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VOL: 3, No.: 3 , March , 2018 ISSUE
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

(Statutory body under an Act of Parliament)
Headquarters: CMA Bhawan, 12, Sudder Street, Kolkata - 700 016
Phone: +91-33-2252-1031/34/35/1602/1492/1619/7373/7143
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Phone: +91-11-2462-2156/2157/2158

Behind every successful business decision, there is always a CMA

VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Message from
The Chairman
CMA Manas Kumar Thakur

Behind every successful business decision, there is always a CMA i

VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

CONTENTS
Message from the Chairman - i
Knowledge Update - 1
Paper: 1, Part: I - Fundamentals of Economics
and Management (FEM) - Economics - 2
Paper: 1, Part: II - Fundamentals of Economics
and Management (FEM) - Management - 5
Paper: 2 - Fundamentals of
Accounting (FOA) - 8
Paper: 3 - Fundamentals of Laws and
Ethics (FLE) - 14

Paper: 4 - Fundamentals of Business

18 Mathematics and Statistics (FMS)
23 Leader Ship Matrix
26 Examination Time Table
27 Practical Advice

28 Submissions
29 Message from the Directorate of Studies
30 Snapshots

Behind every successful business decision, there is always a CMA

VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

KNOWLEDGE
Update

In this section of e-bulletin we

shall have a series of discussion
on each of these chapters to
provide a meaningful assistance
to the students in preparing
themselves for the examination
at the short end and equip them
with sufficient knowledge to
deal with real life complications
at the long end.

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

PAPER: 1, PART: I

FUNDAMENTALS
OF ECONOMICS & MANAGEMENT
(FEM) - ECONOMICS

Dr. Bibekananda Raychaudhiri

Professor, Guest Lecturer
Department of Commerce / Finance
University of Calcutta
He can be reached at:
brchaudhuri@gmail.com

Your Preparation Quick Takes

A 50%

B 50%

A Fundamentals of Economics 50%

B Fundamentals of Management 50%

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Learning Objectives:
Studying economics, one will be able to develop the analytical skills needed to work successfully in the field,
including the study of logical analysis.
Students will be able to identify and explain economic concepts and theories related to the behaviour of economic
agents, markets, industry and firm structures, legal institutions, social norms, and government policies.
Students will be able to integrate theoretical knowledge with quantitative and qualitative evidence in order to
explain past economic events and to formulate predictions on future ones.
Students will be able to evaluate the consequences of economic activities and institutions for individual and social
welfare.

ECONOMICS shutting down because loss will be the same

Study note 5 is very important in the sense that it covers all
types of market that a firm might face.
Broadly, the markets are of two types:
(1) Perfectly competitive and
(2) Imperfectly competitive .
Perfect competition demands that the following conditions
must be met :
1. Many sellers and many buyers
2. Homogeneous product
3. Perfect knowledge
4. Free entry and free exit
5. No transportation cost
6. Mobility of factors of production
Price is determined in this market through the interaction of
the supply and demand forces. This is basically the price of
the industry which is being dictated to the firm who is a mere
price taker. Firm has got no power to influence the market
price.
The firm will face 5 different situations in which it has to take
decisions under the perfectly competitive market in the
short run.
1. Market price > minimum average cost level
2. Market price = minimum average cost level
3. Minimum average cost level > market price >
minimum average variable cost lavel
4. Market price = minimum average variable cost level
5. Market price < minimum average variable cost
level
The outcome of these 5 different situations will be as follows:
1. The firm will be enjoying super normal profit
2. The firm will get only normal profit
3. The firm will be forced to continue production even
if it is incurring losses
4. The firm will be indifferent between producing and
5. The firm will definitely shut down.
However, under perfect competition in the long run, the
firm will be getting only normal profit in the equilibrium
situation.
Under imperfect competition, we have Monopoly,
Monopolistic competition, Discriminating monopoly,
oligopoly.
Under monopoly, we have only a single producer who can
influence the market price. However, he cannot influence
both the price and the sale at the same time. The downward
sloping demand curve that he will be facing will determine
the sale if the monopolist fixes the price of his product.
Monopolist does not have a supply curve.
The difference between perfect competition and monopoly
is that in the long run while the firm under perfect
competition earns only normal profit, the monopolist firm
can enjoy super-normal profit.
In the short run, the monopolist firm faces the same 5
different situations as under perfect competition (described
above) and the outcomes will remain the same as described
above.
Monopolistic competition is a combination of perfect
competition and monopoly. The other name of monopolistic
competition is product differentiation. Monopolistic
competition will face identical 5 situations as under perfect
competition and monopoly and will have the same outcomes
as we have seen above. However, firm under monopolistic
competition in the long run will earn only normal profit
similar to perfect competition vis-a-vis monopoly.
A doctor is a discriminating monopolist. He charges
different fees from rich and poor clients – higher fees from
the rich and lower fees frm the poor clients. Two conditions
are essential for discriminating monopolist :
1. Goods or services once sold in one market cannot be
retraded in another market. Two markets are just
like water tight compartments.
2. Price elasticities of demand must be different in
different markets.

