CMA Foundation Question Paper With Answers PDF, Exam Pattern & Subjects

CMA Foundation Question Paper With Answer PDF

The Foundation course has four papers of 100 marks each (ICMAI's CMA Syllabus 2022). The short names are the codes printed on each question paper, such as "P-1(FBLC)". The last column links to ICMAI's PDF of the latest paper, from the June 2026 term.

ICMAI's June 2026 PDFs for Papers 2 and 4 number their questions from 51 to 100, continuing from Papers 1 and 3, which are taken in the same session.

Where to get the answers

ICMAI's question paper PDFs have no answers. These ICMAI pages do, all free to download:

ICMAI's Suggested Answers page covers the December 2011 to June 2026 terms, but its login page is marked "Except Foundation Student" and asks for a registration number, so it is meant for Intermediate and Final students. Our guide to CMA mock and practice test papers explains how to use ICMAI's practice material at every level.

Older Foundation papers

The same Question Papers page keeps Foundation papers from the June 2016 to December 2019 terms, listed under Syllabus 2016 and Syllabus 2012. Those papers had different subjects (Fundamentals of Economics and Management, Fundamentals of Accounting, Fundamentals of Laws and Ethics, and Fundamentals of Business Mathematics and Statistics) and a different format: the December 2019 Paper 1, for example, gave 3 hours for 100 marks in two sections with written answers as well as multiple-choice questions. The page lists no Foundation papers for the December 2023 to December 2025 terms. Use the older papers only for topics that are still in your syllabus, and check the syllabus printed at the top of each paper.

CMA Foundation Exam Pattern

All four Foundation papers are multiple choice. The table below follows ICMAI's time table for the December 2026 exam and the June 2026 question papers.

CMA Foundation Exam Pattern (December 2026)

Sources: ICMAI's Foundation Course Examination Time Table & Programme for December 2026 (published 13 August 2026), the June 2026 question papers and the CMA Prospectus 2025. The last date for the December 2026 exam form is 14 October 2026 without a late fee, or 21 October 2026 with a ₹500 late fee; our CMA Foundation exam date guide has the admission cut-offs and result date.

CMA Foundation Question Paper: Exam Pattern

Every paper carries 100 marks. ICMAI splits each paper into sections and modules and gives each a weight, which shows how the marks are likely to be spread. The weights below are from ICMAI's Study Notes for Syllabus 2022 (reprint January 2026); the section weights match ICMAI's CMA Syllabus 2022. The June 2026 papers followed them: Paper 3's mathematics section had 20 questions worth 40 marks, and Paper 4's economics section carried 70 marks. There is no negative marking in any Foundation paper.

Paper 1 – Fundamentals of Business Laws and Business Communication

• Section A, Fundamentals of Business Laws – 80%:
  • Introduction (sources of law, legislative process, court system) – 10%
  • Indian Contracts Act, 1872 – 30%
  • Sale of Goods Act, 1930 – 20%
  • Negotiable Instruments Act, 1881 – 20%
• Section B, Business Communication – 20%

Paper 2 – Fundamentals of Financial and Cost Accounting

• Section A, Fundamentals of Financial Accounting – 70%:
  • Accounting Fundamentals – 30%
  • Accounting for Special Transactions – 15%
  • Preparation of Final Accounts – 25%
• Section B, Fundamentals of Cost Accounting – 30%

Paper 3 – Fundamentals of Business Mathematics and Statistics

• Section A, Fundamentals of Business Mathematics – 40%:
  • Arithmetic – 15%
  • Algebra – 20%
  • Calculus – Application in Business – 5%
• Section B, Fundamentals of Business Statistics – 60%:
  • Statistical Representation of Data – 5%
  • Measures of Central Tendency and Dispersion – 15%
  • Correlation and Regression – 15%
  • Probability – 15%
  • Index Numbers and Time Series – 10%

Paper 4 – Fundamentals of Business Economics and Management

• Section A, Fundamentals of Business Economics – 70%:
  • Basic Concepts – 15%
  • Forms of Market – 20%
  • Money and Banking – 20%
  • Economic and Business Environment – 15%
• Section B, Fundamentals of Management – 30%

Importance Of CMA Foundation Question Paper With Answers PDF

Working through question papers with answers helps in three ways:

1. Understanding the exam pattern: you see how ICMAI words its questions and options, and how 50 questions fit into one hour.
2. Identifying important topics: comparing the papers with the module weights above shows which modules carry the most questions.
3. Self-assessment: marking your attempt against an answer key shows which modules need more work before the exam.

