Accounting is the ‘Universal Language of Business’. It is the vehicle for reporting financial information about a business entity to the stakeholders. The financial statements are the end products of the accounting process and are prepared following the accounting concepts, principles, and procedures. 

Financial statements are the reports that quantify the financial strength, financial performance and liquidity of the company. These are the sources of information based on which we conclude the profitability and the financial position of a company.

To reconcile the difference in the profits as per cost accounting and profits as per the financial accounting, you need to have the knowledge and appropriate understanding of accounts. This accounting knowledge also helps you to understand the items which would not be considered in the costing records and for calculating costing profits.

The knowledge about Financial Accounting and Cost Accounting is of utmost important for Cost Accountants.

At the CMA Foundation level, you have been familiarized with the fundamental concepts, conventions, policies, and principles of Accounting. And at CMA Intermediate level, you will be learning Accounting Standards, preparation of financial statements and accounting for Partnership accounts and ledger accounts.

The financials shall be prepared following Accounting Standards in convergence with IFRS. This ensures accuracy and adequate disclosures in the financial statement which helps in making financing and investment decisions. At CMA Intermediate, only a few Accounting standards that are related to cost accounting are including in the syllabus.

At CMA Intermediate level, this subject helps you understand the framework of accounting systems and the Generally Accepted Accounting Principles which are necessary for preparing ledger accounts and financial statements. LearnCab assists the students to Construct financial statements and develop the skill levels of knowledge, comprehension, application, and analysis of Accounting.

CMA Intermediate Online video lectures of LearnCab provides comprehensive lectures on-

• Fundamentals of Accounting and accounting for special transactions
• Preparation of Financial Statements of profit oriented, NPO and Partnership accounts.
• Self-balancing ledgers, Royalties, Hire purchase and installment system, Branch and departmental accounts.
• Accounting in computerized Environment and Accounting standards. Know more

Taxes are the greatest source of revenue for the Government. Various developments, activities, facilities, an expenditure of every other kind made by the Government for the welfare of the society is from the contribution of the people in the form of tax.

Tax laws have been in existence from Kautilya’s ages. A share in the profit had to be contributed to the King and such contribution is termed as Tax in the current era. Later, the British also collected taxes on income. After Independence, this tax law was freshly introduced through the Income Tax Act, 1961 for collecting and regulating tax laws.

Direct Tax Laws is one of the dynamic subjects in the professional course. Direct Tax laws comprise of law and procedures under the Income-tax Act, 1961. The CMA Intermediate students need to be aware of various provisions and tax implications on the income earned by individuals and in the hands of various entities, Deductions and Exemptions available including the administrative procedures and ICDS.

Direct tax laws undergo significant changes every year with the passing of the Finance Act. Students are expected to be updated with notifications, circulars, clarifications, and decisions pronounced by various courts.

CMA students should pay special attention to:

• Income which do not form part of total income
• 5 heads of Income
• Clubbed income (earned by spouse and child)
• Assessment of various entities (partnership, LLP, HUF, Co-operatives, AMT, AOP, BOI)
• TDS, TCS – Deduction, Collection and Recovery of Tax
• Set-off and carry forward of losses
• Advance tax
• ICDS

CMA Intermediate students should be well versed with various exemptions, incentives, relief available to the taxpayers to guide clients in tax saving and tax planning.

CMA Intermediate Online video lectures of LearnCab provides you a comprehensive study on –

• Introduction to Income Tax Act, 1961, Income which does not form part of Total Income (Section 10, 11 to 13A).
• Heads of Income and Computation of Total Income under various heads, Clubbing Provisions, set off and Carry forward of Losses, Deductions, Assessment of Income and tax liability of different persons.
• TDS, TCS and Advance Tax, Administrative Procedures and ICDS

Online video lectures of LearnCab solve major case studies that assist CMA Intermediate students in solving problems in practical scenarios. Know More

Many a time you find Price variations in 2 similar products of different industries. This price difference is influenced by various factors such as the difference in method and rates of depreciation, labor cost, rent, or price and efficiency of plant and machinery, etc. which directly influences the cost of the product.

Cost is a measurement of the number of resources used for the production of goods or rendering services.  Managing the cost directly influences the price reduction of product and an increase in profit.

Cost Accounting helps in understanding the basic concepts and applications of cost principles to determine the cost of the product including the mechanism of Cost control and cost reduction.

