CMA Intermediate · June 2026 · Paper 10
CMA Intermediate Corporate Accounting and Auditing 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.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 2(a) | 7 | Journal entries for forfeiture of shares issued at a premium and reissue of part of them | Issue, Forfeiture, Rights, Bonus, Sweat Equity, ESOP and Buy-back of Shares |
| 2(b) | 7 | Underwriters' net liability with marked applications, treating firm underwriting as unmarked | Underwriting of Securities |
| 3 | 14 | Statement of profit and loss and balance sheet under Schedule III with notes, revaluation, asset sale and dividends | Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013) |
| 4(a) | 7 | Bank accounts: rebate on bills discounted, discount income for the year and year-end entry | Accounts of Banking, Electricity and Insurance Companies |
| 4(b) | 7 | Life insurance company: adjusting the life assurance fund for omitted items | Accounts of Banking, Electricity and Insurance Companies |
| 5(a) | 7 | Categories of employee benefits and their recognition under Ind AS 19 | Employee Benefits (Ind AS 19) |
| 5(b) | 7 | Cash flow from operating activities using the direct method from income statement and working capital changes | Cash Flow Statement |
| 6(a) | 7 | Risk-based internal audit and the role of risk management in organisational success | Audit Risk, Internal Control, Internal Check and Internal Audit |
| 6(b) | 7 | Applicability of secretarial audit under company law | Secretarial Audit |
| 7(a) | 7 | Essential qualities of an audit report | Audit Report and Reporting under CARO |
| 7(b) | 7 | NFRA's role in recommending auditing standards and its investigation powers | National Financial Reporting Authority (NFRA) |
| 8(a) | 7 | Audit programme and key items to verify in the audit of a nursing home | Auditing of Different Types of Undertakings |
| 8(b) | 7 | Constitution of an audit committee and its powers under company law | Statutory Audit under the Companies Act, 2013 |
What stood out
- The paper divided into an accounting half (Questions 2 to 5, mostly numerical) and an auditing half (Questions 6 to 8, entirely theory), letting candidates pick a balance that suits them.
- A full 14-mark Schedule III question on preparing financial statements with notes was the single biggest item and is a recurring anchor of this paper.
- Special-entity accounts (banking rebate on bills and life insurance fund) took a whole question, so these short chapters should not be skipped.
- Auditing questions spread across risk-based internal audit, secretarial audit, audit reports, NFRA, audit committees and audit of a nursing home, with no case-study format.
- Ind AS coverage was light in the written section (only Ind AS 19 theory), while the MCQs touched Ind AS 2, 19 and 33.
Practise the chapters that carried the marks
Statement of Profit and Loss and Balance Sheet (Schedule III of Companies Act, 2013), Accounts of Banking, Electricity and Insurance Companies, Issue, Forfeiture, Rights, Bonus, Sweat Equity, ESOP and Buy-back of Shares: study guides and practice questions in the CMA Intermediate format.