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE
A discriminating monopolist mops up the consumer surplus
in varying degrees depending on whether it is first degree,
second degree or third degree discriminating monopoly.
Oligopolistic market is one where we have very few giant
sized firms vying with each other in a bid to increase their
individual market share. The decisions of every producer
affect the other producers because of the existence of
interdependence in oligopolistic market. In oligopoly, firms
spend huge amount of money in advertisement in order to
capture a greater portion of the market. Because of extreme
uncertainty in the oligopolistic market, it is difficult to fix up
the demand curve for an oligopolistic firm. But once the
equilibrium is achieved in an oligopolistic market, the price-
output combination becomes sticky. This is because of the
fact that when an oligopolistic firm reduces the price of his
product, almost all his rivals will follow suit; but when he
increases the price of his product nobody will follow him.
This will produce a kinked demand curve for the
oligopolistic firm. The corresponding marginal revenue
curve will have a vertical stretch at the equilibrium price-
output combination. The marginal cost curve which passes
through the vertical stretch of the marginal revenue curve
will make the price-output combination sticky. Because,
even if the marginal cost varies, the marginal cost curve has
to pass through the vertical stretch of the marginal revenue
curve. This stickiness of the price-output combination of
equilibrium under oligopoly was first detected by Paul
Sweezy.
Perceived demand curve: Along this demand curve, the firm
assumes that his move in changing the price/ output will not
be reciprocated by his rivals. So, this demand curve will be
relatively elastic.
Proportional demand curve: Along this demand curve, the
firm assumes that his move in changing the price/ output
will invariably be reciprocated by his rivals. So, this demand
curve will be relatively inelastic.
When these two demand curves intersect, we get the
equilibrium price in the monopolistic competition market.
Whatever is the nature of the market, the firm always tries to
maximise the profit it earns. The conditions for profit
maximization are as follows :
1. Marginal Revenue = Marginal Cost (MR = MC)
2. MC curve cuts the MR curve from below ie, the slope
of the MC curve > the slope of the MR curve.
Pricing Strategies:
Behind every successful business decision, there is always a CMA
1. Cost-plus pricing: Average cost + profit mark-up =
Price ie, the firm adds a profit percentage to the
average cost to determine the market price.
Suppose, the firm has produced 1000 units by
spending Rs. 10,000. So the average cost (AC) = Rs.
10,000 / 1000 = Rs. 10. If the profit mark-up is 40%,
then Rs. 4 (which is 40% of Rs. 10) has to be added
to AC which is Rs. 10. So the market price will be Rs.
14.
2. Limit pricing: Monopolist sets a price which is not
at all profitable for a new entrant in the industry.
Limit price is often less than the average cost of
production.
3. Penetration pricing: If the firm sets a very low price
to attract customers and expand his market share,
and subsequently raise the price when the market
becomes secure.
4. Psychological pricing: Bata co. Sets the price of a
pair of shoes Rs. 999 instead of Rs. 1,000. People
feel that the three figure price is much less than the
four figure price. So Bata co. gains through the
positive psychological impact on its customers.
5. Dynamic pricing: If price in the market is
continuously adjusted through the interaction of
supply and demand, the information of which is
made avaiIable continuously through
computerised system, such pricing is called
dynamic pricing. The price of Airlines ticket is an
example of dynamic pricing.
6. Target pricing: If the price is calculated to result in a
specific rate of return on investment for a particular
volume of production, then this type of pricing
method is called target pricing.
7. Absorption pricing: If the price is always revised to
include the variable cost plus a proportional
amount of fixed cost, the pricing method is called
absorption pricing.
8. High-low pricing: On the one hand the price is set
higher than that of all the rivals and on the other
hand concessions are given through promotions,
advertisements and coupons.
Friends, we have covered a fairly wide area under the
syllabus so far. Now it is high time to solve some questions to
brush up our knowledge on fundamentals of economics. So,
from the April edition onwards we will revise the entire
syllabus through MCQ.
4
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PAPER: 1, PART: II

FUNDAMENTALS
OF ECONOMICS & MANAGEMENT
(FEM) - MANAGEMENT

CMA (Dr.) Sumita Chakraborty

Jt. Director, Studies
She can be reached at:
studies.jd2@icmai.in

Your Preparation Quick Takes

A 50%

B 50%

A Fundamentals of Economics 50%

B Fundamentals of Management 50%

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Learning Objectives:

 Students will demonstrate their knowledge of business and management principles

 Students will reveal effective written and oral communication
 Students will exhibit an awareness of the global environment in which businesses operate
 Students will display the ability to recognize when change is needed, adapt to change as it occurs, and lead
change

MANAGEMENT (d) Control system the following sequence:

In the previous issue we had discussed about 'Control'.
Now, please solve the questions mentioned below, which
may help you in your preparation:
1. Fill in the blanks:
(i) The first step in control process is--------------
(ii) Concurrent control is also known as------------
(iii) Control function is closely connected to---------
(iv) Control by exception is also known as------------
(v) CPC means--------------
(vi) ------------------is aimed at monitoring the outcome
of activities, reviewing feedback information about
this outcome and if necessary take corrective action.
(vii) --------------control involves evaluation of inputs.
Answer:
(i) Establishment of standards
(ii) Real time or steering control
(iii) Planning
(iv) Management by exception
(v) Critical Point Control
(vi) Controlling
(vii) Feed forward.
(i) Establishment of standards-Measurement of actual
performance- Comparing the actual performance
with standards-Take corrective action.
(ii)Establishment of standards-Measurement of actual
performance-Take corrective action- Comparing the
actual performance with standards.
(iii) Establishment of standards- Comparing the actual
performance with standards- Measurement of
Actual performance- Take corrective actions- None
of the above.
(iv) None of the above.
(e) The first step in control process is:
(i) Measurement of actual performance
(ii) Establishment of standards
(iii) Taking corrective action
(iv) Comparing the actual performance with standards.
(f) CPC means:
(i) Critical path control
(ii) Critical point control
(iii) Critical point complaint
(iv) Critical point complex.
(g) The selected key areas for control are called:
(i) Key result areas
(ii) Key success factors
(iii) Strategic points
(iv) All of the above.

2. Multiple Choice Questions: (h) ABC analysis is an example of:

(a)“Control is any process that guides activity toward some (i) Critical point control
predetermined goal” said by- (ii) Control by exception
(i) Anthony (iii) Budgetary control
(ii) O'Donnel (iv) Break Even Analysis.
(iii) Haynes & Massie
(iv) Hicks & Gullet. (i) Post control is known as:
(i) Feedback control
(b) The task of ensuring that activities are producing the (ii) Concurrent control
preset targets or goals is known as: (iii) Pre—control
(i) Directing (iv) Feed forward control.
(ii) Control
(iii) Coordination (j) The term 'Cybernatics' was coined by
(iv) None. (i) Norbert Weiner
(ii) George Terry
(c) The first step in control process is: (iii) Theo Haimann
(i) Measurement of actual performance (iv) None of the above.
(ii) Establishment of standards
(iii) Taking corrective action Answer:
(iv) Comparing the actual performance with standards. (a)- (ii)
(b)-(iii)

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

(c)- (ii)
(d)-(i)
(e)-(ii)
(f)- (ii)
(g)-(iv)
(h)- (i)
(i)- (i)
(j)- (i)

