CMA Inter Notes

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 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

CMA INTER VIDEO LECTURES

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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