The topics covered in Financial Accounting at the CMA Intermediate level is,
- You will delve deeply into commercial laws such as Laws of Contracts, Laws 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
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