3. Match the following:

Sl No. Column I Sl No. Column II

1. Control by exception A Investment plans
2. Concurrent control B Management by exception
3. Controllable premises C Steering control
4. Schedules D Single use plans
5. Medium E Carrier of the message

Answer:
1. B
2. C
3. D
4. A
5. E

4. True or False:
(i) The first step in the process of 'organizing' is identifying the work
(ii) Decoding is said to be the carrier of message sent by a person to another.
(iii) Authority means the power to give orders and to ask for audience.
(iv) Division of work is necessary to enjoy the benefits of specialization.
(v) Development is an act of increasing the knowledge and skill of an employee for doing a particular job in an
organization.
(vi) Communication is an exchange of facts, ideas, opinions or emotions by two or more persons.
(vii) Rule of thumb to be replaced by rule of science to improve the standard of performance.
(viii)Planning is costly because it requires money, time and information.
(ix) Emotions of both the sender and receiver influence the message that is transmitted and received.
(x) Selection is probably the most critical step in the staffing process as it involves choosing candidates who best
meet the qualifications requirement of the job.

Answer:

(i) True
(ii) False
(iii) True
(iv) True
(v) False
(vi) True
(vii)
(viii)
(ix)
(x)
True
True
True
True.
“
“ Management is doing things right; Leadership is doing the right things

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

PAPER: 2

FUNDAMENTALS
OF ACCOUNTING (FOA)
CMA (Dr.) Nibir Goswami
Associate Professor in Commerce
Vidyasagar Mahavidyalaya, W.B.
He can be reached at:
drnibirgoswami@gmail.com

Your Preparation Quick Takes

A 80%

B 20%

A Fundamentals of Financial Accounting 80%

B Fundamental of Accounting 20%

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Learning Objectives:
In order to internalize the concepts of subjects like accountancy one has to have an understanding of the
learning objectives of the chapters. Try to go through the Statement of Objects and Reasons issued for
every topics as it would give you a background to your study.

SECTION: A
PART – 3(a) (ii): PREPARATION OF FINAL ACCOUNTS

INTRODUCTION : In earlier issues we have already discussed the contents in part 3 (a) (i) i.e. accounting treatment
of bad debts, reserve for doubtful debts etc. now in this issue we will discuss the method of preparation of Trading account,
Profit and loss account and Balance Sheet of sole proprietorship concerns only.

Final accounts are prepared in three parts:

1. Trading account
2. Profit and loss account
3. Balance sheet

The objectives of preparing the first two accounts are to know the operating result. From trading account we come to know
the Gross profit by comparing the direct income and direct expenses. From profit and loss account we ascertain the net
profit by comparing the indirect operating income and indirect operating expenses. Balance sheet is not an account. It is a
statement showing the financial position of the business classifying its assets and liabilities. The trading account and profit
and loss account comprises of all nominal accounts and the balance sheet includes all real and personal accounts.

METHOD OF PREPARING FINAL ACCCOUNTS:

A. TRADING ACCOUNT
B. PROFIT AND LOSS ACCOUNT
C. BALANCE SHEET

TRADING ACCOUNT:
Here to ascertain the gross operating result cost of goods sold is compared with sales. The simple formula to calculate gross
profit is (sales – cost of goods sold). Cost of goods sold is = (Opening stock + Purchase + Direct expenses – Closing stock).
This can be represented in the following format :
Trading account

To opening stock By sales

To purchase Less returns

Less returns By closing stock*

To wages/direct expenses By abnormal loss

Add/less: due / advance (stock destroyed by fire)

To p/l a/c : By p/l a/c :

(GP transferred) (gross loss transferred)

Total Total

*Valued at cost or market price whichever is lower.

PROFIT AND LOSS ACCOUNT:
Here gross profit is adjusted with the indirect expenses and indirect incomes to find out net profit / loss.

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The following format will help you to understand P/L account.

Profit and loss account

To Salaries By Gross profit c/d

To Rent By Discount received

To printing & Stationery By Interest Received

Add/less: due / advance By capital account

To Discount allowed (net loss transferred)

To Bad debts By Provision for bad debt (old prov.)

To Depreciation

To Provision for bad debt(new prov.)

To Abnormal loss (net of claim)

To Other indirect expenses

To Capital account By p/l a/c :

(NP transferred) (gross loss transferred)

Total Total

BALANCE SHEET
All assets are recorded in the right hand side and liabilities on the left hand side of a balance sheet. As per the basic
accounting equation the total of sides must tally.
Method of preparing:

Normally final accounts are prepared from the ledger balances. Trial balance may also be given to prepare final account. All
items in the trial balance should be posted once to any of the above three part depending on its nature. There may be some
additional information for which adjustment entry is required to be passed. Effect of these adjustments must be posted
twice in any of the three parts depending on the nature of the transaction.

For example if there is an outstanding rent as an additional information, it should be added to Rent a/c in p/l a/c and
should be recorded as a liability in the balance sheet. However, if outstanding rent is already there in the trial balance it will
be posted once to the balance sheet as liability.
Let us illustrate the whole process with an example.
The trial balance of a business is given below:

ITEM DR CR ITEM DR CR

Returns 25900 10900 Purchase 340000

Disc. received 5200 Reserve 75000

Sales 612700 Wages 65800

Commission 11500 Discount allowed 6500

Bills receivable 65300 Sundry debtors 85800

Carriage inward 14900 Freight 12400

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Plant &machinery 85600 Bills payable 45800

Investments 22400 Furniture 48600

Sundry creditors 60000 Carriage outward 15200

Salaries 15500 Opening stock 35900

Freehold premises 105000 Cash at bank 24700

Capital 150000 Cash in hand 1600

971100 971100 971100 971100

Prepare trading account and profit and loss account for the year ended 31.12.2017 and a balance sheet as on that date after
taking into account the following adjustments:

1. The market price of the closing stock is Rs. 100000 which includes a profit margin of Rs. 15000.
2. Outstanding liabilities for salaries Rs.4500 and for wages Rs. 9800
3. Depreciate furniture by 15 % and plant and machinery by 20 %
4. Sundry debtors include Rs. 1800 as bad which is to be written off.
5. Create a provision for bad debt @ 5 % on sundry debtors.

