Exam Tips for Clearing CMA Inter Group 1 – Cost Accounting Paper

Home
Blog
Exam Tips for Clearing CMA Inter Group 1 – Cost Accounting Paper

Exam Tips for Clearing CMA Inter Group 1 – Cost Accounting Paper

CA / By PARUL | 2021-11-27

Brief About Cost Management Accounting (CMA)

Cost Management Accounting is a professional certification in strategic management and financial accounting. CMA certification is globally recognized and it has a primary focus on management and financial accounting. This professional certification is offered by Institute of Management Accountants (IMA) and Certified Management Accountants (ICMA) is responsible for awarding the CMA certificates. The primary job of CMAs is firstly to crunch the numbers for budget analysis and also come up with strategic decisions for the businesses by giving out insights. These individuals also have the duty of promoting investments to strengthen the financial position of the company.

Brief About CMA Inter Group

CMA examination has three levels – Foundation, Intermediate and Advanced levels. So, The CMA intermediation is the second stage of the examination that is required to be cleared to get a Cost and Management Accountant (CMA) degree. CMA Intermediate has further two groups – Group 1 & Group 2. One of the subjects in the Inter group 1 is CMA inter cost accounting which is a challenging subject as it involves both theoretical and technical classes. In order to clear the CMA, inter cost accounting, one would require professional CMA inter cost accounting classes from a renowned source such as CD Classes.

About CMA inter cost accounting

Here are some of the tips stated by experts from CD Classes on how to clear CMA Inter cost accounting in the first go:

The core subject of Cost and Management Accountant is Cost Accounting; hence the Cost Accounting (Paper-8) is considered to be one of the toughest papers in the course. At no point should the test taker underestimate this subject, as it might look easy, but in reality, is very technical.

The CMA inter cost accounting syllabus is very exhaustive. So before starting to prepare, the test takers need to have a crystal-clear idea about the syllabus.
The three most important chapters that are a part of the CMA inter cost accounting syllabus are - Materials, Labour, and Overheads. As these three chapters form the core of the entire cost accounting syllabus.
The two relatively simpler chapters are Construction Costing and Cost Accounting Standards (CAS), and are also the two most scoring chapters. Make sure to focus on them properly.
Cost Accounting as a subject consists of many formulas, specially in the following chapters - Materials, Labour, Overheads, and Standard Costing. In the CMA inter cost accounting lectures, the experts make sure to maintain a formula sheet and go through it each day.
It is important to have a Cost Accounting Standards (CAS) list from 1-24 each day, to retain the information.