CMA Intermediate study guide
Every chapter of all four papers, broken into 1013 topics. Each topic shows the concept, a step-by-step way to solve questions, the quickest method for the exam, the mistakes students make and worked examples.
Paper 5: Business Laws and Ethics
Subjective, written · 19 chaptersNegotiable Instruments Act, 1881
- Negotiable Instruments: Meaning and Characteristics
- Promissory Note, Bill of Exchange and Cheque
- Parties to a Negotiable Instrument and Capacity
- Inchoate Instruments, Ambiguous Instruments and Maturity
- Negotiation, Endorsement and Assignment
- Presentment, Acceptance and Payment
- Dishonour, Noting, Protest and Discharge
- Dishonour of Cheque for Insufficiency of Funds (Sections 138-142)
Employees Provident Fund and Miscellaneous Provisions Act, 1952
- Code on Social Security 2020: EPF Applicability and Definitions
- Employees' Provident Fund Organisation and Boards
- Employees' Provident Fund Scheme and Contributions
- Employees' Pension Scheme and Deposit Linked Insurance
- Withdrawal, Transfer and Nomination under the Scheme
- Employer Duties, Inspection, Damages and Penalties
- Exemptions, Appeals and Transitional Provisions
The Code on Wages, 2019
- Code on Wages 2019: Short Title, Extent and Commencement
- Definitions under the Code on Wages, 2019
- Minimum Wages and Fixation of Minimum Rate of Wages
- Minimum Time Rate Wages for Piece Work
- Wages for Less Than Normal Working Day and Overtime Work
- Payment of Wages, Deductions and Bonus
- Authorities, Claims, Offences and Penalties
Directors - Role, Responsibilities, Qualification, Appointment, Removal, Remuneration and Powers
- Director: Meaning, Types and Board Composition
- Qualifications and Disqualifications of Directors
- Appointment of Directors and Independent Directors
- Removal and Resignation of Directors
- Remuneration of Directors and Managerial Personnel
- Nomination and Remuneration and Stakeholders Relationship Committees
- Powers, Duties and Responsibilities of Directors
Paper 6: Financial Accounting
Subjective, written · 26 chaptersAccounting Fundamentals
- Introduction to Accounting and Its Branches
- Accounting Concepts, Principles and Conventions
- Accounting Standards and Ind AS Framework
- Journal, Ledger and Trial Balance
- Rectification of Errors and Suspense Account
- Bank Reconciliation Statement
- Depreciation Accounting
- Final Accounts of Sole Proprietors with Adjustments
Admission of Partner
- Admission of a Partner: Meaning and Effects
- New Profit Sharing Ratio and Sacrificing Ratio
- Goodwill Treatment on Admission
- Revaluation of Assets and Liabilities
- Adjustment of Reserves, Accumulated Profits and Losses
- Adjustment of Capitals and Capital Brought In
- Preparation of Balance Sheet and Comprehensive Problems
Retirement of Partner
- Retirement of a Partner: Meaning and Settlement Basics
- New Profit Sharing Ratio and Gaining Ratio
- Valuation and Treatment of Goodwill on Retirement
- Revaluation of Assets and Liabilities and Reserves
- Adjustment of Capitals and Joint Life Policy
- Settlement of Retiring Partner's Amount and Loan
- Profit Treatment up to Date of Retirement and Final Balance Sheet
Death of Partner
- Death of a Partner: Introduction and Settlement
- Calculation of Profit and Loss up to Date of Death
- Goodwill and Revaluation on Death of a Partner
- Adjustments: Joint Life Policy and Drawings and Interest
- Deceased Partner's Capital Account and Executor's Account
- Final Accounts and Balance Sheet after Death
Branch (including Foreign Branch) and Departmental Accounts
- Branch Accounting: Meaning and Types of Branches
- Dependent Branch: Debtors System and Stock and Debtors System
- Branch Accounting: Invoice Price, Loading and Stock Reserve
- Final Accounts System and Wholesale Branch
- Independent Branch and Reconciliation of Head Office Branch Accounts
- Foreign Branch: Translation of Branch Trial Balance
- Departmental Accounting: Allocation of Expenses and Departmental Results
- Inter-Departmental Transfers and Unrealised Profit
Paper 7: Direct and Indirect Taxation
Subjective, written · 32 chaptersIncome which does not form part of Total Income
- Basics of Exempt Income under Income-tax Act, 2025
- Exempt Agricultural Income and Its Tax Treatment
- Exempt Receipts of Individuals and HUF
- Exempt Income from Investments, Interest and Capital Receipts
- Exempt Income of Institutions, Authorities and Foreign Entities
- Income of Specific Entities and Newly Established Units
Profits and Gains of Business or Profession
- Chargeability and Basis of Business Income
- Deductions Expressly Allowed in Business Income
- Expenses Not Deductible and Disallowances
- Site Restoration Fund Deduction (Schedule X)
- Special Business Provisions and Presumptive Taxation
- Deemed Profits, Speculation and Business Losses
- Computation of Income from Business or Profession
Capital Gains
- Capital Asset and Transfer
- Short-term and Long-term Capital Assets
- Computation of Capital Gains
- Special Cases of Capital Gains Computation
- Exemptions from Capital Gains on Residential House and Agricultural Land
- Exemption on Investment in Specified Bonds (Section 85)
