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Key Facts: CMA Inter Paper 10 Exam
100
Total Marks
ICMAI Syllabus 2022
3 hrs
Exam Duration
ICMAI Examination Rules
50% / 50%
Corporate Accounting / Auditing Split
ICMAI Paper 10 Syllabus
30%
Audit under Companies Act 2013 Weightage
ICMAI Paper 10 Syllabus
40% + 50%
Paper and Group Pass Criteria
ICMAI Examination Rules
Group II
CMA Intermediate Group
ICMAI Syllabus 2022
CMA Inter Paper 10 (Corporate Accounting and Auditing) is a 100-mark, 3-hour Group II paper under ICMAI Syllabus 2022. It splits evenly: Section A Corporate Accounting (50%) across five 10% modules (shares and debentures, Schedule III statements, cash flow, banking/electricity/insurance accounts, and Accounting Standards), and Section B Auditing (50%) across basic concepts (10%), audit provisions under the Companies Act 2013 (30%), and audit of different undertakings (10%). ICMAI uses a 30% objective and 70% descriptive pattern and publishes an official MCQ Bank. Passing requires 40% in the paper and 50% in the Group aggregate.
Sample CMA Inter Paper 10 Practice Questions
Try these sample questions to test your CMA Inter Paper 10 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Under the Companies Act, 2013, a company issues equity shares of face value Rs. 10 at a premium of Rs. 4. Where must the Rs. 4 per share premium be credited?
2As per Section 52(2) of the Companies Act, 2013, the Securities Premium Account can be applied for which of the following purposes?
3A shareholder holding 200 shares of Rs. 10 each (Rs. 8 called up) failed to pay the final call of Rs. 2. The shares were forfeited. What amount is credited to the Forfeited Shares (Share Forfeiture) Account on forfeiture?
4200 shares of Rs. 10 each, on which Rs. 8 had been received, were forfeited and later reissued as fully paid at Rs. 9 per share. What amount is transferred to Capital Reserve?
5Under Section 63 of the Companies Act, 2013, fully paid bonus shares may NOT be issued out of which source?
6A company makes a rights issue of one share for every four held at Rs. 15 (face Rs. 10). The cum-rights market price is Rs. 30. What is the theoretical ex-rights (value of right) per existing share?
7Under Section 54 of the Companies Act, 2013, sweat equity shares are issued to which category of recipients?
8Under Section 68 of the Companies Act, 2013, the maximum buy-back of shares in a financial year, when approved by a special resolution, cannot exceed what percentage of the total paid-up equity capital and free reserves?
9When a company buys back its own shares out of free reserves, an amount equal to the nominal value of the shares bought back must be transferred to which account under Section 69?
10A company issues 1,000 debentures of Rs. 100 each at par (Rs. 100), redeemable at a premium of Rs. 5 each. By what total amount is the 'Loss on Issue of Debentures' account debited?
About the CMA Inter Paper 10 Exam
CMA Intermediate Paper 10, Corporate Accounting and Auditing (CAA), is a Group II paper of 100 marks. Section A (Corporate Accounting) covers shares and debentures, Schedule III financial statements, cash flow statements, accounts of banking/electricity/insurance companies, and Accounting Standards. Section B (Auditing) covers basic audit concepts, audit provisions under the Companies Act 2013, Standards on Auditing, internal control, and audit of different undertakings.
Assessment
Question count not published by the exam provider
Time Limit
3 hours (180 minutes)
Passing Score
40% in the paper and 50% aggregate in the Group, per ICMAI rules
Exam Fee
Covered within the CMA Intermediate group examination fee notified by ICMAI; no separate per-paper fee (The Institute of Cost Accountants of India (ICMAI))
CMA Inter Paper 10 Exam Content Outline
Section A: Corporate Accounting
Accounting for shares and debentures, financial statements under Schedule III, cash flow statements (AS-3), accounts of banking, electricity and insurance companies, and applicable Accounting Standards.
