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Saturday, August 01, 2020

CMA FOUNDATION: PAPER 2 FUNDAMENTALS OF ACCOUNTING | SYLLABUS AND QUESTION PAPER PATTERN


PAPER – 2: FUNDAMENTALS OF ACCOUNTING
Section A: Fundamentals of Financial Accounting (80%)
Section B: Fundamentals of Cost Accounting (20%)
1. Accounting Fundamentals 35%
2. Accounting for Special Transactions 20%
3. Preparation of Final Accounts 25%
4. Fundamentals of Cost Accounting 20%

Section A: Fundamentals of Financial Accounting [80 Marks]
Section A is divided into two parts.

First part consists of total 48 short answer type questions which are summarised as follow:
Type of Questions
No. of Questions
Total Marks
Multiple Choice Questions
30 Questions
30x1 = 30
True or False
12 Questions
12x1 = 12
Match the following
6 Questions
6x1 = 6
Total Marks
48
Second part consist of total 32 marks in which you have to attempt 4 questions carrying 8 marks each out of 7 given questions.
Important Topics for Second Part
Asked in which exam?
Depreciation and Machinery account
June 2017(SLM), Dec 2017 (WDV), June 2018 (SLM), Dec 2018 (WDV), June 2019, Dec (2019)
Consignments accounts
June 2017, Dec 2017, Dec 2018, Dec 2019
Joint Venture
June 2019
Income and Expenditure account with B/S
June 2017, Dec 2018, June 2019
Rectification of errors (Journal Entries)
June 2017, June 2018, Dec 2018, Dec 2019
Adjustment entries/Closing Entries
June 2017, June 2018, June 2019
Bank reconciliation statement
June 2017, Dec 2017, June 2018, Dec 2018, June 2019, Dec 2019
Three Column cash book
Dec 2017
Effect of adjustments in final accounts
Dec 2017
Preparation of final accounts
Dec 2017, June 2018 (Only B/S), Dec 2019
Bills of Exchange
June 2018, June 2019
Preparation of Various journal from given transactions
Dec 2018, Dec 2019
Section B : Fundamentals of Cost Accounting [20 Marks]
Section B is divided into two parts.
First part consists of total 12 MCQs questions which are carrying 1 mark each: 12x1=12 Marks
Second part consist of total 8 marks in which you have to attempt 1 question carrying 8 mark out of  2 questions given.
Common Topics:
a) Preparation of cost sheet (Every Year)
b) Basic Concept of Cost accounting including elements of cost
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Detailed Syllabus of Fundamentals of Accounting
Section A: Fundamentals of Financial Accounting [80 Marks]
1. Accounting Basics
(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 [20 Marks]
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

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