Solution :
First scan the items in the trial balance to identify their positions in this way

ITEM ITEM

Returns Trading Purchase Trading Expense

Disc. received p/l Income Reserve B/S Liability

Sales Trading Income Wages Trading Expenses

Commission p/l Income Discount allowed p/l Expenses

Bills receivable B/S Asset Sundry debtors B/S Asset

Carriage inward Trading Expense Freight Trading Expenses

Plant &machinery B/S Asset Bills payable B/S Liability

Investments B/S Asset Furniture B/S Asset

Sundry creditors B/S Liability Carriage outward p/l Expenses

Salaries p/l Expense Opening stock Trading

Freehold premises B/S Asset Cash at bank B/S Asset

Capital B/S liability Cash in hand B/S Asset

You have almost done the sum. Now consider the adjustment entries one by one which will be posted twice.
Closing stock will be posted to trading account as well as in the balance sheet as an asset
Outstanding expenses will be added with respective item and will be posted to the liability side of the balance sheet.

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Depreciation will be posted to the P/L a/c and will be deducted from the respective asset in the balance sheet.
Bad debt will be debited to P/L a/c and will be deducted from the sundry debtors in the balance sheet. Provision will be
debited in the P/L a/c and again will be deducted from the sundry debtors.
Now keep on posting as scanned above. This is shown below:
Trading account for the year ended 31.12.2017

To opening stock 35900 By sales 612700

To purchase 340000 Less returns (25900)

Less returns (10900) By closing stock* 85000

To wages/direct expenses 65800

Add/less: due / advance +9800

To carriage inward 14900

To freight 12400

To p/l a/c : 203900

(GP transferred)

Total 671800 Total 671800

*Rs.100000-15000 = Rs.85000.(TAKEN AT COST)

Profit and loss account for the year ended 31.12.2017

To Salaries 15500 By Gross profit c/d 203900

Add: due +4500 By Discount received 5200

By Commission 11500

To Discount allowed 6500

To Bad debts 1800

To Depreciation: on Plant 7290

On Furniture 17120

To Provision for bad debt(new prov.) 4200

To carriage outward 15200

To Capital account 148490

(NP transferred)

Total 220600 Total 220600

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Balance sheet as on 31.12.2017

Liabilities Rs Assets Rs

Capital 150000 Freehold premises 105000

Add NP +148490 Plant and machinery 85600

Reserves 75000 Less depreciation (17120)

Sundry creditors 60000 furniture 48600

Bills payable 45800 Less depreciation (7290)

Outstanding salaries 4500 investments 22400

Outstanding wages 9800 Closing stock 85000

Sundry debtors 85800

Less bad debt (1800)

Less prov for bad debt (4200)

Bills receivable 65300

Cash at bank 24700

Cash in hand 1600

493590 493590
“
“ Keep practicing in the same way as discussed above.

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PAPER: 3

FUNDAMENTALS
OF LAWS AND ETHICS (FLE)
CA Partha Ray
He can be reached at:
prapray@rediffmail.com

Your Preparation Quick Takes

B 30%

A 70%

A Fundamentals of Commercial Laws 70%

B Fundamentals of Ethics 30%

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Learning Objectives:
 Read the Study Material minutely.
 For details or if you don't understand Study Material or the section is important to identify the topic, then refer to Bare
Act, otherwise reference to Bare Act is not necessary. For Company Law, book by Avtar Singh is recommended. For
other laws Institute Study Material is sufficient.
 The words used in any of the texts as mentioned above should be understood by immediate reference to the Dictionary.
 The main points coming out in any of the provisions should be either underlined or written in separate copy which has to
be repeated again and again.
 Theoretical knowledge should be adequate and clear before solving practical problems.
 Don't write wrong English. It changes the meaning and therefore answer may be wrong even when the student's
conception is clear. Also don't make spelling mistakes.

LAWS AND ETHICS We must understand that, a Condition is a stipulation

In the previous issues, you have read about Sale of Goods
Act. It is hoped that you keep on reading and
recapitulation all that you have read for which you must
prepare a time –table with time allotted for each subject –
to read, write and revise .
Now, let us understand why this paper is really very
important for all of you who are aspiring to be true
professionals and are all eager to proudly proclaim aloud
that – Yes, behind every successful decision, there
is a CMA.
The first TIP is that you must start thinking like A
Teacher. You must start studying the subject and
raise questions to yourself and find your own
answers.
Now, let us continue to deal more with the Sale of
Goods Act,1930
In respect of such papers , the students are
reminded that they must study the relevant
Sections of the Act , write what the question
wants and then attempt to elaborate by
analyzing and commenting on the
interpretations of the Act.
To start with, let us explain the difference between a
Condition and a Warranty .
Sec.12 of the Sale of Goods Act defines conditions and
warranties.
In a Contract of Sale, the terms or the stipulations laid ,
with reference to purchase and sale of goods, can be
conditions or warranties.
which is Essential to the main objective/purpose of the
contract. Any breach/violation of such condition/s may
call for repudiation of the contract.
On the other hand, a Warranty is also a stipulation but
such stipulation is Collateral to the main
objective/purpose of the contract. Any breach/violation of
such warranty may call for Claim for damages, but the
contract can neither be repudiated nor can the goods be
rejected.
So, we understand that both Condition and Warranty are
terms/stipulations laid in a Contract of Sale, but whether
the terms/stipulations are conditions or stipulations,
depends on how the terms are laid, meant and construed to
be understood in the contract. In many cases it is seen that
a term in a contract is called as warranty but is actually a
condition laid and such interpretations are left for the
courts to decide.
Sec.11 of the Sale of Goods Act , lays that a stipulation as to
time of payment, must not be deemed as conditions unless
the terms of contract throws some indication to such
intentions. Both conditions and warranties can be
indicated in writing or may be implied on case to case basis,
depending on the terms of the contract.
Suppose a contract of sale specifies a condition that goods
sold shall be repaired at the premises of the buyer . This
condition can be waived by the buyer who decides to carry
the goods to the repair shop himself for repairs. In such a
case the condition can be treated as a warranty. A buyer
may even decide to treat a breach of condition as a breach
of warranty and in such cases the buyer cannot repudiate
or reject the goods but can accept the goods and sue for
damages suffered .

