THE BIGBOOKS
STORE

Vivitsu's REVIEWER™ — CMA Foundation Paper 2: Fundamentals of Financial and Cost Accounting, applicable for the December 2026 and June 2027 examinations. A question bank covering the complete ICMAI syllabus for Paper 2.

Paper 2 is where the CMA Foundation is usually won or lost. It is the only paper in the Foundation that is substantially numerical, and in an objective examination that changes what preparation has to look like. A candidate who understands the double entry behind a rectification entry but cannot produce the answer inside ninety seconds scores the same as one who does not understand it at all. Speed on standard problem types is the whole game, and speed comes from volume.

This volume supplies that volume: 1,065+ MCQs compiled chapter-wise from the ICMAI Study Material, a dedicated MCQ Bank, 14 Model Question Papers and 12 Previous Year Papers, each question referenced back to its source. A quick review of important concepts opens every chapter, so the formulae and the treatment are to hand without reaching for the Study Material.

Key Features

• 1,065+ MCQs covering the complete ICMAI syllabus for Paper 2.
• Chapter-wise compilation from the ICMAI Study Material (SM), the MCQ Bank, 14 Model Question Papers and 12 Previous Year Papers.
• Quick review of important concepts at the head of each chapter — formulae, formats and treatments before the questions.
• Topic-wise break up, so a weak area can be isolated and drilled on its own.
• Reference to all questions, traceable to source — essential in a numerical paper, where a wrong answer needs to be traced to the step that went wrong.
• LDR questions marked for the final revision pass.
• ABC Analysis — chapters ranked by examination weightage.
• 100% syllabus coverage, structured chapter by chapter.
• Applicable for the Dec'26 and Jun'27 attempts.

Coverage

Section A — Fundamentals of Financial Accounting

• Accounting fundamentals — the accounting cycle, concepts and conventions, the accounting equation, and the classification of accounts.
• Journal, ledger and trial balance — recording transactions and the posting process.
• Subsidiary books — cash book in its several forms, purchase and sales books, and the bank reconciliation statement.
• Rectification of errors — the types of error, suspense account and the correcting entries.
• Depreciation — the methods, their accounting treatment and the provision for depreciation.
• Accounting for special transactions — bills of exchange, consignment, and joint venture.
• Final accounts — the trading and profit and loss account and the balance sheet, with adjustments.
• Accounts of non-profit organisations — receipts and payments, income and expenditure, and the balance sheet.
• Accounting for partnership — the partners' accounts and the common adjustments.

Section B — Fundamentals of Cost Accounting

• Meaning, definition and scope of cost accounting, and its distinction from financial accounting.
• Cost concepts and classification — by element, by function, by behaviour and by traceability.
• Elements of cost — material, labour and overheads, and their treatment.
• Preparation of the cost sheet — prime cost, works cost, cost of production, cost of sales and profit.
• Cost ascertainment and the basic methods of costing.

Who Should Buy This Book?

• CMA Foundation candidates sitting Paper 2 in the December 2026 or June 2027 attempt.
• First-attempt students, particularly those from a non-commerce background meeting double entry for the first time.
• Repeat candidates who cleared the theory papers and were held back by Paper 2 — a common pattern.
• Students in the final weeks, where the ABC analysis and LDR marking decide what gets revised.
• Coaching institutes and faculty running CMA Foundation batches.
• B.Com and BBA students, where the financial and cost accounting syllabus overlaps closely.

Why Choose This Book?

In a numerical objective paper, the referencing matters more than it does anywhere else. Getting a cost sheet question wrong is only useful if the candidate can find the worked treatment it came from and see which step was misapplied — and that requires every question to be traced to its source, as they are here. A question bank without references tells a student they are wrong and leaves them there.

The second argument is the compilation itself. Paper 2 has a limited repertoire of problem types, and the 12 Previous Year Papers and 14 Model Question Papers collected here are the clearest evidence of which ones the examiner actually sets and how. Working through them alongside the Study Material questions, in chapter order, converts a syllabus into a drill — which is what an objective numerical paper rewards.