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ICWA Syllabus and Subject – Foundation Complete Details Dec 2017

ICWA Syllabus and Subject – Foundation Complete Details Dec 2017

ICWA Syllabus and Subject – Foundation Complete Details Dec 2017 is Available in CAKART Website.The Institute of Cost Accountants of India made some changes in ICWA syllabus Foundation from 2016.The First Examination under “ ICWA  Syllabus Foundation 2016” shall be conducted in December, 2016.The Last Examination under “ ICWAI Foundation Syllabus 2012” shall be conducted in June 2017.

Scroll down and Check Applicability of  GST in Dec 2017 examination

CMA Foundation Subjects – Dec 2017

Read below ICWAI Subjects 2017 for CMA Foundation Exam.

Syllabus 2016 – Foundation Course
P1Fundamentals of Economics & Management
P2Fundamentals of Accounting
P3Fundamentals of Laws and Ethics
P4Fundamentals of Business Mathematics & Statistics
Foundation Course Examination: On-line MCQ Mode.

Foundation Examinations – Four (4) times in a year in every three (3) months.



Summary of the Course :


Recommended Read : subjects for CMA Foundation June 2017 exam

ICWA Syllabus 2016 | CMA Foundation Exam

The First Examination under “ ICWA Syllabus 2016” shall be conducted in December, 2016.

The Last Examination under “ ICWA Syllabus 2012” shall be conducted in June 2017.


Examinations under both Syllabus shall be conducted simultaneously as under:

Examination to be held inExaminations to be held under
December 2016Syllabus 2012Syllabus 2016
June 2017Syllabus 2012Syllabus 2016
December 2017 and onwards (until further notification)Syllabus 2016

ICWA Syllabus 2017 For CMA Foundation

Read below ICWA Syllabus 2016 for CMA Foundation Exam.

Syllabus 2016 – Foundation Course
P1Fundamentals of Economics & Management
P2Fundamentals of Accounting
P3Fundamentals of Laws and Ethics
P4Fundamentals of Business Mathematics & Statistics
Foundation Course Examination: On-line MCQ Mode.Foundation Examinations – Four (4) times in a year in every three (3) months.

Study Weightage :

With a syllabus subject, a percentage weightage is shown against each section/ topic. This is provided as a strategic guide to the proportion of study time each topic requires. The study weightage also indicate the approximate proportional distribution of marks that may be allocated to topics in any single examination.

Summary of the Course :

ICWA Syllabus – Foundation  2016
Paper 1: Fundamentals of Economics and Management (FEM)
Fundamentals of Economics50%
Fundamentals of Management50%
Paper 2: Fundamentals of Accounting (FOA)
Fundamentals of Financial Accounting60%
Fundamentals of Cost & Management Accounting40%
Paper 3: Fundamentals of Laws and Ethics (FLE)
Fundamentals of Commercial and Industrial Laws80%
Fundamentals of Ethics20%
Paper 4 : Fundamentals of Business Mathematics and Statistics(FBMS)
Fundamentals of Business Mathematics40%
Fundamentals of Business Statistics60%

Note : Subjects related to provisions of law/ applicable statutes shall be read with amendments made from time to time.

Applicability of  GST in Dec 2017 examination

Inclusion of GST in Indirect Tax Laws & Practice under Syllabus 2016 for December 2017 Term of Examination.

Restructuring of Syllabus 2016 after implementation of GST w.e.f June-2018 Term.

Recommended Read :  ICWA syllabus for all subjects – dec 2017

Check CMA Foundation Important Topics for dec 2017 Exam


  • Definition & Scope of Economics, Demand, Supply, Theory of Production, Theory of Cost
  • Concepts of Total Revenue, Average Revenue & Marginal Revenue
  • Applications on Basic Concepts of Economics and Market
  • Concept of National Income
  • National Income & Economic Welfare , Economic Growth & Fluctuation
  • Gresham’s Law
  • Quantity theory of Money
  • Financial Institutions
  • Applications on National Income, Money and Banking
  • Basic Characteristics of the Indian Economy as developing country
  • Economic Development & Environmental Degradation
  • The role of Industrialization Get more from
  • Role & Contribution of some Major Industries in Economic Development
  • Infrastructure & Economic Development
  • Public Private Partnership (PPP) model
  • Fredrick Taylor (1856-1915): Principles of Scientific Management
  • Henri Fayol (1841-1925): Principles and Techniques of Management
  • Bureaucratic Management (Max Weber)
  • Planning, Forecasting, Decision-Making, Organising, Communication, Controlling, Co-ordination
  • Group Dynamics
  • Organizational Conflicts
  • Basic Accounting Terms
  • Generally Accepted Accounting Principles
  • The Concepts of “Account”, “Debit” & “Credit”


Here all Definitions & knowledge of Accounting terms are very important in Exams as well as in future Job interviews. So 1st chapter of FUNDAMENTALS OF ACCOUNTING is very important and all 1st chapter’s Topics are basic concept. Without basic concept you can’t be a good accountant. Get more from