Cost Accountants are expected to advise business to keeps their costs low and improve the use of resources, increase revenue, analyze operations and suggest structural changes and influence decision making.

Cost Accountants main scope is the ascertainment of cost, preparing cost report and Cost Audit.

Cost accountants are expected to ascertain the price, identify unprofitable products, ascertain the selling price, appropriation of cost expenses and cost control. Effective cost management prevents manipulation and fraud in the organization. Cost accounting assists in furnishing correct and reliable cost data to the management as well as to stakeholders.

LearnCab Online video lectures provide an in-depth study of the Cost Accounting Principles and Techniques for identification, analysis, and classification of cost components to facilitate managerial decision making and setting an efficient cost control mechanism.

LearnCab Online video lectures explain the basic concepts and processes in the determination of cost of products and services, understand the Cost Accounting Standards (CAS)and the importance of marginal costing and Standard Costing in decision making.

CMA Intermediate Online video lectures of LearnCab provide students a strong foundation on the subject and helps to apply the fundamentals to various practical scenarios.

CMA Intermediate Online video lectures of LearnCab provides comprehensive lectures on-

• Introduction to Cost Accounting, Cost ascertainment-elements of cost and Cost Bookkeeping
• Cost Accounting Standards (CAS 1 to CAS 24)
• Methods of Costing
• Cost Accounting Techniques – Marginal, standard and Budgetary control. Know More

Operation means the main business activity of an organization i.e production of goods and services. An organization operates in the environment of risk and uncertainty which is the result of the operation of multiple forces i.e. economic, technological, legal, political, social and global. Good operational management is crucial for a successful organization.

Efficient operational management involves proper operational planning, production planning and control, productivity management and Quality management, Project management and spares management.

The strategy creates value for customers to respond to competitive challenges and to build strong organizations with optimum utilization of an organization’s material and human resources thereby achieving better financial performance and improved qualitative decisions.

Strategic management helps the organization to develop a set of decisions and actions resulting in the formulation and implementation of strategies designed to achieve the objectives of an organization in a given framework.

Strategic Management helps in making Financing decisions, Investment decisions, Dividend decisions and Portfolio decisions. These strategic decisions are likely to affect operational decisions and often involve a change in operations.

The study of the paper helps you acquire knowledge of production planning and resource management and helps you understand various concepts like Corporate Vision, Mission and Objectives, SWOT and Portfolio Analysis, different stages in the strategy formulation process and Business Process re-engineering.

CMA Intermediate Online video lectures of LearnCab provides an in-depth study of the various business process, analyze operations, production planning, Business process re-engineering and strategic management.

CMA Intermediate Online video lectures of LearnCab provides comprehensive lectures on-

• Operation Management Introduction, Operations Planning, Designing of operational systems and control, Production planning and Control, Productivity Management and Quality Management, Project Management, Economics of Maintenance and Spares Management.
• Strategic Management Introduction, Strategic Analysis and Strategic Planning, Formulation and Implementation of Strategy. Know More

Accounting has been categorized into Financial Accounting, Management Accounting, and Cost Accounting. Cost Accountants are expected to have knowledge of all the 3 categories. Cost is a measurement of the number of resources used for the production of goods or rendering services.

Managing the cost directly influences the price reduction of the product and an increase in profit. Cost Accountants are expected to advise the business to keeps their costs low and improve the use of resources, increase revenue, analyze operations and suggest structural changes and influence decision making.

Management Accounting is concerned with the efficient management of a business, through the presentation of such information that will facilitate management inefficient planning, control, and decision making.

Financial Management deals with procuring money and correctly deploying such money in order to maximize the wealth of the shareholder by maximizing the value of the firm. Hence understanding the concepts of Capital requirements, capital budgeting, cost of capital, working capital requirements, capital budgeting, and dividend decisions are important.

CMA Intermediate students are required to understand and analyze the best capital structure for the company. Striking the right mix of debt and equity would help a company to achieve the optimum capital structure with minimum associated costs.

LearnCab Online video lectures provide an in-depth study of the Cost Accounting Principles, Techniques and documentation involved in cost systems. It also provides a detailed understanding of the concepts of Financial Management and its application for managerial decision making.

CMA Intermediate Online video lectures of LearnCab provide students a strong foundation on the subject and helps to apply the fundamentals to various practical scenarios.

