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CMA Foundation-Fundamentals of Accounting

CMA Foundation – Fundamentals of Accounting

Fundamentals of Accounting of CMA Foundation Syllabus Structure.

  • Fundamentals of Financial Accounting  80%
  • Fundamentals of Cost Accounting        20%

Fundamentals of Financial Accounting covers Accounting Fundamentals, Accounting for Special Transactions, Preparation of Final Accounts.

Accounting Fundamentals covers Accounting Principles, Concepts and Conventions, Capital and Revenue transactions – capital and revenue expenditures, capital and revenue receipts, Double entry system, Books of prime entry, Subsidiary Books, Cash Book, Journal, Ledger, Trial Balance, Depreciation – Methods (Straight Line and Diminishing Balance methods) , Rectication of Errors , Opening entries, Transfer entries, Adjustment entries, Closing entries, Bank Reconciliation Statements,

Accounting for Special Transactions covers

Bills of Exchange (excluding accommodation bill, insolvency)

Consignment (cost price, invoice price, commission & valuation of stock)

Joint Venture

Preparation of Final Accounts covers

Profit making concern (for sole proprietorship concern only)

Not-for-Profit making concern


Accounting Principles

accounting principles are guidelines to establish standards for sound accounting practices and procedures in reporting the financial status and periodic performance of a business.

These principles can be classified into two categories (i) Accounting concepts; and (ii) Accounting conventions.

Mock test in accounting principles

Concepts and Conventions

Accounting concepts are defined as basic assumptions on the basis of which financial statements of a business entity are prepared.

financial statements, namely, the profit and loss account and
balance sheet are prepared according to the following accounting conventions:

Consistency, Disclosure, Conservatism, Materiality.

Mock test 1 in concepts and conventions

Mock test 2 in concepts and conventions