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    CMA Foundation Syllabus 2016 (Paper 2): Fundamentals of Accounting


    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]
    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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