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E- BULLETINE- BULLETIN

VOL: 3, No.: 1VOL: 3, No.: 1January, 2018 ISSUEJanuary, 2018 ISSUE

Knowledge Update -

Message from the Chairman -

Paper: 1, Part: I - Fundamentals of Economics and Management (FEM) - Economics -

Paper: 1, Part: II - Fundamentals of Economics and Management (FEM) - Management -

Paper: 2 - Fundamentals of Accounting (FOA) -

Paper: 3 - Fundamentals of Laws and Ethics (FLE) -

Paper: 4 - Fundamentals of Business Mathematicsand Statistics (FMS) -

Practical Advice -

Message from the Directorate of Studies -

Photo Gallery -

Model Career Planer -

Knowledge Update -

om the Chairman -

Paper: 1, Part: I - Fundamentals of Economics and Management (FEM) - Economics -

Paper: 1, Part: II - Fundamentals of Economics and Management (FEM) - Management -

Paper: 2 - Fundamentals of Accounting (FOA) -

Paper: 3 - Fundamentals of Laws and Ethics (FLE) -

Paper: 4 - Fundamentals of Business Mathematicsand Statistics (FMS) -

Advice -

om the Directorate of Studies -

Photo Gallery -

Model Career Planereer Planereer - Planer - Planer

Submissions -

1

i

2

5

10

14

19

31

26

32

33

34

Behind every successful business decision, there is always a CMA

ContentsContents

STUDENTS’ E-bulletin JANUARY 2018, ISSUE Foundation

VOL: 3, No.: 1

Message from theMessage from the ChairmanChairman


VOL: 3, No.: 1


CMA Manas Kumar Thakur

Be a CMA, be a Proud IndianBe a CMA, be a Proud Indian

Chairman,Training & Education Facilities (T& EF) Committee

Dear Students,

A very Happy, Healthy & Prosperous New Year. Believe in yourself and

hope you achieve everything in this year.

“Excellence is not a skill, it is an attitude”. Education provides knowledge,

knowledge gives power, power gives respect and finally, respect provides the ultimate

happiness. So, all the qualities are bonded in chain and until and unless you are

acquiring real knowledge, you are not been able to reach to your destination and cannot enjoy your life fully.

There might be mistakes but I believe in that mistakes are proof that you are trying. Do it now, sometimes later

becomes never. 'Minds are like parachutes they only function when they are open'.

“Learning is not child's play; we cannot learn without pain” as told by Aristotle.” You are

receiving your study related input on each subject and these are given by academicians of repute. My suggestion

to all of you is; be serious and read all the topics meticulously. Mock Test Papers (MTPs) are also uploaded by the

Directorate of Studies to help you to get acquainted with the pattern of questions you may face in your

examination. I believe that all of you are equally capable to get success in the examination provided you prepare

sincerely and pay needed attention towards the resources being provided by the Directorate of Studies. “The

future belongs to those who believe in the beauty of their dreams”.

May this year illuminate your life in your own ways and being an optimist take the resolution of delivering your

best and put your mark in the 'Make in India' movement.

Wishing you Goodluck and Happiness,

ThakurThakur

it is an attitude”. Education provides

gives respect and finally, respect provides

qualities are bonded in chain and until and unless

are not been able to reach to your destination

believe in that mistakes are proof that you

like parachutes they only function only function only when

play; we cannot learn without pain”

input on each subject and these are given by academicians

read all the topics meticulously. Mock Test Papers

you to get acquainted with the pattern

of you are equally capable to get success in the

attention towards the resources being provided

who believe in the beauty of their of their of dreams”.

life in your own ways and being an optimist

'Make in India' movement.

and Happiness,

i


!! Happy New Year !!


VOL: 3, No.: 1


upDAtEKNOWLEDGE

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.