Accounting for Shares and Debentures
Issue, forfeiture and reissue of shares, securities premium, rights and bonus issues, sweat equity, ESOP, buy-back, and accounting for debentures under the Companies Act 2013.
Financial Statements as per Schedule III
Preparation of the Statement of Profit and Loss and Balance Sheet under Schedule III Division I, with managerial remuneration, dividend and disclosure rules.
Cash Flow Statement
Cash flow statements under AS-3 using direct and indirect methods and classification into operating, investing and financing activities.
Accounts of Banking, Electricity and Insurance Companies
Specialised final accounts of banking companies (Form A/B, NPA, rebate on bills), electricity companies, and insurance companies (IRDAI forms, unexpired risk reserve).
Accounting Standards
Application of Indian Accounting Standards (AS-2, AS-4, AS-5, AS-9, AS-10, AS-11, AS-12, AS-13, AS-16, AS-17, AS-20, AS-22, AS-26, AS-29).
Basic Concepts of Auditing
Objective and scope of audit (SA 200), assertions, materiality, audit risk, evidence, vouching, audit programme, documentation, ethics, and professional skepticism.
Provisions Relating to Audit under Companies Act, 2013
Appointment, rotation, removal and disqualification of auditors (Sections 139-141), rights and duties (Section 143), CARO 2020, cost/internal audit, and Standards on Auditing.
Auditing of Different Types of Undertakings
Audit of partnership firms, trusts, educational institutions, hospitals, co-operative societies, NGOs, and government/public sector undertakings, including propriety audit.
How to Pass the CMA Inter Paper 10 Exam
What You Need to Know
- Passing score: 40% in the paper and 50% aggregate in the Group, per ICMAI rules
- Assessment: Question count not published by the exam provider
- Time limit: 3 hours (180 minutes)
- Exam fee: Covered within the CMA Intermediate group examination fee notified by ICMAI; no separate per-paper fee
Keys to Passing
- Work through all 100 available questions
- Review every answer and explanation
- Track weak areas and revisit them
- Use our AI tutor for tough concepts
CMA Inter Paper 10 Study Tips from Top Performers
Frequently Asked Questions
What is CMA Inter Paper 10 about?
CMA Intermediate Paper 10, Corporate Accounting and Auditing (CAA), is a Group II paper under ICMAI Syllabus 2022. It is split equally between Section A Corporate Accounting and Section B Auditing, each carrying 50% weightage in a 100-mark paper.
How is Paper 10 weighted across topics?
Section A Corporate Accounting (50%) has five modules of 10% each: shares and debentures, Schedule III financial statements, cash flow statement, banking/electricity/insurance accounts, and Accounting Standards. Section B Auditing (50%) has basic concepts (10%), audit under the Companies Act 2013 (30%), and audit of different undertakings (10%).
What is the exam pattern and duration for CMA Inter Paper 10?
Paper 10 is a 100-mark written examination of 3 hours. ICMAI follows a pattern of 30% objective (including multiple-choice) questions and 70% descriptive questions, and there is no negative marking.
What are the passing marks for CMA Inter Paper 10?
A candidate must secure a minimum of 40% marks in Paper 10 and an aggregate of 50% in the Group to pass. Scoring 60% or more in a paper may grant a paper exemption as per ICMAI rules.
Which standards are tested in the Auditing section of Paper 10?
The Auditing section covers Standards on Auditing such as SA 200, SA 230, SA 240, SA 250, SA 315, SA 320, SA 530, SA 570, SA 580, SA 610, and the reporting standards SA 700 to SA 706, alongside audit provisions of the Companies Act 2013.
Does ICMAI publish an MCQ bank for Paper 10?
Yes. ICMAI publishes official study material and an MCQ Bank for Intermediate papers including Paper 10, which candidates use to practise objective-type questions covering both Corporate Accounting and Auditing.
Is Paper 10 a numerical or theory paper?
Paper 10 is a blend. Section A Corporate Accounting is largely numerical, involving share/debenture accounting, Schedule III statements, cash flow, and AS application, while Section B Auditing is mainly conceptual, based on the Companies Act 2013 and Standards on Auditing.