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE
That takes us to the question – what are the implied
conditions and warranties in a contract of sale of
goods ?
Please read Sections 14 to 17 of the Sale of Goods Act. The
implied conditions and warranties in a contract of
sale of goods are as follows :
Implied Conditions -
1. Title – that the seller has the right to sell the goods
and that he shall have the right to sell the goods at
the time when the property in the goods is to pass.
2. Description – that the goods shall correspond to
the description – physical characteristics,
mention of trade mark, brand, etc. under which
the sale agreement was made or those goods are
normally sold.It is expected that the goods will be
same as the goods described.
3. Sample – that goods shall be supplied as per the
sample shown and agreed upon .That the buyer
will get the opportunity of comparing the goods
supplied with the earlier sample shown and the
quality of the goods supplied matches with the
quality of the sample shown and that the defects , if
any, cannot be detected apparently on reasonable
examination and inspection.
4. Sample and Description – where goods are sold
by sample as well as by description, it is expected
that the goods will correspond both - with the
sample and the description.
5. Fitness or Quality – Where the buyer tells the
seller about the purpose for which the goods are
required, and relies on the seller's skill or
judgment , it is implied that the seller agrees to the
implied condition of fitness and description of the
goods. Where the supplier deals in goods of such
description laid by the buyer, it is implied that the
goods shall be of desired quality and fit for sale –
whether manufactured or traded by the supplier
.However, if the goods are bought after inspection
by the buyer, it will be implied that the inspection
of the goods bought ought to have detected and
revealed the defects.
Implied Warranties -
1. That the buyer shall have quiet possession of the
goods, that is, the vendor has the right to transfer
the goods ,
2. That the goods are free from any charge or
encumbrances in favour of any third party , not
known to the buyer or not revealed to the buyer at
the time of the contract.
Behind every successful business decision, there is always a CMA
3. That a warranty as to fitness for a particular
purpose may be annexed to a contract of sale by
normal practice in trade or a custom or usage.
Now, let us discuss about – Performance of the
Contract of Sale
In any contract of sale, there has to be two parties – the
Buyer and the Seller . Both are expected to perform as
per agreed terms – The Seller to deliver the goods and
the buyer to accept the goods and pay the price.
The seller is obliged to deliver the goods as per the
terms of contract at the specified – time, place ,quantity
and quantity . The buyer is obliged to accept the
goods and pay the agreed price. Depending on the
terms of the contract, the payment can be taken in advance,
or on stipulated period of credit and the delivery too can be
off-the-shelf, ex-godown, free-on-board, staggered etc.
Performance of a contract depends on two criteria –
timely delivery by the supplier and agreed
payment terms of the buyer. The seller shall be ready
to give possession of the goods in exchange for payment of
the price and the buyer to be ready to take possession of the
goods from the seller in exchange for price.
1) Delivery can mean Physical or actual
transfer of possession from one person to
another
2) Delivery can be through different modes –
viz.
a) Actual Delivery – where the goods
are physically delivered to the buyer by
the seller – directly or through an
agent.
b) Symbolic – just as we see in reality
shows where the keys of a motor car is
handed over to the winner
c) Constructive – where the delivery
order is issued to a third party for
making delivery – Example – A
Company selling Potatoes ,issuing
Delivery Order to the Cold Storage in a
different location asking them to
deliver certain Number of Potato Bags
to the buyer on receipt of the Issue Slip.
Auction Sale :
In an auction sale, there is an Auctioneer who is appointed
by the owner of a property to sell property by inviting bids
publicly and the property is sold to the highest bidder.
16
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However, the Auctioneer warrants the following :-

1. That the auctioneer has authority to sell

2. That the auctioneer has no knowledge that property under sale on behalf of his principal has any defects as to title ;
and
3. The buyer shall get quiet title to the possession of the property against payment of a price.

The question arises, what could be the Rules regarding Sales by auction ?

Section 64 of the Sale of Goods Acts lays the rules which are as follows :

1. Where the goods are put to sale in lots, each lot is deemed to be subject to separate contract of sale;
2. The sale is complete only after the customary fall of the hammer when the auctioneer repeats the final offer three
times and announces the completion of the sale. Until the fall of the hammer the bidder may retract his/her bid.
The fall of the hammer amounts to acceptance of the offer.
3. The Seller may expressly reserve his right to bid in the auction. Such a sale has to be notified in advance. If such a
right is expressly reserved, seller or any other person on his behalf may, bid at the auction. It may be kept in mind that
without any express reservation and advance notification, the seller or any person on his behalf, cannot bid at an
auction as it shall not be lawful and considered as fraudulent by the buyer acting on behalf of the seller.
4. The sale may be notified to be subject to a Reserved Price , that is, a price below which the goods/property will not be
sold. The Reserve Price can be kept secret.
5. Where the seller resorts to pretended bidding, just to raise the price, the sale becomes voidable at the opinion of the
buyer.

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

PAPER: 4

FUNDAMENTALS
OF BUSINESS MATHEMATICS
AND STATISTICS (FBMS)
CMA Ankan K Bandyopadhyaya
He can be reached at:
abanerjee8533@gmail.com

Your Preparation Quick Takes

A 40%

B 60%

A Fundamentals of Business Mathematics 40%

B Fundamentals of Business Statistic 60%

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Learning Objectives:
 The central objective of Statistics is to equip students with consequently requisite quantitative skills that they can employ
and build on in flexible ways.
 Statistics help to design data collection plans, analyze data appropriately and interpret and draw conclusions from
those analyses.
 To provide students with the idea of statistical calculations which promotes the efficient functioning of commerce
and industry;

STATISTICS

In this issue we will discuss few numerical problems in continuation of our knowledge developed on Correlation and
Regression in last two issues.
Q1. Let x=X- X & y= Y - Y.If  xy=122,r=0.28&σ x =3,n=20, Computeσ y
 xy  xy 122
Ans: We know r = .Soσ y = = =7.26
nσ x σ y nrσ y 20×0.28×3

Q2. Find the co-efficient of correlation from the following data:

X 1 2 3 4 5 6 7

Y 6 8 11 9 12 10 14

Ans:
 xy
We know that r= where x=X- X & y= Y - Y
2 2
x y
X Y y= Y - Y 2 2 xy
x=X- X x y

