CMA Foundation Paper 2 (FFCA) study plan
CMA Foundation Paper 2 (FFCA) · Give each week a clear focus.
8 weeks · About 6 hours per week
Fundamentals of Accounting & Preparation of Financial Statements
Apply the accounting equation and double-entry rules to record 40 mixed transactions without reference notes
Classify each item of a trial balance into asset, liability, equity, income or expense and explain the treatment in one sentence
Prepare a corrected trial balance from a deliberately error-seeded list and identify each error type (omission, commission, principle, compensating, transposition)
Distinguish capital from revenue expenditure across 15 scenarios and state the effect on profit and asset carrying amount
Build a personal one-page map linking journal entries to ledger, trial balance and final accounts so the closing flow is memorized
Your checkpoint
A hand-written 40-transaction practice set with journals, ledger postings, a corrected trial balance and a one-page error-type cheat sheet, self-marked against the ledger totals
Fundamentals of Accounting & Preparation of Financial Statements
Prepare a manufacturing or trading account and a profit and loss account from a given trial balance plus five adjustments in under 45 minutes
Compute closing stock, accruals, prepayments, depreciation and bad debt provisions and show each adjustment as a double entry
Reconcile a bank statement with 12 items including unpresented cheques, uncredited deposits and standing orders
Explain the purpose of each of the five main accounting concepts and apply them to resolve four ambiguous scenarios
Draft a classified balance sheet with correct current and non-current splits and a working capital figure
Your checkpoint
One complete set of final accounts (trading, profit and loss, balance sheet) with a workings sheet for every adjustment, plus a completed bank reconciliation statement, both timed and scored
Preparation of Financial Statements & Accounting for Special Transactions
Prepare a statement of cash flows under the indirect method from a comparative balance sheet and income statement
Reconstruct missing figures (opening capital, drawings, closing capital, profit) using control account logic and the accounting equation
Post entries for depreciation methods (straight line and reducing balance) and disposal of a non-current asset including profit or loss on sale
Record goods returned, trade discounts, cash discounts and bad debts written off in the correct accounts
Produce a suspense account and rectify eight errors, stating whether each affects profit
Your checkpoint
A cash flow statement with reconciliation workings plus a suspense and rectification exercise scored at 80 percent or higher, with every wrong answer rewritten correctly
Accounting for Special Transactions
Prepare a consignment account, consignee account and goods sent on consignment account for a two-party arrangement
Compute and journalize joint venture transactions under the separate books and memorandum methods
Draft a simple partnership appropriation account covering interest on capital, interest on drawings, salaries and profit sharing
Record the admission or retirement of a partner including goodwill and revaluation adjustments
Explain the treatment of abnormal loss and insurance claims in consignment using a worked numerical example
Your checkpoint
A single special-transactions workbook containing one fully solved consignment, one joint venture and one partnership admission problem with ledger accounts and a final reconciliation of balances
Cost Accounting Fundamentals & Costing Methods and Techniques
Classify 30 cost items into material, labour, expense and further into direct and indirect, then build a cost sheet to prime cost and total cost
Prepare a stores ledger under FIFO and weighted average for the same issue pattern and explain why the issue values differ
Compute labour cost under time rate, piece rate, Halsey and Rowan for identical inputs and compare the earnings
Distinguish overhead allocation from apportionment and reapportion service department costs using the reciprocal or repeated distribution method
Calculate a predetermined overhead absorption rate and the resulting over or under absorption
Your checkpoint
A cost sheet plus a stores ledger in two valuation methods plus a labour incentive comparison table, with a written note of at least 150 words explaining the causes of each difference
Costing Methods and Techniques & Cost Accounting Systems and Cost Control
Prepare a process account with normal loss, abnormal loss and abnormal gain and value each using scrap and equivalent units
Compute equivalent production under weighted average and FIFO for a work-in-progress scenario with given completion percentages
Reconcile profit as per cost accounts with profit as per financial accounts across eight reconciling items
Apply standard costing to compute material and labour variances (price, usage, rate, efficiency) and interpret each sign
Explain the purpose of a cost accounting system, its integration with financial accounts and the role of cost control techniques
Your checkpoint
A process costing problem with abnormal loss and gain plus a cost-to-financial profit reconciliation statement, each fully worked and cross-checked, with a variance summary table
Cost Accounting Systems and Cost Control & Decision Making and Analysis
Compute break-even point, margin of safety and required sales for a target profit from a given cost structure, both in units and value
Prepare a marginal costing income statement and reconcile the profit difference against absorption costing for a change in inventory
Solve a make-or-buy decision and a limiting factor decision, stating the qualitative factors that could overturn the numerical answer
Apply relevant costing to accept or reject a special order, excluding sunk costs and apportioned fixed overhead
Draft a simple budget (production or cash) from given sales and inventory policy assumptions
Your checkpoint
A decision-making case file with four worked decisions (break-even, make-or-buy, limiting factor, special order) and a marginal versus absorption reconciliation, each with a one-paragraph recommendation
Fundamentals of Accounting & Accounting for Special Transactions & Preparation of Financial Statements & Cost Accounting Fundamentals & Costing Methods and Techniques & Cost Accounting Systems and Cost Control & Decision Making and Analysis
Complete two full-length timed mock papers under exam conditions and record the score by domain
Rank your weakest three domains from mock results and rework every incorrect question to a correct final answer
Recite from memory the format of a cost sheet, a process account, a cash flow statement and a marginal costing statement
Build a one-page formula sheet covering break-even, variances, equivalent units and overhead absorption, and test recall without notes
Simulate exam time allocation by attempting the highest-weight sections first in a 30-question drill
Your checkpoint
A mock exam log showing both scores, a domain-by-domain accuracy table, corrected solutions for every error and a final one-page formula sheet ready for exam day
Milestones
Week 2: Score 70 percent or higher on an untimed 25-question set drawn only from Fundamentals of Accounting and final accounts preparation, with all adjustments shown as workings
Week 4: Complete one full financial statements and special transactions paper in 90 minutes at 65 percent or higher, and confirm the cash flow statement balances to the closing cash figure
Week 6: Achieve 70 percent or higher on a 30-question cost accounting set covering cost sheets, ledgers, process costing and variances, with no formula looked up during the attempt
Week 7: Correctly answer all break-even, marginal versus absorption and relevant costing questions in a 20-question decision-making drill and explain each answer in one sentence
Week 8: Score 65 percent or higher on each of two full-length mocks and show that every domain weight is covered by at least one corrected wrong answer