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CMA Inter Notes – December 2018 exam

CMA Inter Notes – December 2018 exam

CMA Inter Notes – ICWAI | CMA Inter Notes is available for download at www.cakart.in. The excellent download file is in the format of pdf. Students taking ICWAI | CMA Inter exams will find the ICWAI | CMA Inter Notes very useful. Exams are held two times in a year, starts on June and December. For June Term Exam one needs to apply before December 5 of previous year and for December, before June 5.

For ICMAI CMA Inter Workbook for December 2018 exam read: ICMAI CMA Inter Workbook

CMA Inter Notes

CMA Inter Notes for Financial Accounting

CMA Inter Notes for laws ethics and governance

CMA Inter Notes for direct Taxation

CMA Inter Notes for Cost Accounting & Financial Management

CMA Inter Notes for Operation management & Information System

CMA Inter Notes for Cost & Management Accountancy

CMA Inter Notes for Indirect taxation

CMA Inter Notes for Company accounts and Audit

Click here to Download Companies Amendment Rules – 2017 

Click here to Download Depreciation Chart as per Income Tax Act 

ICWAI | CMA Inter Important Topics for 2018 Exam

CMA Inter Notes :

FINANCIAL ACCOUNTING

1. Accounting Standards

  • AS-1: Disclosure of Accounting Policies
  • AS-2: Valuation of Inventories
  • AS-5: Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies
  • AS-10: Accounting for Fixed Assets

2. Bank Reconciliation Statements
3. Depreciation Accounting (AS – 6); Impairment of Assets (AS -28)
4. Preparation of Financial statements :

  • Preparation of Receipts and Payments Account
  • Preparation of Income and Expenditure Account
  • Balance Sheet ICWAI | CMA Inter Important Topics
  • Concept of single entry system, conversion of single entry system into double entry system of accounting ICWAI | CMA Inter Important Topics

5. Partnership ICWAI | CMA Inter Important Topics

  • Admission, Retirement, Death, Treatment of Joint Life Policy
  • piece meal distribution
  • Amalgamation of partnership firms

6.Branch Accounts-Debtors system, Stock & Debtors system
7. Self-Balancing Ledger ICWAI | CMA Inter Important Topics
8.Insurance Claim ( Loss of Stock and Loss of profit)
9.Accounts of a Banking Company
10.Accounts of Insurance Companies (as per Insurance Act) including Stock Valuation.

LAWS, ETHICS AND GOVERNANCE

CMA Inter Notes :

Section A: LAWS (Industrial and Economic Laws) [60 marks]

1. Laws of Contracts ICWAI | CMA Inter Important Topics

  • Essential elements of a contract, offer and acceptance
  • Quasi-contracts, contingent contracts, termination or discharge of contracts
  • Special contracts : Indemnity and Guarantee; Bailment and Pledge; Laws of Agency ICWAI | CMA Inter Important Topics

2. Laws relating to Sale of Goods

  • Transfer of ownership ICWAI | CMA Inter Important Topics
  • Performance of the contract of sale

3. Laws relating to Employees:

Here you have to prepare object, scope and applicability of the every following Acts. Just know about basic concept of every Act .

  • Factories Act,1948
  • Industrial Disputes Act,1947
  • Workmen’s Compensation Act,1923
  • Payment of Wages Act, 1936 and Minimum Wages Act,1948
  • Payment of Bonus Act, 1965 and Payment of Gratuity Act, 1972
  • Employees State Insurance (E.S.I)Act, 1950
  • Provident Fund (P.F.) Act, 1952 ICWAI | CMA Inter Important Topics
  • The Child Employee (Prohibition and Regulation) Act, 1986

4. Negotiable Instruments Act, 1881

  • Definition, Acceptance and negotiation
  • Dishonour of a Negotiable Instrument

5. Laws related to Partnership:

  • Nature of Partnership
  • Rights and liabilities of Partners
  • Dissolution of Firms
  • Limited Liability Partnership Act, 2008

6. Prevention of Money Laundering Act ,2011

  • Prevention of Money Laundering Act, 2011
  • Obligations of Banks and Financial Institutions

Section B: Corporate Laws and Governance [20 marks]

7. Essentials of Corporate Laws

  • Company – types, formation and related procedures
  • Director- roles, responsibilities, qualification, disqualification, appointment/re-appointment, retirement, resignation, removal, remuneration, powers, duties, Director’s Identification Number (DIN), Loans to Directors, Office or Place of Profit
  • Cost Accountant – Appointment, Role and Responsibilities – with special reference to Certification ICWAI | CMA Inter Important Topics

