CMA Intermediate · December 2025 · Paper 5
CMA Intermediate Business Laws and Ethics December 2025: paper analysis
Our own analysis of the official paper, as of 12 October 2026. The questions and answers belong to ICMAI; read them on ICMAI's website.
Chapter-wise marks
Where the marks were in this paper (out of 100; internal-choice alternatives not double counted).
What each question tested
In our words, by question number. Open the official paper for the full question.
| Q | Marks | Tests | Chapter |
|---|---|---|---|
| 2(a) | 7 | Misrepresentation and its legal consequences for a contract | Indian Contracts Act, 1872 |
| 2(b) | 7 | Differences between a contract of indemnity and a contract of guarantee | Special Contracts - Indemnity and Guarantee; Bailment and Pledge; Laws of Agency |
| 3(a) | 7 | Mutual rights and duties of partners under partnership law | Indian Partnership Act, 1932 |
| 3(b) | 7 | Remedies available to a buyer against a seller for breach of a sale contract | Sale of Goods Act, 1930 |
| 4(a) | 7 | Social purpose of the wage code and components of minimum wages | The Code on Wages, 2019 |
| 4(b) | 7 | Purposes for which provident fund withdrawals and advances are allowed | Employees Provident Fund and Miscellaneous Provisions Act, 1952 |
| 5(a) | 7 | Procedure for serving notices by electronic mode under company law | Operational and Financial Control |
| 5(b) | 7 | Provisions on board's report and approval and signing of financial statements | Operational and Financial Control |
| 6(a) | 7 | Time limit for filling a woman director vacancy on a listed company board | Directors - Role, Responsibilities, Qualification, Appointment, Removal, Remuneration and Powers |
| 6(b) | 7 | Roles and responsibilities of key managerial personnel | Key Managerial Personnel |
| 7(a) | 7 | Nature of ethics and its relevance to business | Business Ethics and Emotional Intelligence |
| 7(b) | 7 | Meaning of business ethics and common unethical corporate practices | Business Ethics and Emotional Intelligence |
| 8(a) | 7 | Bailee's liability for loss when goods are used by an unauthorised third person | Special Contracts - Indemnity and Guarantee; Bailment and Pledge; Laws of Agency |
| 8(b) | 7 | Role and responsibilities of the audit committee under company law | Internal Financial Control for Financial Reporting |
What stood out
- Company law supplied five of the fourteen written parts (notices, board's report, woman director, KMP, audit committee), the largest single block.
- Contract and special contracts (misrepresentation, indemnity versus guarantee, bailee's liability) accounted for three parts, with one framed as a case.
- Labour laws were tested through the wage code and provident fund withdrawals, while gratuity and ESI did not appear in Section B.
- Business ethics had a full question (two 7-mark theory parts), giving an easy option for well-prepared candidates.
- The MCQ section opened with three questions on the Constitution and dispute resolution, so the introduction to law chapter deserves revision.
Practise the chapters that carried the marks
Special Contracts - Indemnity and Guarantee; Bailment and Pledge; Laws of Agency, Business Ethics and Emotional Intelligence, Operational and Financial Control: study guides and practice questions in the CMA Intermediate format.