VOL: 3, No.: 1

1

Paper : 1, Part : - IPaper : 1, Part : - I

Fundamentals of Economics & Management (FEM) - EconomicsFundamentals of Economics & Management - (FEM) Economics

Dr. Bibekananda RaychaudhiriProfessor, Guest LecturerDepartment of Commerce / FinanceUniversity of CalcuttaHe can be reached at:[email protected]

YourPreparationQuickTakes


A Fundamentals of Economics 50%B Fundamentals of Management 50%

B 50%

A 50%



VOL: 3, No.: 1

2

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.


preferences of the consumer. So, the inverse relationship of

price and demand is very much dependent on the constancy of

other things. Therefore, it is very important to keep in mind

not to forget this constancy condition while explaining the law

of demand and/or drawing the demand curve, though the

demand curve indicates ex-ante demand or planned demand

and not the actual demand.

Elasticity of demand is the most powerful tool to analyse the

theory of demand. There are three types of elasticity of

demand: price elasticity of demand, income elasticity of

demand and cross elasticity of demand.

Price elasticity of demand = - [ % change in demand / %

change in price ]

Income elasticity of demand = % change in demand / %

change in income

Cross elasticity of demand = % change in demand / % change

in the price of related commodities (ie, either substitutes or

complements)

With the help of these three elasticity concepts, it is possible to

know the nature of the commodity.

If the price elasticity of demand is positive, the commodity is a

nomal one. But if the price elasticity of demand is negative, the

commodity is a giffen good which violates the law of demand.

If the income elasticity of demand is positive, the commodity

is a superior good. But if the income elasticity of demand is

negative, the commodity is an inferior good.

If the cross elasticity of demand is positive, the commodity is a

substitute good. But if the cross elasticity of demand is

negative, the commodity is a complementary good.

Keep in mind that the slope of the demand curve is inversely

related to the price elasticity of demand.


VOL: 3, No.: 1

demand curve indicates

and not the actual

Elasticity of demand

theory of dema

demand: price

demand and cross

Price elasticity of

change in price ]

Income elasticity

change change in in incomeincome

Cross elasticity of

in the price of related

complements)

With the help of these

know the nature

If the price elasticity

nomal one. But if

commodity is a giffen

If the income elasticity of demand is positive, the commodity

3

ECONOMICS

Study Note – 2 deals with Theory of Demand and Supply.

Demand and Supply are the two opposing forces that operate

in any market and interact with each other to determine the

equilibrium market price. Understanding Market is very

important for the “CAPITALISTIC” economy as it is also called

“Market economy”.

Demanders and suppliers are completely different groups of

people. On most occasions they do not even know each other.

For example, Amul butter is being produced in Gujrat state

and the producer does not know that I am consuming Amul

butter in Kolkata. So, Demand and Supply are being

determined by different set of factors. Demanders plan out

their demand at home. They do not know how much is being

supplied till they reach the market. Suppliers, on the other

hand, produce their product in their factories. They never

know how much will be demanded till they reach the market.

The only link between supply and demand is the price of the

product. If the market price rises, the product must be in short

supply. So, the suppliers might plan out a higher level of

production. Higher market price means higher profit and this

acts as an impetus for the suppliers to supply more. But the

demanders find the product costlier and reduce their demand

for the product. If the market price falls, it will be an indication

of a lack of demand. Suppliers will revise their plan to produce

less. Demanders, on the other hand, might capitalise the

situation to purchase more. Thus the two market forces –

supply and demand interact with each other to reach an

equilibrium position where the supplied amount will be

exactly equal to the amount demanded. The corresponding

price is called the equilibrium price for which supply will be

exactly equal to demand.

Law of demand states that demand for a product and its price

will be inversely related provided all other things are held

constant. Other things include income of the consumer, price

of its substitutes, price of its complements and taste &


Theory of supply starts with the supply function. Supply

function states that the supply of a product and its price are

directly related provided all other things are held constant.

Other things include prices of inputs, technology, weather

condition, govt. Policy, expected future price, number of firms

in the market, goals of the firm etc.

Demand curve is the diagrammatic presentation of the

relationship between demand and price. Of course it is a

downward inclined curve to the right. Any movement along

the curve will indicate a change in demand due to a change in

price, while price is the only independent variable. However,

if there is any change in any of the parameters like income of

the consumer or price of the substitutes or price of the

complements or taste & preference of the consumer, there will

be a shift of the demand curve indicating a change in demand.

