CMA Foundation Fundamentals of Laws and Ethics Syllabus, Book. ICAI stands for The Institute of Cost Accountants of India. Earlier known as The Institute of Cost and Works Accountants of India was renamed as The Institute of Cost Accountants of India vide, The Cost and Works Accountants (Amendment) Act, 2011.

Cost Accountants are in great demand in government sector, private sector, banking & finance sector, developmental agencies, education, training & research sector as well as in service and public utility sector. Further, in view of their specialized knowledge and training, CMAs may hold top management position in public and private sectors’ enterprises like Chairman cum Managing Directors, Managing Director, Finance Director, Financial Controller, Chief Financial Officer, Cost Controller, Marketing Manager and Chief Internal Auditor and other important positions.

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CMA Foundation Fundamentals of Laws and Ethics Syllabus

Section A: Fundamentals of Commercial Laws 70%
1. Indian Contracts Act, 187240%
2. Sale of Goods Act, 193020%
3. Negotiable Instruments Act,188110%
Section B: Fundamentals of Ethics 30%
4. Ethics and Business30%

Indian Contracts Act, 1872

  • (a) Essential elements of a contract, offer and acceptance
  • (b) Void and voidable agreements
  • (c) Consideration, legality of object and consideration
  • (d) Capacity of Parties, free consent
  • (e) Quasi-contracts, Contingent contracts
  • (f) Performance of contracts
  • (g) Discharge of contracts
  • (h) Breach of Contract and Remedies for Breach of Contract

Sale of Goods Act, 1930

  • (a) Definition
  • (b) Transfer of ownership
  • (c) Conditions and Warranties
  • (d) Performance of the Contract of Sale
  • (e) Rights of Unpaid Vendor
  • (f) Auction Sales

3. Negotiable Instruments Act, 1881

  • (a) Negotiable Instruments–Characteristics of Negotiable Instruments
  • (b) Definitions of Promissory Note, Bill of Exchange and Cheque
  • (c) Difference between Promissory Note, Bill of Exchange and Cheque
  • (d) Crossing – Meaning, Definition and Types of Crossing.

4. Ethics and Business

  • (a) Ethics – Meaning, Importance
  • (b) The “Seven Principles of Public Life” – Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership
  • (c) The relationship between Ethics and Law
  • (d) Ethics in Business


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