1 6 -3 -4 9 16 12
2 8 -2 -2 4 4 4
3 11 -1 1 1 1 -1
4 9 0 -1 0 1 0
5 12 1 2 1 4 2
6 10 2 0 4 0 0
7 14 3 4 9 16 12

∑ 28 70 0 0 28 42 29

Mean 4 10

29
Sor= =0.8457
28 42
Q3.
Calculate the coefficient of correlation between X and Y series from the following data:
12 2 12 2 12
   
 X - X =360,  Y - Y =250,  X X Y - Y =225
i=1 i i=1 i i=1 i i   
Ans:
 xy
We know that r= where x = X- X & y= Y - Y
2 2
x y
225
Sor = = 0.75
360 250

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Q4.
Karl Pearson's coefficient of correlation between two variables X and Y is 0.52, their covariance is +7.8. If the variance of
X is 16, find the standard deviation of Y series.

Ans:
cov X, Y 
We know that r=
σx σy
In this problem r = 0.52, cov (X,Y) = 7.8
Variance of X is 16.
Soσxx= 16 =4
7.8
Soσyy= =3.75
0.52 ×4
Q5. You are given the following data.

X Y
Arithmetic Mean 20 25

Standard Deviation 5 4

Correlation Coefficient between X and Y is 0.6. Find the two regression equations.
Ans:
We know that r y
Regression coefficient of Y on X =b
YX σ and
=
x
r x
Regression coefficient of X on Y =b
XY = σ
y
0.6×4 0.6×5
So b YX = =0.48 & b XY = = 0.75
4 4

 
Regression equation of Y on X: Y - Y = b YX X- X

Y- 25 = 0.48 (X -20)
or, Y -25 = 0.48X - 9.6
or, Y = 0.48X + 15.4

 
Regression equation of X on Y: X- X = b XY Y - Y

X-20=0.75 X-25 
Or,X-20=0.75X-18.75
Or, X = 0.75X +1.25
Q6. For certain X and Y series which are correlated, the two lines of regression are:
5X - 6Y +90 = 0 and 15X - 8Y -130 = 0
Find which the regression equation of Y on X and which is that of X on Y. Find the means of the two series and the co-
relation coefficient between them.
Ans:
The two regression line intersects each other at Mean of the two series.
1
From first equation we could have X= 6Y -90 =1.2Y -18
5
Putting this value in 2nd equation we have 15(1.2Y -18) -8Y -130 = 0
Or, 18Y - 270 - 8Y -130 = 0
Or, 10Y = 400
Or, Y= 40

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

So X = 1.2 × 40 - 18 = 30
Therefore Mean of the two series is X = 30, Y =40
Let us suppose 1st equation is the equation of line of regression of Y on X and the 2nd equation is that of X on Y
So from 1st equation we can write 6Y = 5X +90

5 90
Or, Y= X+
6 6
5
So,b YX =
6
Similarly from 2nd equation we can write 15X = 8Y +130

8 130
Or, X= Y+
15 15
8
So b XY =
15
2 5 8 40
Therefore r = b YX .b XY = . =
6 15 90
Since both the regression coefficients are positive, r must be positive and we take r = 0.67
If we had assumed that the 1st equation is the regression of X on Y and 2nd equation is the regression of Y on X we get
6 15
b XY = & b YX =
5 8
2 6 15 90
Therefore r = b YX .b XY = . = >1,not a feasible solution
5 8 40

Q7.
The regression equation of profits (X) on sales (Y) of a certain firm is 3Y -5X +108 = 0The average sales of the firm B
were 44000 and the variance of profits is 9/16th of the variance of sales. Find the average profits and the coefficient of
correlation between sales and profits.

Ans:
The regression equation of profits (X) on sales (Y) of the firm is 3Y -5X +108 =0.

Average sales(Y = 44000)

The average profits can be obtained by putting Y = 44000 in the regression of X on Y (as X, Y satisfy the regression
equation)
We get 3 x 44000 – 5X + 108 = 0, So 132000 + 108 =5X
132108
So X= =26421.6=X
5
2 9 2 σ 3
, x = σ y or x = 4
By questionσ
16σ 4 y

3 108
From the equation 3Y -5X+108=0we can write X= Y+
5 5
3 σ
So b YX = =r. x
5σ y
3 4 4
Sor= . = =0.8
5 3 5

Q8.
While calculating the coefficient of correlation between two variable X and Y the following results were obtained:

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

The number of observations N= 25,  x 2 2

Y=125,  Y=100,  X =650,  Y =460,  XY=508 It was however later
discovered at the time of checking that two pairs of observations (X,Y) were copied (6,14) and (8,6) while the correct
values were (8,12) and (6,8) respectively. Determine the correct value of the coefficient of correlation.
Hence find the correct equations of the two lines of regression.
Ans:
Corrected  X=125- 6- 8+ 8 + 6=125
Corrected  Y =100-14-6+12 + 8=100
2 2 2 2 2
Corrected  X =650-6 -8 + 8 +6 =650
2 2 2 2 2
Corrected  Y =460-14 -6 +12 + 8 =436
Corrected  XY = 508-6X14-8X6+ 8X12+6X8=520
 X 125  Y 100
X= = =5, Y = = =4
N 25 N 25
Regression Coefficient:
N(  XY)-(  X)(  Y) 25×520-125×100 500 5
X on Y - - - b xy = 2 2 = 2 = =
N(  Y )-(  Y) 25×436-(100) 900 9
N(  XY)-(  X)(  Y ) 25×520-125×100 500 4
Y on X- - - b yx = 2 2 = 2 =
N(  X )-(  X) 25×650-(125) 625 5
Lines of Regression
5
X on Y - - - X- X= b xy (Y - Y)or X-5= (Y -4) or 5Y -9X+25=0
9
4
Y on X- - - Y - Y= b yx (X- X)or Y -4= (X -5)or 5X-4X=0
5

“
“ Suggestions:
This study note need to be read thoroughly. Supplementary readings could be made
from other resources. This issue is based on Statistics for Management by Richard I
Levin & Statistics- Theory, Methods & Application by Sancheti& Kapoor. Attempts
here are made to show techniques of some peculiar numerical problems on this
chapter. This could be used as supplement to the study guide. Students should go
thoroughly for clear conception on the subject Guide book on the paper 4-
Fundamental of Business mathematics and Statistics written and issued by Institute
on Syllabus -16.