CMA Intermediate Online video lectures of LearnCab provides comprehensive lectures on-

• Cost and Management Accounting – Introduction, Decision Making Tools, Budgeting and Budgetary Control, Standard Costing and Variance Analysis and Learning Curve.
• Introduction to Financial Management, Tools for Financial Analysis and Planning, Working Capital Management, Cost of Capital, Capital Structure Theories, Dividend Decisions and Leverage Analysis and Capital Budgeting – Investment Decisions. Know More

Taxes are the greatest source of revenue for the Government. Various developments, activities, facilities, an expenditure of every other kind made by the Government for the welfare of the society is from the contribution of the people in the form of tax. At CMA Intermediate level, this subject includes an in-depth study of GST and Customs.

With GST, there has been a paradigm shift in the Indirect tax landscape of the country. GST aims to make India, a common market with common tax rates and procedures and remove the economic barriers thus paving the way for an integrated economy at the national level. It follows the mechanism where tax is collected at every stage and the credit of tax paid at the previous stage is available as a set-off at the next stage of the transaction.

Being the newest enactment, GST law is coupled with its inherent dynamism, making the subject interesting and challenging. CMA Intermediate students are expected to be updated with the practical aspects and complexities in GST and Custom laws which is much required in advising and recommending solutions in practical scenarios.

CMA students should pay special attention to:

• Place, time and value of supply
• Exemptions from GST, Reverse Charge
• ITC, E-way bill
• Import and Export under GST
• Assessment and Audit
• Demand and Recovery
• Advance Ruling
• Assessment procedure, settlement of Tax cases, Penalties and Penalties
• Valuation under customs act, Duty drawback, Refund
• Schemes under FTP

LearnCab provides an in-depth study on the various provisions of indirect taxation laws and their impact on business decision-making. LearnCab also assists in computing the assessable value of transactions related to goods and services for levy and determination of duty liability.

CMA Intermediate Online video lectures of LearnCab provides you a comprehensive study on –

• GST in India – An Introduction, Supply under GST, Charge of GST, Exemptions from GST, Place of Supply, Time of Supply and Value of Supply.
• Input Tax Credit, Registration, Tax Invoice, Credit and Debit Notes,
• Accounts and Records; E-way Bill, Payment of Tax and Returns.
• TDS, TCS, Matching concept under GST and Audit under GST.
• Customs – Levy of and Exemptions from Customs Duty, Types of Duty, Classification of Imported and Export Goods, Valuation under the Customs Act, 1962, Importation, Exportation and Transportation of Goods, Duty Drawback, Refund and Customs (Import of goods at concessional rate of duty) Rules, 2017.

Online video lectures of LearnCab solve major case studies that assist CA Final students in solving problems in practical scenarios. Know More

Financial statements are the reports that quantify the financial strength, financial performance and liquidity of the company. These are the sources of information based on which we conclude the profitability and the financial position of a company.

CMA Intermediate students are required to know the Companies Act, 2013 to understand the procedure and concept for preparing Company Accounts. Students are expected to be well acquainted with issue of shares, the rights issue, Sweat equity shares, forfeiture of shares, buyback of shares, issue, and redemption of debentures and preference shares.

The study of this paper assist in preparing financial statements, cash flow statements of the company including banking company, the Electricity company, and Insurance company

The financials shall be prepared following Accounting Standards in convergence with IFRS. This ensures accuracy and adequate disclosures in the financial statement which helps in making financing and investment decisions. In this paper, students are guided with Accounting standards applicable to the company i.e. AS 11 to AS 19.

The audit is conducted to obtain reasonable assurance that financial statements are free from misstatement/incomplete and are reliable. The audit also assures that the financials are prepared following accounting policies and principles and all material transactions are properly disclosed.

Knowledge of Auditing and possessing professional ethics is pivotal in conducting Audit. This paper guides CMA Intermediate students to acquire and follow the Auditing standards and follow professional ethics while carrying on Audit or Due diligence. This paper also guides on the appointment of an auditor, their qualification, appointment, remuneration and audit report requirements, contents of report and qualifications in the report.

CMA Intermediate Online video lectures of LearnCab provides comprehensive lectures on-

• Accounts of Joint Stock Companies – Accounting of Shares and Debentures, Presentation of Financial Statements, Cash Flow Statement, Accounts of Banking, Electricity and Insurance Companies and Accounting Standards (AS – 11, 12, 15, 16, 17, 18 and 19).
• Auditing – Auditing Concepts and Provision relating to Audit under Companies Act. Know More