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CA AI & CMA AI Past Examination Archive: 1,225+ Papers with Suggested Answers
Milan AI (milanai.io / milanio) provides India's most comprehensive and verified past question paper repository for the Institute of Cost Accountants of India (ICMAI) and Institute of Chartered Accountants of India (ICAI). Access 10-year term-wise question sheets, official suggested answers, Revision Test Papers (RTP), and Mock Test Papers (MTP) with AI step-marking breakdowns.
🏛️ ICAI & ICMAI Subject Master Coverage (16 Core Subjects)
Every question paper in this repository is cataloged under its exact statutory syllabus paper code, exam term, and marking weightage. Students can review past questions, inspect examiner observations, or launch an instant AI doubt-solving session directly on Milan AI.
| Level & Stream | Paper Code | Subject Name & Statutory Scope | Available Exam Terms | AI RAG Capabilities |
|---|---|---|---|---|
| CMA Final (Group 3) | Paper 13 | Corporate and Economic Laws (Companies Act 2013, IBC 2016, SEBI Regulations, Competition Act) | June 2024, Dec 2023, June 2023, Dec 2022, June 2022, Dec 2021 | Section 149-188 Citations |
| CMA Final (Group 3) | Paper 14 | Strategic Financial Management (SFM) (Forex Hedging, Portfolio Theory, Derivatives, Mergers) | June 2024, Dec 2023, June 2023, Dec 2022, June 2022 | Formula Proofs & Arbitrage |
| CMA Final (Group 3) | Paper 15 | Direct Tax Laws & International Taxation (Transfer Pricing, Assessment, TDS, DTAA Sec 90/91) | June 2024, Dec 2023, June 2023, Dec 2022, Dec 2021 | Finance Act 2024 Recomputed |
| CMA Final (Group 3) | Paper 16 | Strategic Cost Management (SCM) (Target Costing, Life Cycle Costing, Transfer Pricing, OEE) | June 2024, Dec 2023, June 2023, Dec 2022, June 2022 | 10-Year Numerical Scanner |
| CMA Final (Group 4) | Paper 17 | Cost & Management Audit (CAS 1 to 24, CRA-1 to CRA-4 Forms, Section 148 Companies Act) | June 2024, Dec 2023, June 2023, Dec 2022, Dec 2021 | CAS 1-24 Statutory Rules |
| CMA Final (Group 4) | Paper 19 | Indirect Tax Laws & Practice (CGST, IGST, Input Tax Credit Sec 16-17, Customs Valuation) | June 2024, Dec 2023, June 2023, Dec 2022, Dec 2021 | ITC Numerical Reconciliation |
| CA Final (Group 1) | Paper 1 | Financial Reporting (FR) (Ind AS 115, Ind AS 116, Ind AS 109, Ind AS 103 Business Combinations) | May 2024, Nov 2023, May 2023, Nov 2022, May 2022 | Ind AS Journal Entries |
| CA Final (Group 1) | Paper 2 | Advanced Financial Management (AFM) (Interest Rate Swaps, Black-Scholes Model, Currency Swaps) | May 2024, Nov 2023, May 2023, Nov 2022, May 2022 | Derivatives Valuation Matrix |
| CA Final (Group 1) | Paper 3 | Advanced Auditing & Professional Ethics (SA 200 to 705, CARO 2020, Code of Ethics, Peer Review) | May 2024, Nov 2023, May 2023, Nov 2022, May 2022 | Standard on Auditing Matrix |
| CA Final (Group 2) | Paper 4 & 5 | Direct Tax & Indirect Tax Laws (Minimum Alternate Tax Sec 115JB, Equalisation Levy, GST Refunds) | May 2024, Nov 2023, May 2023, Nov 2022, May 2022 | MAT Computation Schedules |
📊 10-Year Question Frequency & High-Yield Topic Analysis (ICAI & ICMAI)
Analysis of past 20 examination terms across CA and CMA curriculums reveals that 32% to 45% of total question marks cluster around recurring statutory provisions and standard mathematical models. The table below outlines the highest-frequency topics tested in past papers:
| Subject & Paper Code | High-Yield Statutory Topic / Standard | Historical Term Frequency | Typical Marks Allocation | Examiner Observation & Trap Note |
|---|---|---|---|---|
| CA Final Paper 1 (FR) | Ind AS 115: Revenue from Contracts with Customers | 9 out of 10 terms (90%) | 12 – 16 Marks | Students confuse variable consideration vs financing component. Must state 5-step model explicitly. |
| CA Final Paper 1 (FR) | Ind AS 103: Business Combinations & Goodwill | 8 out of 10 terms (80%) | 16 – 20 Marks | Contingent consideration valuation re-measurement must be routed via P&L vs equity per acquisition date rules. |