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Leadership Matrix
CMA (Dr.) Sreehari Chava
Cost & Management Consultant,
Nagpur, Maharastra,
He can be reached at:
sreeharichava@yahoo.co.in
Leadership is perceived as a practical skill encompassing the ability of an individual to “lead” others. The leadership
could be autocratic, participative or laissez-faire.The leadership could come as an instance of inheritance,
nomination or acquisition. Princely kings are the examples for inherited leadership; bureaucratic appointments are
the models for leadership by nomination; and democratically elected leaders fit into the nomenclature of
acquisition. However, it is the fruitful outcome that counts for the leader to be remembered as a leader.

The leader inspires the populace, motivates and guides them towards achieving focused goals. At the functional
level, the leader enables the team in implementing the planned targets.Studies of leadership have produced several
theories involving umpteen traits that are instrumental in carving a leader.We choose a dozen of the traits as being
more important than the others. Here follow the Chosen Dozen.

1. Vision
Great leaders have the ability to look ahead and anticipate the things-to-happen well in advance. They have the
acumen to see through the future. They have a clear idea of the direction in which they are moving and as to what
they intend to accomplish. Having a clear vision turns the individual into a special type of person and shores up the
individual over others. This quality of vision changes a 'transactional commoner' into a 'transformational leader'.
Leaders with foresight do always reap the gains of the “first mover advantage.” In the Indian context “Make in
India” is an example of transformational vision.

2. Values
Many a time, a leader is known by the values he stands for. Values refer to the lasting ideals shared by a community.
Values nurture and influence the human behaviour and serve as broad guidelines in all eventualities. A leader
advocates the values that he believes to be good for the community irrespective of the fact that the perceptions may
differ from country to country, region to region and religion to religion. For example, Indian values are founded on
joint family system whereas American values are structured on nucleus family system. Other things apart, human
values propound honesty, integrity and fair attitude across the universe. The deeds and acts of a leader tend to add
specific beneficial value to the community. Abraham Lincoln's anti slavery drive and Mahatma Gandhi's
nonviolence movement may be cited as value models of immense impact.

3. Inspiration
Leaders possess the ability to inspire the people to fall in line with their principles and goals. Inspiration kindles the
spirit of motivation and leads to massive multiplication. Recall the first meeting between the young Narandranath,
come to be known as Swami Vivekananda later, and the sage, Ramakrishna Paramahamsa. Naren was a very logical
and intellectual boy with full of fire. He confronted Ramkrishna too with the same customary question that he
normally put forward to the spiritual men he had met, “Have you seen God?". Ramakrishna answered, “Yes, I have
seen God. I see Him as I see you here, only more intensely!" Naren was inspired and Swami Vivekannada was born.
It is a historical fact, now, that Swami Vivekananda went on to inspire the whole world for generations.

4. Charisma
Charisma is avirtue of attraction endowed on the select few. At times charisma is considered as a divine bestowal.

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Very few leaders are known to possess the charisma. A leader, with charisma, can mesmerize the target audience
with astounding magnetism. Charisma creates an invisible aura of influence thereby casting a spell bound impact
on the community. Eminent personalities like John Kennedy, Pandit Jawaharlal Nehru and Atal Bihari Vajpayee
are regarded for their charismatic leadership.

5. Creativity
Leaders are creative. Their thinking is incessantly 'outside the box'. Creativity is the foundation for inventions and
innovations. Situations are different from time to time and are quite difficult at times. It is up to the leader to think
outside the box and find a solution for a difficult situation with a quick decision which must also be a good. Henry
Ford faced a situation like this when demand for his vehicles was so high that he couldn't possibly cope with. Instead
of going in for the routine approach of hiring more people to produce more, he thought with creativity and
developed the concept of 'assembly line of production' for a galaxy of entrepreneurs to follow suit. It is no wonder
that the economic advancements achieved by USA and many of the European countries are mostly on account of the
creative innovations over the last few decades.

6. Competency
Competency is a specific attributeof successful leaders. Competency is the ability to make effective use of the
capabilities. Competency propels conversion of intangible capabilities into tangible end-results. Competency
facilitates synergic output. Competency leads to competitive advantage. Competency is the Key Success Factor that
an individual possesses in marshalling the resources on hand to achieve the ambitious goal. A competent leader can
prove to be the winning difference to an odd team. Think of Lord Rama who vanquished the mighty Lanka with the
help of nomadic monkey army. Rama's competency speaks of the towering elevation that a competent captain can
bring in to a team of any sorts.

7. Commitment
Great Leaders are committed to the core. Commitment is that characteristic of leadership that elevates a leader from
the general masses. Commitment is dedication for the cause. Commitment paves the way for the realizable effects. A
leader is the one who sets the tone of commitment for others to emulate. Commitment generates greater respect and
recognition fo ra leader. Mother Teresa's commitment to charitable works brought in her intercession by Pope
Francis in December 2015 leading the process for her to be recognised as a saint.

8. Courage
Among the leadership qualities, courage is the most identifiable outward trait. Courage makes a leader valiant.
Courage comes to play in risky situations. Courage implies willingness to take risks towards achieving goals with no
assurance of success. As human life is full of uncertainties, every action entails a risk of some kind. At times, it is the
courage alone that draws the line between the leaders and others. Lokmanya Tilak declared “Freedom is my Birth
Right” which eventually lead to Indian Independence. And it is that exemplary courage that sets the great leaders
aside.

9. Perseverance

Leaders are known to be firm and resolute in their principles and policies. It is the quality of perseverance that
enables a leader to be unwavering and determinate. Perseverance springs up firmed-up beliefs. The underlying
theme is 'Believe in what you Do & Do what you Believe'. It is a historical fact that Shivaji's perseverance in fighting
for Hindu Dharma had ultimately led to his incarnation as Chatrapati.

