CMA Intermediate · June 2026 · Paper 5
CMA Intermediate Business Laws and Ethics June 2026: 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 | Discharge of a contract by performance and by mutual agreement | Indian Contracts Act, 1872 |
| 2(b) | 7 | Bailment: meaning, essential elements and distinction from pledge | Special Contracts - Indemnity and Guarantee; Bailment and Pledge; Laws of Agency |
| 3(a) | 7 | Legal procedure for converting a private limited company into a limited liability partnership | Limited Liability Partnership Act, 2008 |
| 3(b) | 7 | Negotiable instruments involving foreign elements: governing law provisions under the Act | Negotiable Instruments Act, 1881 |
| 4(a) | 7 | Items specifically excluded from the definition of wages under the wage code | The Code on Wages, 2019 |
| 4(b) | 7 | Nomination for gratuity: filing requirements and points to note | Payment of Gratuity Act, 1972 |
| 5(a) | 7 | Resolutions and agreements that must be filed with the Registrar within the prescribed time | Operational and Financial Control |
| 5(b) | 7 | Matters a statutory auditor is required to inquire into under company law | Internal Financial Control for Financial Reporting |
| 6(a) | 7 | Director's fees for professional services and whether they count towards the overall managerial remuneration ceiling | Directors - Role, Responsibilities, Qualification, Appointment, Removal, Remuneration and Powers |
| 6(b) | 7 | Statutory rights available to shareholders of a company | Rights of Shareholders |
| 7(a) | 7 | Meaning of ethics and how ethics relates to law | Business Ethics and Emotional Intelligence |
| 7(b) | 7 | Value chain concept and emerging challenges in designing management accounting systems | Business Ethics and Emotional Intelligence |
| 8(a) | 7 | Agent's duty of reasonable care, liability for loss from imprudent investment and right to remuneration | Special Contracts - Indemnity and Guarantee; Bailment and Pledge; Laws of Agency |
| 8(b) | 7 | Matters to be stated in the statutory auditor's report under company law | Internal Financial Control for Financial Reporting |
What stood out
- Section B gave a choice of five out of seven 14-mark questions, each split into two 7-mark parts, so 14 written parts were on offer.
- Company law dominated the written section with five parts (filings, auditor duties, director remuneration, shareholder rights, audit report), making it the safest area to prepare deeply.
- Labour laws were tested through short theory parts on the wage code and gratuity nomination, while the Factories Act appeared only as an MCQ.
- Only two parts were case-based (director remuneration and an agent's duty of care); the rest were explain-or-list theory questions.
- The MCQ section leaned on the introduction to law and the legal system (3 of 15), with one question each from most contract, partnership and company chapters.
Practise the chapters that carried the marks
Special Contracts - Indemnity and Guarantee; Bailment and Pledge; Laws of Agency, Business Ethics and Emotional Intelligence, Internal Financial Control for Financial Reporting: study guides and practice questions in the CMA Intermediate format.