Must prepare every topic in 1st Chapter

1.11 Types of Accounts

1.12 The Accounting Process

1.13 Accounting Equation

1.14 Accrual Basis & Cash Basis of Accounting

1.15 Capital & Revenue Transaction

1.16 Accounting Standards

1.17 Double Entry System, Books of Prime Entry, Subsidiary Books

1.18 Trial Balance Get more from

1.19 Measurement, Valuation & Accounting Estimates

1.20 Opening entries, Closing entries, Transfer entries and Rectifi cation entries

  • Bank Reconciliation
  • Nature of Depreciation
  • Methods of Charging Depreciation
  • Provision for Depreciation Account
  • Disposal of an asset Get more from
  • Profit or Loss on sale of assets – Method of Depreciation Calculation
  • Preparation of Financial Statements
  • Preparation of Financial Statement under Single Entry System including Conversion of Single Entry into Double Entry System
  • Bill of Exchanges
  • Sales of goods on approval or return basis
  • Generally Accepted Cost Accounting Principles (GACAP) & Cost Accounting Standards (CASs)
  • Methods of Costing and Evolution of Cost and Management Accounting
  • Cost Determination Get more from
  • Cost Sheet Formats & Preparation
  • Marginal Costing-Concept of Margin Of Safety (MOS)
  • Cost – Volume – Profi t Relationship (CVP Analysis)

A Fundamentals of Commercial Laws & Ethics

1 : The Indian Contract Act, 1872

In this chapter each and every topic is very important. Because these are the basic concept of every other Indian laws. so you should prepare all topics of 1st chapter of The Indian Contract Act, 1872

  • The Sale of Goods Act, 1930 – Concepts and Definitions of Condition & Warranties, buyer, seller, unpaid seller
  • Rights and Duties of Buyer
  • Rights and Duties of Seller
  • Breach of Contract Get more from
  • The Negotiable Instruments Act, 1881-Concepts and definitions
  • Liability of Parties
  • Discharge of a Negotiable Instrument
  • Banker and Customer
  • The Indian Partnership Act, 1932 – concept & definitions
  • Rights and Duties of Partners
  • Dissolution of Firm
  • The Factories Act, 1948 – Concepts, Definition, Scope and Objectives
  • General Duties of the
  • Working Hours of Adults
  • Penalties
  • The Payment of Wages Act, 1936
  • The Minimum Wages Act
  • The Employees State Insurance Act, 1948 – Concept & Definitions
  • Registration of Factories and Establishments
  • Administration of the Scheme of Insurance
  • ESI Benefits
  • Penal Provisions Under Section 84 to 86 of ESI Act, 1948
  • The Child Labour (Prohibition and Regulation) Act, 1986
  • Regulation of Conditions of Works of Children
  • Prohibited Occupations
  • Ethics and Moral
  • Business Ethics
  • Nature of Ethics as Moral


  • Ratio & Proportion
  • Average
  • Interest
  • Discounting of Bills
  • Mathematical Reasoning
  • Inequations Get more from
  • Permutation & Combination
  • Matrics & Determinants
  • Function, Continuity, Derivative
  • Diagrammatic Representation of Data
  • Frequency Distribution
  • Measures of Central Tendency
  • Coefficient Quantile & Coefficient variation
  • Correlation and Regression
  • Problems involved in construction of Index Numbers
  • Methods of construction of Different Index Numbers
  • Value Index Number
  • Test of Adequacy of the Index Number Formulae
  • General Concept, Components of Time Series
  • Models of Time Series Analysis
  • Method of Least Squares
  • Measurement of Probability
  • Theorems of Probability
  • Theoretical Distribution
  • Binomial Distribution

CMA Foundation Course New Syllabus from 1st August 2016

The institute 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 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.

ICWA 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 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 onwardsNo 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 modeshall take place in March, 2016. That means with effect from June, 2016, Foundation Examination on descriptive mode shall take place twice a year.

Following are the detal contents of sullabus-2016 for CMA Foundation Course under which the first exam shall be conducted in June 2017.


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 hereunder.

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 hereunder.

4. Management Process (50 Marks)

(a) Introduction, planning, organizing, 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% weightage whereas the second section carries the balance 20% weightage.

Section A (Fundamentals of Financial Accounting):

This section is very important for the second paper of CMA foundation course as it carries 80% weightage. 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% weightage whereas the second section carries the balance 30% weightage.

Section A (Fundamentals of Commercial and Industrial Laws):

Section A of paper-3 of 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 hereunder.

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% weightage whereas the second section carries 60% weightage.

Section A (Fundamentals of Business Mathematics):

There are only two topics covered in the section A of Paper-4 of 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 (20Marks)

(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 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 :  

CMA Foundation Exam on Descriptive Mode | dec 2016

Recently The Institute of Cost Accountants of India has given a new notification about changes in CMA Foundation exam from June 2016. With effect from June, 2016, Foundation Examination on descriptive mode shall take place twice a year. The last examination in on-line mode shall take place in March, 2016. The Foundation examination on descriptive mode shall take place twice a year with effect from 1.1.2016. The last examination in on-line mode shall take place in December, 2015. However, the students who appear for Foundation examination in on-line mode in December, 2015 but are unsuccessful, shall be given a final opportunity to appear in on-line examination in March, 2016.

Recommended Read : CMA Foundation Exam To Be Descriptive 

ICWA Syllabus and Subject – Foundation Complete Details dec 2017



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