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ICWAI | CMA Foundation Exam Update – New Syllabus from 1st August 2016

ICWAI | CMA Foundation Exam Update – New Syllabus from 1st August 2016

ICWAI | CMA Foundation Exam update – ICAI (Cost) has approved Syllabus-2016 for ICWAI | CMA Foundation Course students and First Examination under new syllabus shall be conducted in June, 2017.

The Insitute of Cost Accountants of India [ICAI(Cost)] has clarified Circular No. G/128/4/2015-16 dated December 24, 2015 that the “Syllabus-2016” will be implemented with effect from 01/08/2016 and the first examination under syllabus-2016 shall take place in June, 2017.

Accordingly, if you will take admission to the Foundation Course of the Institute of Cost Accountants of India on or after first day of August, 2016, you shall pursue course under new “Syllabus 2016”. In other words, you have to take admission to the ICWAI | CMA Foundation Course from 01-08-2016 and fill up the application form before 01-04-2017 to appear in the June 2017 term of Examination under new Syllabus-2016.



Thus, all candidates taking admission to Foundation Course on and before 31st July 2016 will pursue under old Syllabus-2012 under which the last term of examination shall be held in June 2017.

This is because the Council of ICAI (Cost) has approved a new syllabus vide notification No. CMA (3)/2015 dated 26th June, 2015 at its 293rd Meeting held on 20-5-2015. This notification has been issued by exercising the powers conferred by clause (a) of sub-section (2) of Section 15 of the Cost and Works Accountants Act, 1959 in pursuance of sub-regulation (b) of Regulation 20B and Regulation 31 of the Cost and Works Accountants Regulations, 1959.

ICWAI | CMA Foundation Exam Update

New Syllabus 2016 – Foundation Course
Paper-1 (P1)Fundamentals of Economics & Management
Paper-2 (P2)Fundamentals of Accounting
Paper-3 (P3)Fundamentals of Laws and Ethics
Paper-4 (P4)Fundamentals of Business Mathematics & Statistics

The First ICWAI | CMA Foundation Examination under new “Syllabus 2016” shall be conducted in June 2017 instead of December, 2016 which was earlier decided by the Institute. The Last Examination under old “Syllabus 2012” shall also be conducted in June 2017.

You may understand the details of examinations which shall be conducted simultaneously under both Syllabus by the following table:

CMA Foundation Course Examination
Term of ExaminationExaminations to be held under
June 2016Syllabus 2012No Exam under Syllabus 2016
December 2016Syllabus 2012No Exam under Syllabus 2016
June 2017Syllabus 2012 (Last Exam)Syllabus 2016 (First Exam)
December 2017 and on wardsNo Exam under Syllabus 2012Syllabus 2016

The foundation course examinations (On-line MCQ Mode) under new syllabus shall be held on quarterly basis i.e. once in every three months. In other words, the CMA foundation exams shall be conducted four times in a year i.e. APRIL / JUNE / SEPTEMBER / DECEMBER.

The last date of receipt of applications at the Headquarters of the ICAI (Erstwhile ICWAI) is 19th February for April, 31st March for June, 6th August for September and 30th September for December Examinations.

Note that CMA (CWA) foundation course exams shall be held in online Multiple Choice Questions (MCQs) mode. However, the last examination in on-line mode shall take place in March, 2016. That means with effect from June, 2016, Foundation Examination on descriptive mode shall take place twice a year.


There are two sections in paper-1 viz. A) Fundamentals of Economics and B) Fundamentals of Management. Each of them carries 50% weightage.

Section A (Fundamentals of Economics):

In this section there are mainly three topics which has been explained in detail here under.

1. Basic Concepts of Economics – Micro & Macro Economics (20 Marks)

(a) The Fundamentals of Economics
(b) Utility, Wealth, Production
(c) Theory of Demand (meaning, determinants of demand, law of demand, elasticity of demand price, income and cross elasticity) and Supply (meaning, determinants, law of supply and elasticity of supply)
(d) Equilibrium
(e) Theory of Production (meaning, factors, laws of production- law of variable proportion, laws of returns to scale)
(f) Cost of Production (concept of costs, short-run and long-run costs, average and marginal costs, total, fixed and variable costs)

2. Forms of Market (20 Marks)

Pricing strategies in various forms of markets

3. Money and Banking (10 Marks)

(a) Definition of Money, Types, Features and Functions
(b) Definition, functions, utility, principles of Banking
(c) Commercial Banks, Central Bank
(d) Measures of credit control and Money Market

Section B (Fundamentals of Management):

In this section there are only one topic which has been explained in detail here under.

4. Management Process (50 Marks)

(a) Introduction, planning, organising, staffing, leading, control, communication, co-ordination
(b) Concept of Power, Authority, Delegation of Authority, Responsibility, Accountability
(c) Leadership & Motivation – Concept & Theories
(d) Decision-making – types of decisions, decision-making process.


There are two sections in paper-1 viz. A) Fundamentals of Financial Accounting B) Fundamentals of Cost Accounting. The first section carries 80% weight age whereas the second section carries the balance 20% weight age.

Section A (Fundamentals of Financial Accounting):

This section is very important for the second paper of CMA foundation course as it carries 80% weight age. The detail contents have been explained below.