8. Right to Information Act, 2005

  • Salient features, objective
  • Request for obtaining information

9. Governance ICWAI | CMA Inter Important Topics

  • Basic understanding of Corporate Governance
  • Corporate governance practices in India, USA, UK, Japan and Germany
  • Internal Audit for Governance – nature, scope, function, planning process, investigation of fraud, internal audit reports
  • Statutory Audit for Governance

Section C : Ethics [20 marks]

  • Ethics – meaning, importance, nature and relevance to business, values and attitudes of Professional Accountants
  • The “Seven Principles of Public Life” – selflessness
  • The relationship between ethics and law, difference between ethical codes and contracts ICWAI | CMA Inter Important Topics
  • Unethical behavior – consequences

 DIRECT TAXATION

CMA Inter Notes:

SECTION A: INCOME TAX [65 MARKS]

1. Income Tax Act, 1961

  • Basic Concepts and definitions
  • Residential Status and Incidence of Tax

2. Sec.10  ICWAI | CMA Inter Important Topics

3. Heads of Income and Computation of Total Income under various heads

  • Income from salaries
  • Capital gains
  • Income from other sources

4. Tax Planning and Tax Management

  • Concept and application
  • For setting up new business units
  • Tax incentives and Export Promotion Schemes,  exemptions
  • Computation of income and Return of Income Tax, Filing procedure, e-filing
  • Penalties, Fines and Prosecution

SECTION B: WEALTH TAX [10 MARKS]

Wealth Tax Act, 1957

  • concept and charge of wealth tax
  • exempted assets
  • Valuation of assets
  • Return of Wealth Tax and assessment procedure

SECTION – C – INTERNATIONAL TAXATION [25 MARKS]

  • Residency issues, source of income
  • double taxation avoidance agreements
  • Reference to Cost Accounting Records and Cost Audit Reports.
  • General Anti-Avoidance Rules (GAAR) – concept and application

COST ACCOUNTING  AND FINANCIAL MANAGEMENT

CMA Inter Notes :

Problems :

SECTION A: COST ACCOUNTING – PRIME COSTS & OVERHEADS [60 MARKS]

  • Materials
  • Employee Costs
  • Overhead  ICWAI | CMA Inter Important Topics

SECTION B : FINANCIAL MANAGEMENT [40 MARKS]

  • Hire Purchase, Forfeiting, Bill Discounting, Factoring, Asset Securitization
  • Concepts of Value and Return – Time preference for money, Future Value, Present Value, Net Present Value (NPV)
  • Funds flow and Cash flow Analysis
  • Analysis Financial Ratio and Cash Flow
  • Cash and Marketable securities
  • Financing of working capital
  • Operating Risk and Financial Risk and Combined Leverages
  • Operating leverages and Cost-Volume-Profit (CVP) analysis, Earning Before Interest and Tax (EBIT), Earning Per Share (EPS), Indifference point
  • Weighted Average Cost of Capital and Marginal Cost of Capital
  • payback period method, accounting rate of return, net present value, internal rate of return, modified internal rate of return, discounted payback period and profitability index.

Theory:

  • Financial Management – meaning, objectives, scope, related finance disciplines, planning environment, key-decision areas
  • Financial Decision – Making – Emerging role of finance managers
  • Time preference for money, Future Value, Present Value, Net Present Value (NPV) ICWAI | CMA Inter Important Topics
  • Operating leverages and Cost-Volume-Profit (CVP) analysis, Earning Before Interest and Tax (EBIT), Earning Per Share (EPS), Indifference point
  • Meaning, components, methods of determination of cost of capital related to debt, preference shares, equity shares, retained earnings, depreciation fund

Operation Management & Information Systems

Section A: Operations Management [60 marks]

  • Operations Management – introduction, scope, need, challenges, role in decision-making  ICWAI | CMA Inter Important Topics ICWAI | CMA Inter Important Topics
  • Process strategy , process analysis and design, production process flow, cost flow, costing system
  • Economics and optimization – basics, Pareto Optimality condition, price-mechanism and optimum resource allocation,
  • Studies at work place – Time study, Work study, Method study, Activity sampling, Work simplification, Job Evaluation
  • Project Life Cycle, scheduling with Gantt Charts, PERT and CPM, Project Risk measurement
  • Human Resource Planning and optimization – introduction, job allocation/assignment
  • Introduction, features, measurement techniques of factors of production, productivity index, productivity of Employee, productivity of materials, productivity of management resources
  • Methods of improving productivity including quality circles
  • Total Quality Management (TQM) – basics tools and certification
  • Spare parts – Planning, policy and control
  • Application of Queuing theory in maintenance and spares management

