CMA updates
Employees State Insurance Act, 1948 Question 1.Write notes on the following:Purposes for which Employees’ State Insurance Fund may be expended under the Employees’ State Insurance Act, 1948. (Dec 2012, 5 marks)Answer: Various purposes for which ESifund may be expended under the Employees State Insurance Act, 1948. are as follows: Payment of benefits to the insured […]
Employees Provident Fund and Miscellaneous Provisions Act, 1952 Question 1.Explain basic wages under The Employees Provident Fund Act, 1952. Enumerate the items which are not included in it. (June 2014, 3 marks)Answer:Basic Wages: As per Section 2(b) of the Employees Provident Funds and Miscellaneous Provision Act, 1952, the term “Basic Wages” means all emoluments which […]
Payment of Gratuity Act, 1972 Question 1.Write short note on:Forfeiture of Gratuity. (Dec 2012, 4 marks)Answer:Forfeiture of Gratuity: Gratuity can be forfeited for any employee whose services have been terminated for any act of violence, wilful omission or negligence causing damage or destruction to the property belonging to the employer. It can also be forfeited […]
Factories Act, 1948 Question 1.Write short note on the following term:Cleanliness of factory (Dec 2017, 5 marks)Answer:Section 11 of the Act provides every factory shall be kept clean and free from effluvia arising from any drain, privy or other nuisance, and in particular- removal of accumulated dirt and refuse on floors, benches of workroom, stair […]
Limited Liability Partnership Act, 2008 Question 1.Briefly explain the difference between Partnership and Co-ownership. (June 2014, 4 marks)Answer:Difference between Partnership and Co-ownership. Basis of Distinction Partnership Co-ownership 1. Agreement It arises from an agreement. It may or may not arise from an agreement. 2. Business It is formed to carry on a business. It may […]
Indian Partnership Act, 1932 Question 1.Briefly explain the difference between Partnership and Co-ownership. (June 2014, 4 marks)Answer:Difference between Partnership and Co-ownership. Basis of Distinction Partnership Co-ownership 1. Agreement It arises from an agreement. It may or may not arise from an agreement. 2. Business It is formed to carry on a business. It may or […]
Negotiable Instruments Act, 1881 Question 1.Write Short Notes on Endorsement under Negotiable Instruments Act, 1881 (Dec 2021, 3 marks)Answer:Endorsement:As per Section 15 of the Negotiable Instrument Act states that when the maker or holder of a negotiable instrument signs the same, otherwise than as such maker, for the purpose of negation on the back or […]
Sale of Goods Act, 1930 Question 1.Write short note on:Termination of lien of unpaid Seller. (Dec 2012, 4 marks)Answer:Termination of Lien: Lien has not been specified in the question. It is taken as lien of unpaid seller. The unpaid seller loses his lien on the following conditions: when he himself agrees to terminate or waive […]
Introduction to Law and Legal System in India – CMA Inter Law and Ethics Question 1.Distinguish between ‘Ratio Decidendi’ and ‘Obiter Dicta’ in a judgement by a Court. (Dec 2018, 4 marks)Answer:Ratio Decidendi: These are the principles derived from a particular case, which underlie any judicial decision. These principles act as guidelines for future similar […]
Business Ethics and Emotional Intelligence – CMA Inter Law and Ethics Question 1.Write a qualitative note on ‘ethics philosophies’. (Dec 2012, 5 marks)Answer:The following are some of the ethics philosophies:1. Deontological ethical theoryThe word ‘deontological’ is derived from the Greek word “Deon” meaning ‘duty’ or ‘obligation’. Deontological theories focus on certain fundamental duties that we […]