  2. How to study CMA Foundation Fundamentals of Accounting
  3. How to score well in CMA Foundation Fundamentals of Accounting
  4. 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:

Objective 60 marks
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 Fundamentals 35%
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 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 past question paper trends. The basics of this subject will be 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 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 growing popularity of online platforms, you could benefit from the availability of some of the top professors offering help online. Feel free to subscribe to a video seriesso that your screen time is utilized well. Sometimes we are under perception of knowing it all. However, a little guidance is always useful.
  • Attempt as many mock papers as possible in real examination environment. Analyze your performance and revise accordingly.
  • Develop a habit of revisiting all your answers at the end of 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

  1. 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 less marks
  2. Attempt multiple choice questions first.
  3. Draw proper formats for balance sheets, P&L statements, etc.
  4. Ensure you show working notes.
  5. Write narration for every journal entry.
  6. For journal entry questions, record the dates of transaction and narration.
  7. Try to attempt all questions. There is no negative marking. In subjective questions, marks are allotted even if you have used the right approach.
  8. Underline keywords in your answer.
  9. Avoid using short forms or abbreviations.
  10. 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:

http://icmai.in/upload/Students/Syllabus2016/Foundation/Paper-2.pdf

CA CS CMA Free Lectures

Mock Test Paper:

  • Questions

Paper 1:

http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper2_Set1_Revised.pdf

Paper 2:

http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper2_Set2.pdf

  • Answers

Paper 1:

http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper2_Set1_Solution_Revised.pdf

Paper 2:

http://icmai.in/upload/Students/MTPSyl2016June2019/Foundation/Paper2_Set2_Solution.pdf

Workbook:

CA CS CMA Free Lectures

https://icmai.in/upload/Students/Syllabus2016/Workbook/March2019/Paper2.pdf

Guidelines for Students:

https://icmai.in/studentswebsite/exam_procedure.php

Question Paper December 2018:

http://icmai.in/upload/QuestionPaper/syllabus2016/Dec18/Paper2.pdf

You can watch a few demo lectures by SuperProfs for CMA and see if you would want to consider subscribing to our video series for a better shot at clearing the CMA examination.

Click Here to Watch FREE Demo

Also Read :

CMA Course Details – Subjects, Eligibility, Exam Dates And Fee Details

CMA Foundation Syllabus For June/Dec 2019 – Subjects & Changes

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