C01 Fundamentals of Management Accounting

CIMA C01 | Fundamentals of Management Accounting

Summary Overview of CIMA Paper C1

Even though Certificate in Business Accounting is an entry level qualification but still the proficiency level required is high and it challenges the students right at start.

Paper 01 under CIMA certificate is about Management Accounting and even though syllabus has been defined to make it easier even for the first timers but it will be much better that students with accounting background will find it easier to get along with the syllabus.

CIMA C01 Fundamentals of Management accounting paper starts from the scratch by building up the basics about management accounting and the role of CIMA in development of this vast subject. In this course students get familiar with the basic quantitative decision making techniques used by managers and how cost and management accounting can help manage the business by providing valuable aid in planning and control.

Major areas of CIMA C1 are:

  • The context of Management Accounting
  • Cost behaviour and breakeven analysis
  • Standard Costing
  • Costing and accounting systems
  • Financial planning and control

Students are cautioned right at the beginning that CIMA C1 has a lengthy syllabus and needs time management if students are taking other papers as well. CIMA C1 requires a lot of practice and reading and both numerical and discursive proficiency is expected from students.

Syllabus is divided into five major portions where each portion carries much to be understood. Students having no trouble in understanding the technical and business English can take up C1 for self study. However, self-studying student should find someone to guide them.

Examination is computer based

Check the relevant tabs above for more information on specific areas of CIMA C01 Fundamentals of Management Accounting.

Summary Objectives

After completing CIMA C01 Fundamentals of Management Accounting course students are presumed to have knowledge and relevant skills of the following:

  • What is management accounting and what are management information needs
  • What are management roles and why planning and control is important in business environment
  • How CIMA was formed and its purpose also what is the role of CIMA in developing management accounting
  • What is cost and what are different cost accounting concepts including how costs behaves with varying activity levels and how this is important in helping management decision making process
  • What is the concept of contribution and how marginal costing, breakeven analysis and cost-volume-profit (CVP) analysis helps management in quantifying scenarios
  • What are different costing techniques and how entities use them in ascertaining costs for different cost objects in different cost units. Also students must have general understanding of cost accounting ledgers and how they are integrated with financial accounting records
  • What is standard costing and what is its role in planning and controlling management functions and business operations
  • How budgets are prepared and used to forecast and take control actions in addition to standard costing

CIMA C01 Fundamentals of Management Accounting Syllabus

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Assessment of CIMA C1

Area Weightage:
Although it has not been disclosed that how many questions will be asked from each area but for guidance purposes the exam weight of each area of the syllabus has been disclosed:

CIMA C1 will be examined in 2 hours (120 minutes) exam

Number of questions:
Exam will contain 50 compulsory questions where each question can have more then one parts. As questions are compulsory all the questions are required to be answered with in the given time.

Assessment Format:
It will be a Computer Based Assessment (CBA) i.e. students will be examined in computer based environment where students will be presented with one question at a time and students will answer the questions using input devices like mouse and keyboard.

Exam Style:
Exam will be objective in nature where majority of the questions will be multiple-choice. But this will not be the only style of questions. Other possible style includes:

  • filling in the blank
  • ranking
  • definition with missing word
  • identifying a key issue e.g. advantages
  • calculating a figure.
  • diagram labeling
  • identifying the key concept under a particular scenario e.g. inflation
  • matching
  • interpretation

Fee Structure Certificate in Business Accounting

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