CMA updates
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 […]
FINANCIAL ACCOUNTING QUESTION ANSWERS Accounting Fundamentals Bills of Exchange, Consignment, Joint Venture Preparation of Final Accounts of Commercial Organisations, Not-for-Profit Organisations and Incomplete Records Preparation of Financial Statements of Commercial Organisations Preparation of Financial Statements of Not-for-Profit Organisations Preparation of Financial Statements from Incomplete Records Partnership Accounting Lease Accounting Branch (including Foreign Branch) and Departmental […]
CMA Inter Financial Accounting MCQs Question 1.From the four alternative answers given against each of the following cases, indicate the correct answer:(i) Realisation account is opened at the time of(A) Admission of a new partner(B) Retirement of a partner(C) Dissolution of the Firm(D) In all the above situationsAnswer:(C) Dissolution of the FirmDissolution of the firm: […]
Accounting Standards Question 1.Write short note:Recognition of Govt. grants related to specific fixed assets (PPE). (June 2017, 4 marks)Answer:Recognition of Govt. grants related to specific fixed assets (PPE):Grants received specifically for fixed asset(PPE) is disclosed in the financial statement either(i) by way of deduction from the gross block of the asset concerned, thus granted recognized […]
Hire Purchase and Installment Sale Transactions Question 1.Distinction between Hire Purchase Agreement and Instalment Purchase Agreement (Dec 2018, 5 marks)Answer:Hire Purchase Agreement differs from Installment Purchase Agreement in the following respects: Basis of Distinction Hire Purchase Agreement Installment Purchase Agreement 1. Act governing It is governed by Hire Purchase Act 1972. It is governed […]
Insurance Claim for Loss of Stock and Loss of Profit Question 1.Write short note on the following:Consequential Loss Policy. (Dec 2018, 5 marks)Answer:Business enterprises get insured against the loss of stock on the happening of certain events such as fire, flood, theft, earthquake, etc. Insurance being a contract of indemnity, the claim for loss is […]