10. Focus
Focus on the target is what a leader preaches and practices with concentration. Leaders always focus on the results.
They focus on what must be achieved by themselves, by others, and by the team as a whole. The focus, always, is on

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

the collective strengths of the team. The leaders have the ability to call the shots and make sure that everyone is
focused and concentrated on the most valuable use of their time and efforts as are essential to achieve the targeted
end results. Focus provides unidirectional approach to the entire team as such. The focused aim is to win the war
and not the stray battles. On the individual front, it is well said that Arjuna turned out to be the best ever archer
because he had the focus in letter and spirit.

11. Humility
Humility is humbleness. The best leaders are known to be ever humble.Great leaders are those who are strong and
decisive but also humble. Humility portrays the self-confidence and self-awareness that extend to recognize the
value of others without having any feeling of being threatened. Humility does not mean that one is weak or unsure of
oneself. It means that one is willing to admit that one could be wrong at times. It also means that one is willing to give
the credit where and when it is due. Humility gets results. Humility allows one to acknowledge one's mistakes. The
leader with humility is one who passes on the credit for success to the team and takes the blame on self for the short
falls.The great guru Gautama Buddha is known for compassionate humility.

12. Bonding
A leader multiplies several-fold through the means of bonding. Bonding implies sticking together through thick and
thin. Bonding is that trait which enables a leader to align with masses. Bonding fosters loyalty, spreads team spirit
and facilitates delegation. Bonding leads to team building. Bonding creates collective strengths. Successful
corporate leaders acknowledge the trait of bonding as a significant reason for their growth. Leaders gain the
cooperation of others by making a commitment to get along well with each key person every single day. An
individual always has a choice when it comes to a task: He can do it himself, or he can get someone else to do it for
him. Which is it going to be? The answer is 'Bonded sticks are perpetually stronger!'

Quick Take
The dozen of the traits, discussed in the preceding paragraphs, are important elements that go to make a 'Leader'.
The beauty of it is that these traits can be cultivated through diligent learnings and practices. The leaders, referred to
in the narratives, possess all of these traits plus something more. The list is, thus, inclusive and not exclusive at all.
Insights into the life sketch of these role model leaders would add to the proficiency inculcations of any common
individual. And, there is no bar that prevents a commoner from becoming a leader. So, Start up, Gear up, Raise up
and Make in a Leader!

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Examination
TIME TABLE

Day & Date Foundation Course Examination Syllabus - 2016

Time 2.00 p.m. to 5.00 p.m
Monday, Fundamentals of Economics & Management (FEM)
11th June, 2018

Tuesday, Fundamentals of Accounting (FOA)

12th June, 2018

Wednesday, Fundamentals of Laws & Ethics (FLE)

13th June, 2018

Thursday, Fundamentals of Business Mathematics &

14th June, 2018 Statistics (FBMS)

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

PRACTICAL
Advice
ABOUT YOUR STUDIES - FOUNDATION COURSE
Prac cal support, informa on and advice to help you
get the most out of your studies.

Read Study Notes

MTPs & RTPs

Solve Excercises
given in Study Note

Assess Yourself

Appear For
Examination

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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

SUBMISSION
Dear Students,

We are very much delighted to receive responses from all of you;

for whom our effort is!
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA
(Statutory body under an Act of Parliament)
Headquarters: CMA Bhawan, 12, Sudder Street, Kolkata - 700 016
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We believe, the key to happiness is having dreams & the key to success is making them come true.
It gives us immense pleasure to note that you have successfully cleared your Foundation examination
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VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

Message from
Directorate of Studies

Dear Students,

We have stepped into 2018 and with new enthusiasm for the future to come, it is also a time to reflect on the year gone by and
the beautiful moments shared with all. Express your gratitude and spare your thoughts for all who have supported you and
remember to make a new year resolution to do much better in every sphere of your life.

‘Learn from yesterday, Live for today, Hope for tomorrow’

For the smooth and flawless preparation. Directorate of Studies have provided meaningful tips which will help you to gain
sufficient knowledge about each subject.“Tips” are given in this E-bulletin by the knowledge experts for the smooth
encouragement in you preparation. We are sure that all students will definitely be benefitted by those tips and that will help
them to brush up their knowledge and also to swim across.

Take the course seriously from the very beginning but don’t be panicky. Please try to follow the general guidelines,
mentioned below; which may help you in your preparation.

Essentials for Preparation:

 Conceptual understanding & Overall understanding of the subject both should be clear.
 Candidates are advised to go through the study material provided by the Institute in an analytical manner.
 Students Should improve basic understanding of the subject with focus on core concepts.
 The Candidates are expected to give to the point answer, which is a basic pre-requisite for any professional
examination.
 To strengthen the answers candidates are advised to give answer precisely and in a structured manner.
 In-depth knowledge about specific terms required.
 Write question numbers correctly and prominently.
 Proper time management is also important while answering.

Be Prepared and Get Success;

Disclaimer:
Although due care and diligence have been taken in preparation and uploading this E-bulletin, the Institute shall
not be responsible for any loss or damage, resulting from any action taken on the basis of the contents of this E-
bulletin.

Behind every successful business decision, there is always a CMA 29

VOL: 3, No.: 3 STUDENTS’ E-bulletin Foundation MARCH 2018, ISSUE

SNAPSHOTS

Glimpses of Interactive Event jointly

organised by Governance Now and
Sri Adhikari Brothers (SAB) group on
"Corporate Governance for
Sustainable Economic Growth" on
28th February, 2018 at New Delhi.

National seminar on GST-Jointly

Organized by the Institute &
Bhubaneswar Chapter, dated 27th &
28th January 2018 at Bhubaneswar,
Odisha.

Glimpses of National Seminar on

“CMAs Partner in Vision 2022- for
Vibrant India” organized by the WIRC
of the Institute during 10th & 11th
February, 2018 at Mumbai

Glimpses of 39th Cost Conference on

“Transforming India through Cost
Governance” jointly organized by the
EIRC and Howrah Chapter of the
Institute during 9th & 10th February,
2018 at Kolkata

Behind every successful business decision, there is always a CMA 30

CMA STUDENTS’
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THE INSTITUTE OF COST ACCOUNTANTS OF INDIA

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Phone: +91-33-2252-1031/34/35/1602/1492/1619/7373/7143
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Phone: +91-11-2462-2156/2157/2158

Behind every successful business decision, there is always a CMA