Paper 2 :

Fundamentals of Accounting

Fundamentals of Accounting

Section A : Fundamentals of Financial Accounting

01  Accounting Basics – Part 1 : Basics


2 Lectures                Know More

01  Accounting Basics – Part 2 : Accounting Process


14 Lectures                Know More

01    Accounting Basics – Part 3 : Depreciation


6 Lectures                Know More

01   Accounting Basics – Part 4 : Bank Reconciliation Statements


11 Lectures                Know More

02   Accounting for Special Transactions


29 Lectures                Know More

03     Preparation of Final Accounts – Part A : of a Profit making concern (for sole proprietorship concern only)


7 Lectures                Know More

03    Preparation of Final Accounts – Part B : of a Not-for-Profit making concern


 9 Lectures                Know More

Section B : Fundamentals of Cost Accounting

04    Fundamentals of Cost Accounts


2 Lectures                Know More

About Fundamentals of Accounting 


Accounting is basically an art of recording, classifying and summarizing financial transactions of an organisation. Accounting is universally applicable as it aids in decision making of every economic activity.

Being a CMA aspirant, you should understand the fundamental and elementary concepts of Accounting. You will develop the skill of understanding, classifying, recording and presenting financial statements at an elementary level. This paper is divided into 2 Parts. In part 1, you will be gaining knowledge on Fundamentals of Accounting and in Part B, you will be learning Fundamentals of Cost Accounting. 

  • As said earlier, you will be learning the basic concepts of Accounting such as 
  • Accounting Principles, Capital and Revenue transactions  
  • Principles of Double entry system, Journal, Ledger, Trial Balance and how to reconcile the differences in financial statements 
  •   You will also be learning Accounting for Special Transactions in case of Bills of Exchange, Consignment, Joint Venture 
  • In relation to Fundamentals of Cost Accounting, you will be learning the Meaning, Definition and significance of Cost Accounting and its relationship with Financial Accounting & Management Accounting, how to classify cost and specimen formats of Cost Sheet 
  •  The best approach to study this subject is to first understand the concepts and then immediately solve practical questions. This way you will retain the concepts for a longer tenure 
  • Study Time: As per ICMAI rules and regulation, there should be at least 9 months of time gap from the time of registration to the time of giving exam. The reason behind this is, a student should do a thorough study of all the concepts. Therefore, it is always recommended to start immediately after registering to the course  
  • Study content:  There are many books which are available in the market as well as various books recommended by ICMAI. However, from the point of view of exam and to conceptually understand the entire syllabus, Study materials given by ICMAI is highly recommended. Cover the ICMAI syllabus in detail and don’t indulge in any selective coverage of syllabus


CA Hariharan K
CA Hariharan K
CA Rochelle Dsa
CA Rochelle Dsa
CA Malaya Kumar
CA Malaya Kumar

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