- Other Capital Gains Exemptions and Tax Rates
Deductions, Rebate and Relief
- Gross Total Income and Deductions Framework
- Deductions for Savings, Investments and Payments
- Deductions for Specified Incomes and Persons
- Rebate of Income-tax (Section 155)
- Rebate for Certain Individuals (Section 156)
- Relief for Income Taxed Abroad and Other Reliefs
- Impermissible Avoidance Arrangement (Section 181)
Taxation of Individuals (including AMT) and HUF
- Residential Status of Individuals and HUF
- Income Taxable in Hands of Individuals and HUF
- Taxation of Foreign Exchange Fluctuation
- Clubbing of Income and Set-off and Carry Forward of Losses
- Deductions from Gross Total Income
- Computation of Total Income and Tax Liability
- Alternative Minimum Tax (AMT)
- Taxation of HUF and Partition
Tax Invoice - Electronic Way Bill
- Tax Invoice: Meaning, Time and Contents
- Bill of Supply, Credit Note, Debit Note and Other Documents
- Rule 55A: Tax Invoice to Accompany Transport of Goods
- Electronic Way Bill: Concept and When It Is Required
- Generating, Validity, Updating and Cancelling E-Way Bill
- Rule 138A: Documents and Devices to Be Carried in Conveyance
Paper 8: Cost Accounting
Subjective, written · 17 chaptersPaper 9: Operations Management and Strategic Management
Subjective, written · 18 chaptersDesigning of Operational Systems and Control
- Operations Management: Concept and Scope
- Product and Service Design and Development
- Plant Location and Facility Layout
- Capacity Planning and Production Systems
- Production Planning and Control (PPC)
- Work Study: Method Study and Work Measurement
- Quality Control and Quality Management
- Maintenance Management and Operational Control
Strategic Analysis and Strategic Planning
- Strategic Management Process and Levels
- Vision, Mission, Goals and Objectives
- Environmental Analysis and PESTEL
- Industry Analysis and Porter's Five Forces
- Internal Analysis and SWOT
- Strategic Planning Tools: BCG Matrix and GE Matrix
- Corporate Strategies: Growth, Stability and Retrenchment
- Business Strategies and Competitive Advantage
Paper 10: Corporate Accounting and Auditing
Subjective, written · 27 chaptersPresentation of Financial Statements (Ind AS 1)
- Ind AS 1 Objective, Scope and Key Definitions
- Components of Financial Statements and Fair Presentation
- Structure and General Features of Financial Statements
- Balance Sheet: Current and Non-Current Classification
- Statement of Profit and Loss and Other Comprehensive Income
- Statement of Changes in Equity and Notes to Accounts
- Practical Problems on Preparing Financial Statements under Ind AS 1
Employee Benefits (Ind AS 19)
- Ind AS 19 Scope, Definitions and Types of Benefits
- Short-term Employee Benefits and Compensated Absences
- Post-employment Benefits: Defined Contribution vs Defined Benefit
- Defined Benefit Plans: Measurement and Actuarial Valuation
- Remeasurements, OCI and Journal Entries for Defined Benefit Plans
- Other Long-term Benefits and Termination Benefits
Audit Report and Reporting under CARO
- Audit Report: Meaning, Contents and Types of Opinion
- Modifications to the Auditor's Report (SA 705)
- Emphasis of Matter and Other Matter Paragraphs (SA 706)
- Companies (Auditor's Report) Order, CARO 2020: Applicability
- CARO 2020: Clauses on Assets, Inventory, Loans and Investments
- CARO 2020: Statutory Dues, Fraud, Borrowings and Other Clauses
- Reporting on Internal Financial Controls and Key Differences from CARO 2016
Paper 11: Financial Management and Business Data Analytics
Subjective, written · 26 chaptersFinancial Institutions
- Indian Financial System: Structure and Functions
- Regulatory Institutions: RBI, SEBI, IRDAI and PFRDA
- Banking Institutions and Types of Banks
- Non-Banking Financial Companies (NBFCs)
- Development Financial Institutions (NABARD, SIDBI, EXIM etc.)
- Money Market and Capital Market Institutions
- Insurance, Pension and Other Financial Services Institutions
Cash Flow Statement - Preparation and Analysis
- Cash Flow Statement Basics and AS 3 / Ind AS 7
- Classification of Cash Flows: Operating, Investing, Financing
- Cash Flow from Operating Activities: Direct and Indirect Method
- Cash Flows from Investing and Financing Activities
- Preparing a Complete Cash Flow Statement from Financial Statements
- Analysis and Interpretation of Cash Flow Statement
Capital Budgeting
- Capital Budgeting Introduction and Process
- Estimation of Cash Flows
- Payback Period and Discounted Payback
- Accounting Rate of Return (ARR)
- Net Present Value (NPV) and Profitability Index
- Internal Rate of Return and Modified IRR
- Comparing Projects: Ranking Conflicts and Unequal Lives
- Risk Analysis in Capital Budgeting
Paper 12: Management Accounting
Subjective, written · 10 chaptersApplications of Marginal Costing in Short Term Decision Making
- Marginal Costing Basics and Contribution Analysis
- Make or Buy Decisions
- Accept or Reject Special Order and Pricing Decisions
- Shutdown, Continue or Drop a Product Line Decisions
- Key Factor and Product Mix Decisions
- Sales Mix, Break-Even and Profit Planning Decisions
- Other Decisions: Sell or Process Further, Plant Utilisation