CMA Intermediate Notes – Dec 2020 exam
CMA Intermediate 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 Dec 2020 exam Check the link at the end of this article: ICMAI CMA Inter Workbook
CMA Intermediate Notes – Dec 2020 exam
CMA Inter Notes for Financial Accounting
- Financial Accounting
- Financial Accounting
- PTP for Financial Accounting
- Financial Accounting Solution
- ICWAI | CMA Inter Financial Accounting study material
CMA Intermediate Notes for laws ethics and governance
- Laws ethics and governance
- Laws ethics and governance study material
- PTP for laws, ethics and governance
CMA Intermediate Notes for direct Taxation
- Summary of case laws of direct tax
- Handbook on Practical Aspects Direct Tax Amendment FA, 2015
- Download May 16 – Nov 16 Amendments SSP of Direct Tax Laws
- Paper 7 Direct Tax And International Taxation
- Direct Tax Amendments By Finance Act 2015
- Direct Tax Summary Notes
CMA Intermediate Notes for Cost Accounting & Financial Management
- Cost Accounting & Financial Management
- PTP for cost Accounting & Financial management
- COST ACCOUNTING and FINANCIAL MANAGEMENT Solution
CMA Intermediate Notes for Operation management & Information System
- Operation management & Information System
- PTP for Operation management & Information System
- Study material for Operation management & Information System
- MTP for Operation management & Information System
CMA Intermediate Notes for Cost & Management Accountancy
- Paper 10 Cost Management Accounting
- Ptp Cost & Management Accountancy for CMA
- COSTand MANAGEMENT ACCOUNTANCY Solution
CMA Intermediate Notes for Indirect taxation
- CMA DT Amendments For June 2016 And Dec 2016 Exams
- Indirect Tax Notes
- Download May 16 – Nov 16 Amendments SSP of Indirect Tax Laws
- Income Tax Slab For Fy 2015 16 Ay 2016 17
- Professional Tax Calculator
CMA Intermediate Notes for Company accounts and Audit
- Paper 12 Company Accounts And Audit
- CMA Company Accounts and Audit RTP For Dec 2015
- Audit Amendments For Nov 2015 Exams
- Hand Written Audit Notes By Surbhi Bansal
Click here to Download Companies Amendment Rules
Click here to Download Depreciation Chart as per Income Tax Act
ICWAI | CMA Inter Important Topics for 2020 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 Intermediate 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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