CMA Foundation Syllabus 2022 - Paper Wise Syllabus, Important Topics

CMA Foundation Syllabus 2022 - The Institute of Cost Accountants of India (ICMAI) provides the syllabus of CMA Foundation on its official website - icmai.in. Candidates registered for the exam should refer to the official syllabus before starting their preparation. Details related to the papers covered, topics and subtopics included are mentioned under the syllabus of CMA Foundation 2022. As per the exam dates, ICMAI conducts the CMA Foundation exam twice every year - once in June and then in December.

As per the official CMA Foundation 2022 syllabus, candidates can gain knowledge about four different papers which include fundamentals of economics and management, fundamentals of accounting, fundamentals of law and ethics, fundamentals of business mathematics and statistics.

Papers Covered: CMA Foundation Syllabus 2022

As per the exam pattern of CMA Foundation, candidates have to study four papers; Each belonging to a different subject area. Tabulated below is the list of papers included by ICMAI in the CMA Foundation exam.

CMA Foundation Papers

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Comprehensive Syllabus of CMA Foundation

The following tables list down the learning objectives, complete topics and sub-topics that are covered in the syllabus learning aims and examination question.

Paper 1: Fundamentals of Economics and Management (FEM)

Section A - Sub-topics

1. Basic Concepts of Economics – Micro & Macro Economics

(a) The Fundamentals of Economics

(b) Utility, Wealth, Production

(c) Theory of Demand (meaning, determinants of demand, law of demand, elasticity of demand-price, income and cross elasticity) and Supply (meaning, determinants, law of supply and elasticity of supply)

(d) Equilibrium

(e) Theory of Production (meaning, factors, laws of production - law of variable proportion, laws of returns to scale)

(f) Cost of Production (concept of costs, short-run and long-run costs, average and marginal costs, total, fixed and variable costs)

2. Forms of Market

(a) Pricing strategies in various forms of markets

3. Money and Banking

(a) Definition of Money, Types, Features and Functions

(b) Definition, functions, utility, principles of Banking

(c) Commercial Banks, Central Bank

(d) Measures of credit control and Money Market

Section B - Sub-topics

4. Management Process

(a) Introduction, planning, organizing, staffing, leading, control, communication, co-ordination

(b) Concept of Power, Authority, Delegation of Authority, Responsibility, Accountability

(c) Leadership & Motivation – Concept & Theories

(d) Decision-making – types of decisions, decision- making process

Paper 2: Fundamentals of Accounting (FOA)

Section A - Fundamentals of Financial Accounting Sub-topics

1. Accounting Fundamentals

(a) Accounting Principles, Concepts and Conventions

(b) Capital and Revenue transactions- capital and revenue expenditures, capital and revenue receipts

(c) Double entry system, Books of prime entry, Subsidiary Books, Cash Book

(d) Journal , Ledger, Trial Balance

(e) Depreciation – Methods (Straight Line and Diminishing Balance methods only)

(f) Rectification of Errors

(g) Opening entries, Transfer entries, Adjustment entries, Closing entries

(h) Bank Reconciliation Statements

2. Accounting for Special Transactions

(a) Bills of Exchange (excluding accommodation bill, insolvency)

(b) Consignment (cost price, invoice price, commission & valuation of stock)

(c) Joint Venture

3. Preparation of Final Accounts

(a) Of a Profit-making concern (for sole proprietorship concern only)

(i) Accounting treatment of bad debts, reserve for bad and doubtful debts, provision for discount on debtors and provision for discount on creditors.

(ii) Preparation of Trading Account, Profit & Loss Account and Balance Sheet.

(b) Of a Not-for-Profit making concern

(i) Preparation of Receipts and Payments Account

(ii) Preparation of Income and Expenditure Account

Section B: Fundamentals of Cost Accounting Sub-topics

4. Fundamentals of Cost Accounting

(a) Meaning, Definition, Significance of Cost Accounting, its relationship with Financial Accounting & Management Accounting.

(b) Classification of Costs

(c) Format of Cost Sheet

Paper 3: Fundamentals of Laws and Ethics (FLE)

Section A: Fundamentals of Commercial Laws

1. Indian Contracts Act, 1872

(a) Essential elements of a contract, offer and acceptance

(b) Void and voidable agreements

(c) Consideration, legality of object and consideration

(d) Capacity of Parties, free consent

(e) Quasi-contracts, Contingent contracts

(f) Performance of contracts

(g) Discharge of contracts

(h) Breach of Contract and Remedies for Breach of Contract

2. Sale of Goods Act, 1930

(a) Definition

(b) Transfer of ownership

(c) Conditions and Warranties

(d) Performance of the Contract of Sale

(e) Rights of Unpaid Vendor

(f) Auction Sales

3. Negotiable Instruments Act, 1881

(a) Negotiable Instruments–Characteristics of Negotiable Instruments

(b) Definitions of Promissory Note, Bill of Exchange and Cheque

(c) Differences between Promissory Note, Bill of Exchange and Cheque

(d) Crossing – Meaning, Definition and Types of Crossing

Section B: Fundamentals of Ethics

4. Ethics and Business

(a) Ethics – Meaning, Importance

(b) The “Seven Principles of Public Life” – Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership

(c) The relationship between Ethics and Law

(d) Ethics in Business

Paper 4: Fundamentals of Business Mathematics and Statistics (FBMS)

Section A: Fundamentals of Business Mathematics

1. Arithmetic

(a) Ratios, Variations and Proportions

(b) Simple and Compound Interest

(c) Arithmetic Progression and Geometric Progression

2. Algebra

(a) Set Theory

(b) Indices and Logarithms (basic concepts)

(c) Permutation and Combinations (basic concepts)

(d) Quadratic Equations (basic concepts)

Section B: Fundamentals of Business Statistics

3. Statistical Representation of Data

(a) Diagrammatic representation of data

(b) Frequency distribution

(c) Graphical representation of Frequency Distribution – Histogram, Frequency Polygon Curve, Ogive, Pie-chart

4. Measures of Central Tendency and Dispersion

(a) Mean, Median, Mode, Mean Deviation

(b) Range, Quartiles and Quartile Deviation

(c) Standard Deviation

(d) Co-efficient of Variation

(e) Karl Pearson and Bowley’s Co-efficient of Skewness

5. Correlation and Regression

(a) Scatter diagram

(b) Karl Pearson’s Coefficient of Correlation

(c) Regression lines, Regression equations, Regression coefficients

6. Probability

(a) Independent and dependent events; Mutually exclusive events

(b) Total and Compound Probability; Baye’s theorem; Mathematical Expectation

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CMA Foundation Exam Pattern 2022

It is essential to refer the official exam pattern along with the CMA Foundation syllabus. The CMA Foundation question paper will be based on a particular CMA foundation exam pattern. Details such as mode of the exam, medium of language, total marks, time duration, type of questions and related are included in the exam pattern of CMA Foundation.

CMA Foundation Exam Pattern

CMA Foundation Study Material 2022

To commence their preparation for the CMA Foundation exam, candidates should refer to the official study material issued by ICMAI. Candidates can refer to the official study material in an online mode. It is available in PDF format on the official website of ICMAI and can be downloaded without any additional fee. Candidates who register with postal means are also dispatched the study material by Post after allotment of the registration number.