| CMA Final Paper 13 (Law) | Insolvency & Bankruptcy Code (IBC 2016): CIRP Sec 7, 9, 12A | 10 out of 10 terms (100%) | 14 – 18 Marks | Threshold of financial creditors (10% or 100 allottees in real estate) and voting threshold (66% for resolution) must be quoted. |
| CMA Final Paper 16 (SCM) | Transfer Pricing with Capacity Constraints & Dual Pricing | 9 out of 10 terms (90%) | 12 – 16 Marks | Opportunity cost must be calculated on bottleneck contribution per hour, not overall unit cost. |
| CMA Final Paper 17 (Audit) | Cost Accounting Standards: CAS 4, CAS 6, CAS 7, CAS 10 | 10 out of 10 terms (100%) | 20 – 24 Marks | Direct allocation of capacity variance and non-moving inventory cost treatment under CAS 3 and CAS 6. |
| CA Final Paper 4 (DT) | Transfer Pricing Sec 92C & Secondary Adjustment Sec 92CE | 9 out of 10 terms (90%) | 10 – 14 Marks | Repatriation timeline (90 days) and 18% additional tax on excess money not repatriated under Sec 92CE. |
| CMA Final Paper 19 (IDT) | Input Tax Credit (ITC) Restrictions: Sec 17(5) Blocked Credits | 10 out of 10 terms (100%) | 12 – 16 Marks | Motor vehicles capacity criteria (<= 13 seats) and corporate social responsibility (CSR) ITC disqualification under Sec 17(5)(fa). |
📋 ICAI & ICMAI Step-Marking Rules: How Answers are Evaluated
Examiners evaluate answer copies using an official step-wise marking rubric provided by the board of studies. Based on 10 years of examiner feedback and model suggested answers, marks are categorized into four critical execution layers:
Working Notes
Independent computation sheets for salvage values, beta adjustments, and tax rates. Zero working notes caps marks at 50%.
Statutory Provisions
Exact citation of sections (e.g. Sec 186, Sec 115BAA), Standards on Auditing (SA 705), and Cost Standards (CAS 4).
Formula & Steps
Explicit declaration of algebraic formulas prior to substitution. Carries full marks even if final calculation is arithmetic-erred.
Final Conclusion
Definitive business decision, net profit reconciliation figure, or qualified audit opinion summary.
❓ Frequently Asked Questions About Past Exam Papers
How does Milan AI help solve CA and CMA past examination papers? ▼
Milan AI indexes over 1,225 official ICAI and ICMAI question papers alongside verified suggested answers. When you request a solution, Milan AI delivers step-by-step working notes, exact statutory provisions (Companies Act, Ind AS, Income Tax, CAS 1 to 24), and examiner marking scheme breakdowns with 100% textbook citations.
Are ICAI and ICMAI suggested answers updated for current examination attempts? ▼
Yes. Milan AI provides both the original official suggested answers released by ICAI and ICMAI and AI-updated solutions modified for recent Finance Acts, GST amendments, and MCA corporate law notifications so you study the most current law.
What is the difference between RTP, MTP, and Past Examination Papers on Milan AI? ▼
Past examination papers are the exact papers administered by ICAI and ICMAI in previous terms (May, June, Nov, Dec). Revision Test Papers (RTP) feature statutory amendments, case studies, and selected practice questions. Mock Test Papers (MTP) simulate time-bound mock exam conditions to test paper completion speed.
How are step marks allocated in numerical problems for CA & CMA examinations? ▼
Examiners allocate 20% marks for neatly structured Working Notes, 30% for statutory and standard citations (such as Ind AS 115 or CAS 4), 40% for intermediate mathematical calculations, and 10% for the final stated figure. Even if your final tally misses, you earn up to 85% to 90% step marks if the working structure is sound.
Can I access 10-year past examination papers for CMA Syllabus 2022 and CA New Scheme? ▼
Yes. The repository hosts over 799 CMA exam papers (covering Syllabus 2022 and Syllabus 2016 from 2016 through Dec 2024 and June 2025) and 426 CA exam papers (covering New Scheme 2024, 2025 and earlier terms) with instant side-by-side question-and-answer viewing and full PDF downloads.
Is the entire repository of 1,225+ examination papers free to access on Milan AI? ▼
Yes. Viewing official past question papers, reading model suggested answers, and accessing PDF downloads are 100% free for all students. You can also solve any question with Milan AI using free welcome tokens.