CMA updates
CMA Inter Business Laws and Ethics MCQs Question 1.Fill in the Blanks based on Factories Act 1948(i) No child shall be employed or permitted to work in any factory for more than ……………….. hours in a day.Answer:4½hours (ii) No female Child shall be required or allowed to work in any factory except between ……………………. AM […]
Companies Act, 2013 Company Types, Promotion, Formation, And Related Procedures – Question 1.Write short note on the following:Revocation of licence (June 2017, 5 marks)Answer:Revocation of LicenceSection 8(6) provides that the Central Government, by order, revoke the licence granted to the company registered under this section:if the company contravenes any of the requirements of this section; […]
The Code on Wages, 2019 Questions 1.What is the time limit for payment of wages under the Code?Answer:The time limit for payment of wages Section 17-1. The employer shall pay or cause to be paid wages to the employees, engaged on: daily basis, at the end of the shift; weekly basis, on the last working […]
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 […]