Paper 2: CMA Foundation - Fundamentals of Accounting

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

Though this is a practical paper, it is equally important to have theoretical and conceptual knowledge of the subject.

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


Faculty	Estimated Lectures	Lectures Available in the Portal
CA Malaya Panda	85	48
CA Adeline Rochelle D'sa		35
CA Hariharan		2


Chapter Name	Number of Lectures
Section A : Fundamentals of Financial Accounting
Study Note 1 : Accounting Basics - Part 1: Basics	3
Study Note 1 : Accounting Basics - Part 2 : Accounting Process	16
Study Note 1 : Accounting Basics - Part 3 : Depreciation	6
Study Note 1: Accounting Basics - Part 4 : Bank Reconciliation Statement	11
Study Note 2 : Accounting for Special Transactions	29
Study Note 3: Preparation of Final Accounts: (a) of a Profit Making Concern (for Sole Proprietorship concern only)	8
Study Note 3 : Preparation of final Accounts : (b) of a Not-for-Profit Making Concern	10
Section B : Fundamentals of Cost Accounting
Study Note 4 : Fundamentals of Cost Accounts	2

Fundamentals of Accounting