Taxmann Cracker - Fundamentals of Financial and Cost Accounting Book for CMA Foundation by Tarun Agarwal

Edition : 5th (June 2026)

Exam Attempt : Dec 2026, June 2027

Fundamentals of Financial & Cost Accounting (FFCA | Accounting) – CRACKER is an exam-preparation and revision title for Paper 2 of the CMA Foundation course conducted by the Institute of Cost Accountants of India (ICMAI). Part of Taxmann's well-known CRACKER series—the book is purpose-designed for the way the Foundation examination is actually conducted today: a fully objective, 100% MCQ, 100-mark paper. Rather than functioning as a bulky textbook, it distils each topic into a crisp concept recap and then drills it through a large, exam-realistic bank of multiple-choice questions, so that conceptual understanding is immediately converted into the speed and accuracy the objective format rewards.

This Edition is fully aligned with the latest examination pattern and incorporates fully solved past-examination questions right up to the June 2026 exam. Because it carries the most recent papers and question trends, it is positioned as the current, all-in-one revise → practise → test companion for candidates targeting the December 2026 and June 2027 attempts. The result is a single, affordable resource a student can use from first reading through to the final pre-exam revision, without needing to assemble question material from multiple sources.

The Present Publication is the 5^th Edition | June 2026, authored by CA. Tarun Agarwal, with the following noteworthy features:

• [Fully Solved Past Papers—Updated to June 2026] Coverage of fully solved past examination questions till the June 2026 exam. The question bank is up to date with the most recent term, so students practise on the exact topics and question styles the examiner is currently setting, rather than on dated material
• [Module-wise Marks Distribution] A front-matter analysis maps how marks have been spread across modules and chapters over recent terms (2023–2026, with per-chapter averages), letting students prioritise their effort by weightage instead of guessing what matters
• [Comparison with the ICMAI Study Material] A mapping table aligns the book's modules and chapters with the corresponding CMA study-material module numbers, making it easy to move between this CRACKER and the official material and to confirm complete syllabus coverage
• [Tabular Chapter Summaries] Every chapter opens with a 'Quick Revision' of its key concepts, providing students with a fast, scannable tool for recall—ideal for last-minute revision before the exam
• [1200+ MCQs with Practice Questions] A large, chapter-wise bank of multiple-choice questions—combining genuine past-exam questions with additional practice sets—provides the volume of drill needed to build objective-test fluency, with answers provided alongside
• [Descriptive Questions Recast as MCQs] Valuable older questions that were originally set in descriptive form have been re-cast into the current objective format, preserving their learning value while keeping the practice consistent with how the paper is set today

The book is organised into four modules and 20 chapters, comprising three modules of Financial Accounting and one of Cost Accounting, in line with the structure of the CMA study material:

• Module 1 | Accounting Fundamentals (10 Chapters) — Understanding of the Four Frameworks of Accounting & Forms of Organisation; Accounting Principles, Concepts & Conventions; Capital & Revenue Transactions; Accounting Cycle; Journal & Ledger; Cashbook & Bank Reconciliation Statement; Trial Balance; Adjustment Entries & Rectification of Errors; Depreciation; and Accounting Treatment of Bad Debts & Provision for Doubtful Debts. This module builds the bookkeeping and recording foundation on which the rest of the paper rests
• Module 2 | Accounting for Special Transactions (3 Chapters) — Consignment; Joint Venture; and Bills of Exchange—the special-transaction accounting treatments that recur reliably in the exam
• Module 3 | Preparation of Final Accounts (2 Chapters) — Preparation of Financial Statements of a Sole Proprietorship; and of a Not-for-Profit Organisation—the numerical, high-weight heart of the Financial Accounting section
• Module 4 | Fundamentals of Cost Accounting (5 Chapters) — Meaning, Definition & Significance of Cost Accounting and its Relationship with Financial Accounting; Application of Cost Accounting for Business Decisions; Definition of Cost, Cost Centre, Cost Unit & Cost Drivers; Classification of Costs; and Ascertainment of Cost & Preparation of the Statement of Cost and Profit (Cost Sheet)
• Fully Solved Past Papers — Four recent papers with suggested answers (December 2024, June 2025, December 2025, and June 2026), allowing students to attempt complete, recent papers under timed conditions and check their work against worked solutions

Each chapter is built as a repeatable revise → practise → test loop:

• Quick Revision of the Chapter — Every chapter opens with a compact recap of the essential concepts, definitions, and treatments a candidate must know, designed for rapid pre-exam recall
• Past Examination Questions — A sequenced set of MCQs with options (a)–(d) and the correct answer keyed alongside each question; every previous-year item is tagged with the exam term(s) in which it appeared (ranging from 2014 right up to June 2026), giving a well-rounded view of how each topic has been tested.
• Practice Questions — Most chapters add a dedicated practice set for further reinforcement beyond the past-exam questions
• Working Notes for Numericals — Numerical questions are accompanied by working notes, so students can follow the full method rather than just the final answer
• Front-matter Planning Tools — The module-wise marks distribution table (recent terms, with chapter-level averages) and the module-wise comparison with the study material help students plan their revision by weightage and navigate confidently between this book and the official ICMAI material
• Fully Solved Papers at the End — The book closes with four fully solved papers, turning it into a complete self-assessment kit: learn the concept, drill the questions, then sit full papers to test exam readiness