Introduction: The CMA Exam Syllabus 2023 is available on the website of the Institute of Cost Accountants of India (ICMAI), which is icmai.in. If you are taking the exam, it is important to check the official syllabus before you begin studying.
The syllabus tells you what papers you will have to take, what topics will be covered, and what subtopics will be included. The CMA Foundation exam is given twice a year by ICMAI – once in June and once in December.
Papers Covered In CMA Foundation Exam Syllabus
The CMA Foundation exam tests a person’s understanding and abilities in cost accounting through different papers. These papers include subjects like financial accounting, economics, and quantitative methods. Knowing what papers are included in the syllabus will help someone prepare well for the exam and start their career in cost accounting with confidence.
Full Form Of CMA Exam: Cost and Management Accounting
CMA Foundation Exam Papers
| Papers | Subjects |
| Paper 1 | Fundamentals of Economics and Management |
| Paper 2 | Fundamentals of Accounting |
| Paper 3 | Fundamentals of Laws and Ethics |
| Paper 4 | Fundamentals of Business Mathematics & Statistics |
Comprehensive Syllabus of CMA Foundation 2022
The tables below show what the syllabus will teach you, the full range of topics, and the specific subtopics that will be covered and tested in the exam.
Paper 1: Fundamentals of Economics and Management (FEM)
| Topics | Sub-heads with weightage | Total % |
| Section A: Fundamentals of Economics | 1. Basic concepts of Economics (20%) 2. Forms of Market (20%) 3. Money and Banking (10%) | 50% |
| Section B: Fundamentals of Management | Management Process (50%) | 50% |
Section A – Sub-topics
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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)
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)
| Topics | Sub-heads with weightage | Total % |
| Section A: Fundamentals of Financial Accounting | 1. Accounting Fundamentals (35%)2. Accounting for Special Transactions (20%)3. Preparation of Final Accounts (25%) | 80% |
| Section B: Fundamentals of Cost Accounting | 4. Fundamentals of Cost Accounting (20%) | 20% |
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)
| Topics | Sub-heads with weightage | Total % |
| Section A: Fundamentals of Commercial Laws | 1. Indian Contract Act, 1872 (40%)2. Sale of Goods Act, 1930 (20%)3. Negotiable Instruments Act,1881 (10%) | 70% |
| Section B: Fundamentals of Ethics | 4. Ethics and Business (30%) | 30% |
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)
| Topics | Sub-heads with weightage | Total % |
| Section A: Fundamentals of Business Mathematics | 1. Arithmetic (20%)2. Algebra (20%) | 40% |
| Section B: Fundamentals of Business Statistics | 3. Statistical representation of Data (10%)4. Measures of Central (30%)5. Tendency and Dispersion (10%)6.Correlation and Regression7. Probability (10%) | 60% |
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; Bayes’ theorem; Mathematical Expectation
CMA Foundation Exam Pattern 2023
To do well on the CMA Foundation exam, it’s important to know the official exam pattern and study the CMA Foundation syllabus. The exam will ask questions based on the exam pattern. This pattern includes information like how the exam will be given, what language it will be in, how many points it’s worth, how long you have to take it, and what kind of questions will be on it.
CMA Foundation Exam Pattern
| Particulars | Details |
| Mode of exam | Online home-based mode |
| Type of questions | Objective cum descriptive |
| Exam duration | 3 hours |
| Total marks | 100 marks per paper |
| Number of papers | 4 |
| Medium of exam | English |
| Marking scheme | No negative marking |
Here are some FAQs about the CMA Exam syllabus:
Q. What is the CMA Exam syllabus?
The CMA Exam syllabus is a comprehensive guide that outlines the topics and subjects that are covered on the Certified Management Accountant exam.
Q. Is the CMA Exam syllabus updated regularly?
Yes, the CMA Exam syllabus is reviewed and updated regularly to ensure that it remains relevant and up-to-date.
Q. What subjects are covered in the CMA Exam syllabus?
The CMA Exam syllabus covers a wide range of subjects, including financial reporting, management accounting, strategic management, financial decision making, and information technology.
Q. How is the CMA Exam syllabus structured?
The CMA Exam syllabus is structured into two parts, each covering a different set of topics. Part 1 focuses on financial reporting, management accounting, and strategic management, while Part 2 focuses on financial decision making and information technology.
Q. Is the CMA Exam syllabus available online?
Yes, the CMA Exam syllabus is readily available online, and can be easily accessed through the official website of the Institute of Management Accountants.
Q. How does the CMA Exam syllabus help with exam preparation?
The CMA Exam syllabus provides a roadmap for exam preparation, allowing candidates to understand what topics they need to study and how to prioritize their efforts. Studying the syllabus thoroughly is essential for success on the CMA Exam.
Conclusion
The syllabus of the CMA exam is crucial for all candidates preparing for the test. It outlines the papers that will be covered, the topics and subtopics that will be tested, and the learning objectives that will be achieved. By familiarizing themselves with the syllabus, candidates can ensure that they are well-prepared for the exam and ready to embark on their career in cost accounting.