CMA Final Paper 18 (CFR) study plan

Build a one-page map of the Cost Accounting Standards covering classification, valuation of materials, employee cost, overheads, depreciation, and cost of production, noting where each standard links to a statutory disclosure

Solve 20 numerical problems on overhead absorption, under/over-absorption, and cost sheet preparation, computing each answer without reference notes before checking

Explain in writing how the current cost accounting standards differ from the previous CAS series, with at least five specific changes and their practical effect on cost records

Draft a checklist of the statutory books of account and cost records a manufacturer must maintain, mapping each record to its governing provision

Outline the end-to-end cost audit process from appointment of the cost auditor to filing of the cost audit report, listing each form, timeline, and authority involved

Classify the common qualifications and adverse observations a cost auditor may report and write the recommended corrective action for each category

Compare the cost records and cost audit applicability thresholds across regulated and non-regulated sectors, and apply them to three hypothetical company profiles

Draft a compliance calendar for a listed company covering board report, auditor's report, cash flow statement, and segment disclosures

Prepare a full set of financial statements from a trial balance, including statement of profit and loss, balance sheet, and notes, applying the prescribed Schedule III format and division classification

Identify and correct at least ten common presentation errors in a draft balance sheet, stating the governing requirement for each correction

Compute earnings per share, including the diluted figure, for a company with convertible instruments and a bonus issue during the year

Explain the treatment of prior period items, exceptional items, and changes in accounting policy in the statement of profit and loss with worked examples

Apply the five-step revenue recognition model to five distinct fact patterns, including variable consideration, significant financing component, and principal-versus-agent determination

Compute contract revenue, contract cost, and expected loss for a construction contract using the percentage-of-completion method across two reporting periods

Distinguish revenue from other income and decide presentation for government grants, export incentives, and scrap sales in three case scenarios

Explain the disclosure requirements for revenue from contracts with customers and draft the note disclosure for one worked example

Classify five business combinations as common control or non-common control and apply the correct method, including goodwill or capital reserve computation

Prepare a consolidated balance sheet for a parent with one subsidiary, adjusting for pre-acquisition profits, unrealised intra-group profit, and minority interest

Compute goodwill and non-controlling interest under both the proportionate and fair-value methods and explain the difference in the resulting figures

Explain the consolidation requirements for associates, joint ventures, and structured entities, and identify when an entity must be consolidated

Classify financial instruments into amortised cost, fair value through other comprehensive income, and fair value through profit or loss, applying the business model and contractual cash flow tests to six instruments

Compute the lease liability and right-of-use asset at commencement and prepare the subsequent measurement schedule for a lessee over three years

Explain the expected credit loss approach and compute impairment allowance for a simple receivables portfolio using a provision matrix

Draft a management commentary outline covering business model, strategy, risks, and key performance indicators, and map each element to the integrated reporting content elements

Compute and interpret at least twelve ratios across profitability, liquidity, solvency, and activity, and write a two-sentence interpretation for each ratio that identifies the underlying driver

Perform a three-year common-size and trend analysis of a statement of profit and loss and identify the three most significant movements with causes

Explain the limitations of ratio analysis and identify four specific situations where a ratio can mislead without context

Prepare a short sustainability disclosure note linking environmental and social metrics to financial performance, using a hypothetical manufacturer

Analyse three ethics case scenarios involving independence threats, confidentiality, and conflict of interest, and apply the conceptual framework to identify threats and safeguards

Explain the governance responsibilities of the board and audit committee for financial reporting and cost audit, and list the questions an audit committee should ask

Complete two full-length timed mock examinations under exam conditions and score each against the marking scheme

Review every incorrect answer from the mocks and write a one-line correction note for each error to form a final revision sheet