1. Accounting Basics (35 Marks)

(a) Accounting Principles, Concepts and Conventions
(b) Capital and Revenue transactions – capital and revenue expenditures, capital and revenue receipts
(c) Double entry system, Books of prime entry, Subsidiary Books, Cash Book
(d) Journal, Ledger, Trial Balance
(e) Depreciation – Methods (Straight Line and Diminishing Balance methods only)
(f) Rectification of Errors
(g) Opening entries, Transfer entries, Adjustment entries, Closing entries
(h) Bank Reconciliation Statements

2. Accounting for Special Transactions (20 Marks)

(a) Bills of Exchange (excluding accommodation bill, insolvency)
(b) Consignment (cost price, invoice price, commission & valuation of stock)
(c) Joint Venture

3. Preparation of Final Accounts (25 Marks)

(a) Of a Profit making concern (for sole proprietorship concern only)
(i) Accounting treatment of bad debts, reserve for bad and doubtful debts, provision for discount on debtors and provision for discount on creditors.
(ii) Preparation of Trading Account, Profit & Loss Account and Balance Sheet.
(b) Of a Not-for- Profit making concern
(i) Preparation of Receipts and Payments Account
(ii) Preparation of Income and Expenditure Account

Section B (Fundamentals of Cost Accounting):

Only one main topic is covered under this section which itself carries 20% weightage. The contents have been explained under.

4. Fundamentals of Cost Accounting (20 Marks)

(a) Meaning, Definition, Significance of Cost Accounting, its relationship with Financial Accounting & Management Accounting.
(b) Classification of Costs
(c) Format of Cost Sheet


There are two sections in paper-1 viz. A) Fundamentals of Commercial Laws B) Fundamentals of Ethics. The first section carries 70% weight age whereas the second section carries the balance 30% weight age.

Section A (Fundamentals of Commercial and Industrial Laws):

Section A of paper-3 of ICWAI | CMA Foundation course contains three topics which are site below in detail.

1. Indian Contracts Act, 1872 (40 Marks)

(a) Essential elements of a contract, offer and acceptance
(b) Void and voidable agreements
(c) Consideration, legality of object and consideration
(d) Capacity of Parties, free consent
(e) Quasi Contracts, Contingent Contracts
(f) Performance of contracts
(g) Discharge of contracts
(h) Breach of Contract and Remedies for Breach of Contract

2. Sale of Goods Act, 1930 (20 Marks)

(a) Definition
(b) Transfer of ownership
(c) Conditions and Warranties
(d) Performance of the Contract of Sale
(e) Rights of Unpaid Vendor
(f) Auction Sales

3 Negotiable Instruments Act, 1881 (10 Marks)

(a) Negotiable Instruments –Characteristics of Negotiable Instruments
(b) Definitions of Promissory Note, Bill of Exchange and Cheque
(c) Differences between Promissory Note, Bill of exchange and Cheque
(d) Crossing – Meaning, Definition and Types of Crossing.

Section B (Fundamentals of Ethics):

In this section there is only one topic of which the detail contents have been explained here under.

4. Ethics and Business (30 Marks)

(a) Ethics – Meaning, Importance
(b) The “Seven Principles of Public Life” – selflessness, integrity, objectivity, accountability, openness, honesty and leadership
(c) The relationship between Ethics and Law
(d) Ethics in Business


There are two sections in paper-1 viz. A) Fundamentals of Business Mathematics B) Fundamentals of Business Statistics. The first section carries only 40% weight-age whereas the second section carries 60% weight-age.

Section A (Fundamentals of Business Mathematics):

There are only two topics covered in the section A of Paper-4 of ICWAI | CMA Foundation Course syllabus.

1. Arithmetic (20 Marks)

(a) Ratios, Variations and Proportions
(b) Simple and Compound interest
(c) Arithmetic Progression and Geometric Progression.

2. Algebra (20 Marks)

(a) Set Theory
(b) Indices and Logarithms (basic concepts)
(c) Permutation and Combinations (basic concepts)
(d) Quadratic Equations (basic concepts)

Section B (Fundamentals of Business Statistics):

Section B of Paper-4 of ICWAI | CMA Foundation Course discussed six topics in detail as sited below.

3. Statistical Representation of Data (10 Marks)

(a) Diagrammatic representation of data
(b) Frequency distribution
(c) Graphical representation of Frequency Distribution – Histogram, Frequency Polygon Curve, Ogive, Pie-chart

4. Measures of Central Tendency and Dispersion (30 Marks)

(a) Mean, Median, Mode, Mean Deviation
(b) Range, Quartiles and Quartile Deviation
(c) Standard Deviation
(d) Co-efficient of Variation
(e) Karl Pearson and Bowley’s Co-efficient of Skewness

5. Correlation and Regression (10 Marks)

(a) Scatter diagram
(b) Karl Pearson’s Coefficient of Correlation
(c) Regression lines, Regression equations, Regression coefficients

6. Probability (10 Marks)

(a) Independent and dependent events; Mutually exclusive events
(b) Total and Compound Probability; Baye’s theorem; Mathematical Expectation

Recommended Read : Complete details of ICWAI | CMA Foundation Exam Registration procedure, status for dec 2016 exam

ICWAI | CMA Foundation Exam Update – New Syllabus from 1st August 2016



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