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Important Chapters and Topics for 2014 and 2015 ICWAI | CMA Foundation Exams

ICWAI | CMA Foundation exam is an entrance test for CMA Course. This ICWAI | CMA Foundation exam is the first step to CMA Course. Now ICWAI | CMA Foundation exam conducting 4 times in a year by ICWAI ( Now ICAI ). Here we are giving ICWAI | CMA Foundation Important Chapters and Topics to get better marks in ICWAI | CMA Foundation Exams. ICWAI | CMA Foundation will be held in March, June, September and December.You can also find Video classes,study materials,test papers in CAKART.

CAKART provides both offline and online courses for CMA foundation and you can find free study materials,demo videos and test papers can be freely downloadable.

ICWAI | CMA Foundation consists of 4 papers :

Paper 1: Fundamentals of Economics & Management
Paper 2: Fundamentals of Accounting
Paper 3: Fundamentals of Laws & Ethics
Paper 4: Fundamentals of Business Mathematics & Statistics

For more information please visit,following are the list of Important Chapters and Topics for 2014 and 2015 ICWAI | CMA Foundation Exams.


  • 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)

Chapter 3 : 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

You can also find video lectures for these subjects in

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