CMA Foundation Paper 2 | Fundamentals of Accounting

About Fundamentals of Accounting

Accounting is basically an art of recording, classifying and summarizing financial transactions of an organisation.Accounting is universally applicable as it aids in decision making of every economic activity.

Being a CMA aspirant, you should understand the fundamental and elementary concepts of Accounting.You will develop the skill of understanding, classifying, recording and presenting financial statements at an elementary level.This paper is divided into 2 Parts. In part 1, you will be gaining knowledge on Fundamentals of Accounting and in Part B, you will be learning Fundamentals of Cost Accounting.

As said earlier, you will be learning the basic concepts of Accounting such as
Accounting Principles, Capital and Revenue transactions
Principles of Double entry system, Journal, Ledger, Trial Balance and how to reconcile the differences in financial statements
  You will also be learning Accounting for Special Transactions in case of Bills of Exchange, Consignment, Joint Venture
In relation to Fundamentals of Cost Accounting, you will be learning the Meaning, Definition and significance of Cost Accounting and its relationship with Financial Accounting & Management Accounting, how to classify cost and specimen formats of Cost Sheet

The best approach to study this subject is to first understand the concepts and then immediately solve practical questions. This way you will retain the concepts for a longer tenure
Study Time: As per ICMAI rules and regulation, there should be at least 9 months of time gap from the time of registration to the time of giving exam. The reason behind this is, a student should do a thorough study of all the concepts. Therefore, it is always recommended to start immediately after registering to the course
Study content:  There are many books which are available in the market as well as various books recommended by ICMAI. However, from the point of view of exam and to conceptually understand the entire syllabus, Study materials given by ICMAI is highly recommended. Cover the ICMAI syllabus in detail and don’t indulge in any selective coverage of syllabus

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Resources

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Resources

Paper 2

Fundamentals of Accounting

About Fundamentals of Accounting

Duration: 3 hours

Faculty

Fundamentals of Accounting

1 Accounting Basics - Part 1 : Basics

1 Accounting Basics - Part 2 : Accounting Process

1 Accounting Basics - Part 3 : Depreciation

1 Accounting Basics - Part 4 : Bank Reconciliation Statements

2 Accounting for Special Transactions

3 Preparation of Final Accounts - Part A : of a Profit making concern (for sole proprietorship concern only)

3 Preparation of Final Accounts - Part B : of a Not-for-Profit making concern

4 Fundamentals of Cost Accounts

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