CMA Foundation · June 2026 · Paper 2

CMA Foundation Fundamentals of Financial and Cost Accounting June 2026: paper analysis

Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICMAI; read them on ICMAI's website.

Official question paper (ICMAI)

Chapter-wise marks

Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).

Chapter	Questions	Marks	Share
Financial Statements of Sole Proprietorship	10	20	20%
Statement of Cost and Profit (Cost Sheet)	5	10	10%
Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement	3	6	6%
Consignment	3	6	6%
Financial Statements of a Not-for-Profit Organisation	3	6	6%
Meaning and Significance of Cost Accounting and its Relationship with Financial Accounting	3	6	6%
Cost, Cost Centre, Cost Unit and Cost Drivers	3	6	6%
Journal and Ledger	2	4	4%
Adjustment Entries and Rectification of Errors	2	4	4%
Depreciation (Straight Line and Diminishing Balance Methods)	2	4	4%
Joint Venture	2	4	4%
Bills of Exchange	2	4	4%
Application of Cost Accounting for Business Decisions	2	4	4%
Classification of Costs (CAS 1)	2	4	4%
Four Frameworks of Accounting and Forms of Organization	1	2	2%
Accounting Principles, Concepts and Conventions	1	2	2%
Capital and Revenue Transactions	1	2	2%
Accounting Cycle	1	2	2%
Trial Balance	1	2	2%
Accounting Treatment of Bad Debts and Provision for Doubtful Debts	1	2	2%

What stood out

Financial accounting took 35 of the 50 questions; cost accounting had 15, all from the five introductory costing chapters.
Final accounts of a sole proprietor was the single biggest chapter (10 questions), covering classification of items, marshalling of the balance sheet and simple profit computations.
Roughly one in four questions needed a short calculation (depreciation, bank reconciliation, consignment stock, joint venture, bill renewal, cost sheet), so speed with numbers mattered in a one-hour paper.
Not-for-profit accounts appeared as statement-evaluation questions on receipts and payments versus income and expenditure treatment.
Cost questions tested concepts and terminology (cost units, cost centres, uniform costing, CAS references) more than computation.

Practise the chapters that carried the marks

Financial Statements of Sole Proprietorship, Statement of Cost and Profit (Cost Sheet), Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement: study guides and practice questions in the CMA Foundation format.

Financial Statements of Sole Proprietorship Statement of Cost and Profit (Cost Sheet)Cash Book, Bank Book, Petty Cash Book, Bank Reconciliation Statement