Where To Find CMA Foundation Previous Year Question Papers

Use ICMAI's own site. On icmai.in the papers are under Students → Examination → Post Exam → Question Papers; choose "Syllabus 2022" and the June 2026 term, and the four Foundation papers are listed first. The answer keys are on the Model Question Papers, Practice Test Papers and MCQ Bank pages listed above, which are linked from ICMAI's CMA Syllabus 2022 page.

Detailed Overview Of CMA Foundation Subjects

The four Foundation subjects cover the basics of law, accounting, mathematics and economics that the Intermediate course builds on. ICMAI's free Study Notes for each paper are on its Foundation study materials page.

Subject-wise Breakdown

1. Fundamentals of Business Laws and Business Communication: sources of law and the court system, the law of contracts, sale of goods and negotiable instruments, and business communication.
2. Fundamentals of Financial and Cost Accounting: accounting principles and the accounting cycle, special transactions, preparing final accounts, and the basics of cost accounting.
3. Fundamentals of Business Mathematics and Statistics: arithmetic, algebra and simple calculus for business, then statistics: presenting data, averages and dispersion, correlation and regression, probability, index numbers and time series.
4. Fundamentals of Business Economics and Management: basic economic concepts, forms of market, money and banking, the economic and business environment, and the fundamentals of management.

CMA Foundation Exam Pattern: Key Changes

Many Foundation question papers and guides online were written for an earlier syllabus, so check which one they follow.

Notable Changes

• New syllabus: ICMAI's CMA Syllabus 2022 applies from the June 2023 term of examinations, and Syllabus 2016 continued only until the December 2023 term.
• New papers and numbering: the Syllabus 2016 Foundation papers, as listed on ICMAI's Question Papers page, were Fundamentals of Economics and Management, Fundamentals of Accounting, Fundamentals of Laws and Ethics, and Fundamentals of Business Mathematics and Statistics. Under Syllabus 2022, economics and management is now Paper 4, the law paper (Paper 1) covers business communication in place of ethics, accounting is Paper 2 (Fundamentals of Financial and Cost Accounting), and mathematics and statistics is Paper 3.
• All multiple choice: ICMAI's December 2019 Foundation Paper 1 was a 3-hour paper with written answers as well as multiple-choice questions. The June 2026 papers are 1-hour papers of 50 multiple-choice questions, and the December 2026 exam is held offline on OMR sheets.

ICMAI's prospectus notes that the syllabus and the pattern of examinations can be changed by later notifications, so read the time table and notice for your own term before the exam.

How To Use CMA Foundation Question Paper Pattern Effectively

To make the most of the question papers and ICMAI's practice material:

1. Finish a module first: practise its questions from the MCQ bank while you study it, and keep the full papers for later.
2. Take full papers under exam conditions: attempt a model question paper or practice test paper in one hour on an OMR-style answer sheet. Because each December 2026 session covers two papers, also practise two papers back to back in two hours.
3. Pace yourself: 50 questions in 60 minutes leaves a little over a minute per question, so move on from a hard question and come back to it.
4. Answer every question: with no negative marking, a blank answer can only cost you marks.
5. Review your answers: mark your attempt against ICMAI's answer key, then go back to the Study Notes for every question you got wrong and note which module it came from.
6. Use the latest papers last: attempt the June 2026 question papers once you have covered the whole syllabus, as a final check.

Frequently Asked Questions

Is there a question bank for CMA Foundation?

Yes. ICMAI publishes an MCQ Bank for each of the four Foundation papers, with the answers at the end of each file, and runs an Online MCQ Portal where registered students log in with their identification or registration number.

Where can I find CMA Intermediate and Final question papers with answers?

ICMAI's Question Papers page has Syllabus 2022 Intermediate and Final papers for every term from December 2023 to June 2026, and its suggested answers cover those levels. Our guides to the CMA Intermediate question paper and the CMA Final question papers list them paper by paper.