cma foundation

CMA Foundation New Batch Starting From 15 December 2025 for May & September 2026 Attempts – Admissions Open! The CMA Foundation exam is the first and most crucial step toward becoming a qualified Cost & Management Accountant. To help students kick-start their preparation with the right guidance and structured learning, we are launching a New CMA […]

Children’s Day Special by Excellent Commerce Point: 30% OFF on All Courses – A Gift of Learning for Every Child Children are the heartbeat of our future, and empowering them with the right education is the greatest gift we can give. This Children’s Day, Excellent Commerce Point is proud to celebrate young minds with a […]

The General Clauses Act, 1897 Question 1.What Is the Object of the General Clauses Act, 1897?Answer:The General Clauses Act, 1897 contains ‘definitions’ of some words and also some general principles of interpretation. This is an Act intends to provide general definitions which shall be applicable to all Central Acts and Regulations where there is no […]

Preparation of Financial Statements of Not-for-Profit Organisations Question 1.Write short note on the following:Features of Income and Expenditure Account (June 2019, 5 marks)Answer:Features of Income and Expenditure Account: It follows Nominal Account. All expenses of revenue nature for the particular period are debited to this Account on accrual basis. Similarly, all revenue incomes related to […]

🎉 Celebrate Raksha Bandhan with 20% OFF on All Courses at ECP! 🎉 Raksha Bandhan is a time to celebrate the special bond between brothers and sisters – a bond filled with care, love, and support. At Excellent Commerce Point (ECP), we believe education is one of the best gifts you can give to your […]

Interpretation of Statutes Question 1.Give the difference between interpretation and construction. [MTP-March 18, March 21]Answer:Difference between Interpretation and Construction:More often the two terms are used interchangeably to denote a process adopted by the courts to ascertain the meaning of the legislature from the words with which it is expressed, these two terms have different connotations. […]

The General Clauses Act, 1897 Question 1.What is “Financial Year” under the General Clauses Act, 1897?Answer:Financial Year: As per Sec. 3(21) of the General Clauses Act, 1897, ‘Financial Year’ shall mean the year commencing on the first day of April. The term year has been defined u/s 3 (66) as a year reckoned according to […]

Audit and Auditors Question 1.State the procedure for the following, explaining the relevant provisions of the Companies Act, 2013: Appointment of First Auditor, when the Board of Directors did not appoint the First Auditor within one month from the date of registration of the company.Answer:Procedure for appointment of First Auditor:Sec. 139(6) of the Companies Act, […]

Accounts of Companies Question 1.XYZ Ltd. wants to maintain its books of account on cash basis, is this a valid act of XYZ Ltd?Answer:Maintenance of Books of account: Sec. 128(1) of the Companies Act, 2013 requires every company to prepare books of account and other relevant books and papers and financial statement for every financial […]

Declaration and Payment of Dividend Question 1.AB Ltd. has issued equity shares having face value of ₹ 10 per share. The shares are currently quoting on the NSE at ₹ 250 per share. The company at its AGM held on 27.07.22 has declared a dividend of 20%. Mr. Shekar owns 1,000 shares which he purchased […]