Financial Accounting Question Paper Pattern and Syllabus [CMA Intermediate Paper 6 (Group-I) ]

Financial Accounting
Question Paper Pattern and Syllabus

CMA Intermediate Paper 6 (Group-I)

Papers 6: FINANCIAL ACCOUNTING (FA)

Marks: 100

Module No.	Module Description	Weight
	Section A: Accounting Fundamentals	15%
1	Accounting Fundamentals.	15%
	Section B: Accounting for Special Transactions	10%
2	Bills of Exchange, Consignment, Joint Venture.	10%
	Section C: Preparation of Financial Statements	20%
3	Preparation of Final Accounts of Commercial Organisations, Not-for-Profit organisations and from Incomplete Records.	20% 20%
	Section: D Partnership Accounts
4	Partnership Accounts.	20%
	Section E: Lease, Branch and Departmental Accounts etc.	15%   15%
5	Lease Accounting.
6	Branch (including Foreign Branch) and Departmental Accounts.
7	Insurance Claim for Loss of Stock and Loss of Profit.
8	Hire Purchase and Installment Sale Transactions.
	Section F: Accounting Standards	20%
9	Accounting Standards.	20%

Financial Accounting Question Paper Pattern

This Paper is divided into Two Section

Section A (Compulsory): Multiple Choice Questions and Answers (MCQs) – 15 *2 = 30 Marks

Section B: 5 Questions of 14 Marks each out of total 7 Questions is to be attempted – 5 * 14 = 70 Marks

Financial Accounting Important Section

1. Accounting fundamentals - Most important section. Both theory and practical questions are asked.

2. Accounting for Special Transactions – It is better to avoid this chapter if you have short time.

3. Preparation of Financial Statements – Most Important Section. There are three chapters

- Final accounts of Non-corporate entities (Double entry system)

- Single entry system (Statement of Affairs and Conversion method)

- Accounting for Not for profit organsiation

4. Partnership Accounts – Most Important Part.

5. Lease, Branch and Departmental Accounts, Insurance claim and Hire purchase (This section is to be attempted last)

6. Accounting Standards – Theory Part. High scoring Section

Financial Accounting Important Practical Problems (Chapter wise)

Module Description

Section A: Accounting Fundamentals

Important Practical Problems - Bank reconciliation statement Dec 2023 - Adjusted trial balance Dec 2018 Dec 2023 - Rectification of Errors June 2017, Dec 2017, June 2018, June 2019 - Calculation of depreciation and book value

Section B: Accounting for Special Transactions

- Bills of exchange June 2017, June 2018 Dec 2023 - Consignment Account  June 2024

Section C: Preparation of Financial Statements

- Single Entry System (Statement of Affairs)  June 2017, Dec 2017, June 2018, Dec 2018, Dec 2019 June 2024 - Single Entry System (Conversion Method) – June 2017, Dec 2017, June 2018, Dec 2018, Dec 2019 Dec 2023 - Final Accounts June 2019, Dec 2019 June 2018 June 2024 (Provision for Bad debt) - NPO

Section: D Partnership Accounts

- Admission, Retirement and Death of a partner Dec 2017, June 2018, Dec 2019 June 2024 - Dissolution of Partnership Firm  Dec 2017, June 2019 Dec 2023

Section E: Lease, Branch and Departmental Accounts etc.

- Lease Accounting Dec 2023 - Branch Accounting June 2017, June 2018, June 2019 Dec 2023, June 2024 - Insurance Claim June 2017, June 2018, Dec 2018, June 2019, Dec 2019 Dec 2023, June 2024 - Hire Purchase June 2017, Dec 2017, June 2018, June 2019 June 2024

Section F: Accounting Standards

Accounting Standards. – Complete Theory,  Must read section

Paper 6 Financial Accounting Syllabus 2022 Course

SECTION A: ACCOUNTING FUNDAMENTALS

1. Accounting Fundamentals.

1.1 Four Frameworks of Accounting (Conceptual, Legal, Institutional and Regulatory).

1.2 Accounting Principles, Concepts and Conventions.

1.3 Capital and Revenue Transactions - Capital and Revenue Expenditures, Capital and Revenue Receipts.

1.4 Accounting Cycle – Charts of Accounts and Codification Structure, Analysis of Transaction – Accounting Equation, Double Entry System, Books of Original Entry, Subsidiary Books and Finalisation of Accounts.

1.5 Journal (Day Books and Journal Proper - Opening Entries, Transfer Entries, Closing Entries, Adjustment entries, Rectification entries), Ledger.

1.6 Cash Book, Bank Book, Bank Reconciliation Statement.

1.7 Trial Balance (Preparation and Scrutiny).

1.8 Adjustments and Rectifications.

1.8.1 Depreciation and Amortisation.

1.8.2 Adjustment Entries and Rectification of Errors.

1.8.3 Accounting Treatment of Bad Debts and Provision for Doubtful Debts, Provision for Discount on Debtors and Provision for Discount on Creditors.

SECTION B: ACCOUNTING FOR SPECIAL TRANSACTIONS

2. Bills of Exchange, Consignment, Joint Venture.

SECTION C: PREPARATION OF FINANCIAL STATEMENTS

3. Preparation of Final Accounts of Commercial Organisations, Not-for-Profit Organisations and from Incomplete Records.

3.1 Preparation of Financial Statements of Commercial Organisations (other than Corporate Form of Organisation).

3.1.1 Income Statement.

3.1.2 Balance Sheet.

3.2 Preparation of Financial Statements of Not-for-Profit Organisation.

3.2.1 Preparation of Receipts and Payments Account.

3.2.2 Preparation of Income and Expenditure Account.

3.2.3 Preparation of Balance Sheet.

3.3 Preparation of Financial Statements from Incomplete Records.

SECTION D: PARTNERSHIP ACCOUNTS

4. Partnership Accounting.

4.1 Admission of Partner.

4.2 Retirement of Partner.

4.3 Death of Partner.

4.4 Treatment of Joint Life Policy.

4.5 Dissolution of Partnership Firms Including Piecemeal Distribution.

4.6 Amalgamation of Partnership Firms.

4.7 Conversion of Partnership Firm into a Company and Sale of Partnership Firm to a Company.

4.8 Accounting of Limited Liability Partnership.

SECTION E: LEASE, BRANCH AND DEPARTMENTAL ACCOUNTS ETC.

5. Lease Accounting.

6. Branch (including Foreign Branch) and Departmental Accounts.

7. Insurance Claim for Loss of Stock and Loss of Profit.

8. Hire Purchase and Installment Sale Transactions.

SECTION F: ACCOUNTING STANDARDS

9. Accounting Standards.

9.1 Introduction to Accounting Standards.

9.1.1 GAAP.

9.1.2 AS.

9.1.3 Convergence to Ind AS – Applicability and Scope.

9.2 Specified Accounting Standards with Comparative Provisions under Ind AS.

9.2.1 Disclosure of Accounting Policies (AS 1).

9.2.2 Property Plant and Equipment (AS 10).

9.2.3 The Effects of Changes in Foreign Exchange Rate (AS 11).

9.2.4 Accounting for Government Grants (AS 12).

9.2.5 Borrowing Costs (AS 16).

9.2.6 Accounting for Taxes on Income (AS 22).