Paper 6 :

Laws and Ethics

Laws and Ethics

Section A : Commercial Laws
01  Indian Contract Act, 1872

 

Lecture icon  15  Lectures                Know More

03    Negotiable Instruments Act, 1881

 

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05   Limited Liability Partnership Act, 2008

 

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02    Sale of Goods Act, 1930

 

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04  Indian Partnership Act, 1932

 

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Section B : Industrial Laws
06  Factories Act, 1948

 

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08   Employees Provident Fund and Miscellaneous Provisions Act, 1952

 

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10     Payment of Bonus Act, 1965

 

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12    Payment of Wages Act, 1936

 

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07  Payment of Gratuity Act, 1972

 

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09   Employees Provident Fund and Miscellaneous Provisions Act, 1952

 

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11   Minimum Wages Act, 1948

 

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Section C : Corporate Law
13     Companies Act 2013

 

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Section D : Ethics
14   Business Ethics

 

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Section A : Commercial Laws
01  Indian Contract Act, 1872

 

Lecture icon  Lectures                Know More

03    Negotiable Instruments Act, 1881

 

Lecture icon  5 Lectures                Know More

05   Limited Liability Partnership Act, 2008

 

Lecture icon   2 Lectures                Know More

02    Sale of Goods Act, 1930

 

Lecture icon  11  Lectures                Know More

04  Indian Partnership Act, 1932

 

Lecture icon  5 Lectures                Know More

Section B : Industrial Laws
06  Factories Act, 1948

 

Lecture icon   2 Lectures                Know More

08   Employees Provident Fund and Miscellaneous Provisions Act, 1952

 

Lecture icon   1 Lectures                Know More

07  Payment of Gratuity Act, 1972

 

Lecture icon   Lectures                Know More

Section C : Corporate Law
13     Companies Act 2013

 

Lecture icon  5 Lectures                Know More

01   Sale of Goods Act, 1930

 

Lecture icon  1 Lectures                Know More

15    Business Ethics

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13  Pension Fund Regulatory and Development Authority Act, 2013

 

Lecture icon  1 Lectures                Know More

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About Laws and Ethics

 

Laws are a set of rules and principles created by a government that regulate the behaviour and actions of the community. Ethics are those moral principles that govern a person’s behaviour. It is concerned with what is good for a society and an individual in terms of rights and obligations. In the paper you will be concerned with business ethics, i.e., ethics as applied to business situations such as corporate governance, bribery, etc.
As a CMA, you would need to understand the laws and environment under which businesses operate in India. Due to the professional nature of the job, you will be responsible to many important stakeholders including the government. As such, you need to conduct yourself with a high degree of professionalism and with utmost integrity. The paper builds on the concepts you learned at the Foundation level. You will understand, to a greater depth, various business laws, with special emphasis on online contracts, etc. You will also get a better grounding in ethical principles.

The topics covered in Financial Accounting at the CMA Intermediate level is,

  • You will delve deeply into commercial laws such as Laws of ContractsLaws relating to Sale of Commercial Goods, etc. under various Acts such as Indian Contracts Act, 1872, Sale of Goods Act, 1930, Negotiable Instruments Act, 1881, Indian Partnership Act, 1932, and Limited Liability Partnership Act, 2008 
  • You should understand the objectives, scope and applicability of Industrial laws like Factories Act, 1948, Payment of Gratuity Act, 1972, Employees Provident Fund Act, 1952, Employees State Insurance Act, 1948, Payment of Bonus Act, 1965, Minimum Wages Act, 1948 and Payment of Wages Act, 1936 
  • In addition to the ethical principles outlined at the foundation level, you will gain further insight into the values and attitudes that go into becoming a professional accountant 

The best approach to studying Laws and Ethics is,

  • Do not memorise without understanding: Law is a very theoretical subject and students think they need to memorise all the information. This is not correct because memorisation without understanding will lead to disaster. A better way is to understand the various applications of the law in practical situations 
  • Do not cram: Spreading your study over a period of many days is better than going through the entire subject in just a few days before the exam 
  • Plan your study: The best generals do not go to war without a plan of attack. In the same way, before even you begin your study, understand what is expected. Understand the objectives and syllabus to come up with a study timetable that will organise your study 
  • Keep up with Updates: Due to the dynamic nature of the law, the syllabus keeps getting updated to reflect the latest changes in legislation. Keep visiting the ICMAI website for notifications and amendments applicable for your exam 

Faculty

CA Rajiv Rabindran
CA Rajiv Rabindran
CS Dattatri HM
CS Dattatri HM
CA Anushree Bansal
CA Anushree Bansal
CS Mohan Kumar B K
CS Mohan Kumar B K
CS Akshata Rao
CS Akshata Rao
Dr. Madhusudhanan C V
Dr. Madhusudhanan C V
CS Shruthi Prakash
CS Shruthi Prakash
CA Ashish Gupta
CA Ashish Gupta

Resources

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