Section B: Information System [40 marks]

  • Structured Systems Analysis and Design, Physical and Logical Data Inflow Diagrams
  • Data Base Concept, Overview of DBMS, Data Models, Database Administrator, Database User, Schema, Data Independence
  • Definition, scope, planned and unplanned MIS, MIS information time scale, transaction processing ICWAI | CMA Inter Important Topics
  • MIS and Levels of Management – operational level, tactical level, strategic level
  • Business Intelligence – Architecture Analysis
  • Processing Management Accounting Information
  • MIS in functional areas: Finance & Cost Management, Inventory, Marketing, HRM, Financial modeling
  • Enterprise Resource Planning (ERP)
  • Cyber laws ICWAI | CMA Inter Important Topics

COST AND MANAGEMENT ACCOUNTANCY

CMA Inter Notes :

Section A: Cost & Management Accounting – Methods & Techniques (50 marks)

  • Necessity and importance of cost accounting
  • Reconciliation between cost and Financial profit and loss account; Integrated and non-integrated accounting and reporting
  • contract costing, process costing
  • work-in –progress and abnormal loss accounts
  • Marginal Costing  ICWAI | CMA Inter Important Topics
  • Integration of Standard Costing with Marginal Cost Accounting
  • Absorption Cost Accounting and Throughput Accounting
  • Accounting and control of waste, scrap, spoilage, defective, etc
  • Budget Concepts and Budget Preparation
  • Fixed, variable, semi-variable and activity-based categorizations of cost and their application in projecting financial results
  • accounting – methods and reconciliation – stock valuation
  • interpretation and uses for Managerial decision-making activities

Section B: Cost Records and Cost Audit (20 marks)

  • Cost Audit under Companies Act, 1956
  • Nature and scope of Cost Audit
  • Cost Accounting Record Rules, 2011 and Cost Audit Report Rules,2011

Section C: Economics for Managerial Decision-making (30 marks)

  • Concepts of Markets, analysis of market demand and empirical estimation of demand ICWAI | CMA Inter Important Topics
  • Government Intervention and effect
  • cost analysis
  • Factor demand and input decisions
  • Pricing Policies

INDIRECT TAXATION

CMA Inter Notes :

  • Features of Indirect Tax, Constitutional Validity
  • The Central Excise Law – Goods, Excisable Goods, Manufacture and manufacturer, Classification, Valuation, Related Person, Captive Consumption, CAS 4 CENVAT, Basic Procedure, Export, SSI, Job Work
  • Central Excise Audit and Special Audit under 14A and 14AA of Central Excise Act
  • Impact of tax on GATT 94, WTO, Anti Dumping processing
  • Types of customs duties, Anti-Dumping Duty, Safeguard Duty
  • Valuation, Customs Procedures, Import and Export Procedures
  • Service Tax ( Full Chapter )
  • Introduction, Definitions, salient features of CST Act
  • Procedures under Central Sales Tax (CST)
  • Introduction, definitions, salient features of Sate VAT Act
  • Filing of return under State VAT Act
  • Accounting & Auditing VAT
  • International Taxation & Transfer Pricing issues in the context of Indirect Taxation  ICWAI | CMA Inter Important Topics
  • General Anti-Avoidance Rule (GAAR) – concept and application

COMPANY ACCOUNTS & AUDIT

CMA Inter Notes :

Section A: Generally Accepted Accounting Principles (GAAP) (20 marks)

  • Accounting Standards ( All Standards are Imp. )
    • AS 11: The Effects of Changes in Foreign Exchange Rates (Revised 2003)
    • AS 12: Accounting for Government Grants
    • AS 15: Employee Benefits
    • AS 19: Leases
    • AS 20: Earning Per Share
    • AS 26: Intangible Assets
    • AS 29: Provisions, Contingent Liabilities and Contingent Assets

Section B: Accounts of Joint Stock Companies (40 marks)

  • Issue of Equity shares
  • Forfeiture of Shares, Reissue of Forfeited Shares
  • Buy Back of Equity Shares
  • Under writing of Shares and Debentures
  • Part I – Form of Balance Sheet
  • Part II – Form of Statement of Profit and Loss
  • Cash Flow Statement (AS 3)
  • Accounting for Amalgamation [AS -14]
  • Internal Reconstruction
  • Accounting involved in liquidation of companies

 Section C – Auditing (40 marks)

  • Nature, scope and significance of Audit
  • Internal Check, Internal Control
  • Auditor’s qualification, disqualification, appointment, remuneration ,removal, power and duties
  • Reporting requirements under companies act
  • Audit of shares and debentures
  • Audit of Government Companies

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