CMA Inter Paper 5: Business Laws and Ethics study guide
CMA Inter Paper 5: Business Laws and Ethics · Work through your exam, one topic at a time.
CMA Inter Paper 5, Business Laws and Ethics, is the law paper of the second level of the Cost and Management Accountancy course. It suits candidates who have cleared the CMA Foundation level or the equivalent entry route and now need the legal scaffolding behind business decisions: how contracts are formed and broken, how special contracts allocate risk, how goods and negotiable instruments move, how partnerships and LLPs are governed, how companies are incorporated and run, and how labour, consumer, competition and foreign-exchange law constrain the enterprise. The CMA Inter Paper 5: Business Laws and Ethics study guide has 8 sections and about 3,111 words.
01General Principles of the Indian Contract Act, 1872
This domain tests the general law of contract: formation, free consent, consideration, capacity, void and voidable agreements, discharge and remedies. Questions often turn on classifying an agreement and matching it to the correct section.
372 words, about 2 min02Special Contracts: Indemnity, Guarantee, Bailment, Pledge and Agency
This domain covers indemnity, guarantee, bailment, pledge and agency. The exam tests party structure, liability, rights and discharge.
405 words, about 2 min03Sale of Goods and Negotiable Instruments
This domain combines the Sale of Goods Act, 1930 and the Negotiable Instruments Act, 1881. Expect questions distinguishing sale from agreement to sell, conditions from warranties, unpaid seller rights and cheque dishonour.
418 words, about 2 min04Indian Partnership Act, 1932 and LLP Act, 2008
This domain covers the Indian Partnership Act, 1932 and the Limited Liability Partnership Act, 2008. The exam tests the firm's legal nature, mutual agency, registration effects and the LLP's separate personality.
390 words, about 2 min05Companies Act, 2013: Incorporation, Prospectus, Share Capital and Membership
This domain covers incorporation, constitutional documents, prospectus, share capital and membership. Questions test thresholds, liability for misstatements and the meaning of membership.
392 words, about 2 min06Companies Act, 2013: Management, Meetings, Dividends and Accounts
This domain covers company management, meetings, dividends and accounts. The exam tests board composition, meeting timelines, member resolutions, distribution rules and financial reporting.
415 words, about 2 min07Other Business-Related Laws
This domain samples labour, consumer, competition, foreign exchange and anti-money-laundering laws. Questions usually test coverage thresholds and one calculation.
363 words, about 2 min08Business Ethics and Corporate Governance
This domain tests business ethics and corporate governance: ethical decision-making, conflicts of interest, whistleblowing, CSR and board accountability. Business ethics concerns standards of right conduct beyond legal minimums.
356 words, about 2 min