Similarly, supply curve is the diagrammatic presentation of

the relationship between supply and price. It is an upward

rising curve to the right. Any movement along the curve will

indicate a change in supply due to a change in price, while

price is the only independent variable. However, if there is any

change in any of the parameters like price of the inputs, or

technology, or weather condition, or govt. Policy, or expected

future price, or number of firms, or goal of the firm, there will

be a shift of the supply curve indicating a change in supply.

A straight line demand curve will have different price

elasticities of demand at different points on the demand curve.

The mid-point of the straight line demand curve will have

price elasticity equal to unity. The point of intersection

between the straight line demand curve and the abscissa will

have price elasticity equal to zero. The point of intersection

between the straight line demand curve and the ordinate will

have price elasticity equal to infinity. All points on the lower

segment of the straight line demand curve will have price

elasticity less than unity and all points on the upper segment of

the straight line demand curve will have price elasticity more

than unity.

A straight line supply curve will have price elasticity equal to

unity if the supply curve passes through the origin. If the

straight line supply curve possesses positive intercept, the

price elasticity for such a supply curve will be greater than

unity. But if the straight line supply curve possesses negative

intercept, the price elasticity for such a supply curve will be

less than unity. If the straight line supply curve is parallel to

the x-axis, the price elasticity will be infinity. If the straight line

supply curve is perpendicular on the x-axis then the price

elasticity of such a supply curve will be zero.

It will be helpful if you can brush up your knowledge on 'the

straight line' chapter from any standard text book on co-

ordinate geometry. Since elasticity is a very important

concept, a thorough knowledge of straight line will help you to

master this concept in no time. Go through your study

material carefully and try to answer the MCQ questions given

for practice.


VOL: 3, No.: 1

the consumer, there will

indicating a change in demand.

diagrammatic presentation of

and price. It is an upward

movement along the curve will

a change in price, while

variable. However, if there is any

like price of the inputs, or

govt. Policy, or expected

goal of the firm, there will

indicating a change in supply.

l have difffff efef rent pprice

points on the demand curve.

demand curve will have

unity. But if the

intercept, the price

less than unity. If

the x-axis, the price

supply curve is

elasticity of such

It will be helpful

straight line' chapter

ordinate geome

concept, a thorough

master this con

material carefully carefully

for practice.

4




Paper : 1, Part : - IIPaper : 1, Part : - II

Fundamentals of Economics & Management (FEM) - ManagementFundamentals of Economics & Management - (FEM) Management

CMA (Dr.) Sumita ChakrabortyJt. Director, StudiesShe can be reached at:[email protected]

A Fundamentals of Economics 50%B Fundamentals of Management 50%

B 50%

A 50%


VOL: 3, No.: 1

5


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



VOL: 3, No.: 1

6

MANAGEMENT

In the previous issue, we had discussed about Management Concepts. Now we are discussing about pattern of questions,

which will help you to answer on the topic in your examination.

1. The process of assigning work to others and giving them authority to do is:

(a) Control

(b) Organising

(c) Power

(d) Delegation of Authority.

2. The process of delegation involves the following steps:

(a) Determination of results expected

(b) Assignment of duties

(c) Granting of Authority

(d) All of the above.

3. Delegation enables a manager to obtain the specialized knowledge and expertise of ----------

(a) Superior

(b) Subordinates

(c) Peers

(d) None of the above.

4. Quick decision making is possible in case of :

(a) Centralisation

(b) Decentralisation

(c) Delegation

(d) Both (b) and ©

5. Authority and ------------ should be co-extensive:

(a) Power

(b) Responsibility

(c) Accountability

(d) Command.

6. --------------- is wide delegation of Authority:

(a) Centralisation


(c) Span of control


(d) Scalar chain.

7. In delegation, control rests entirely with:

(a) Subordinate

(b) Superior

(c) Top level

(d) Middle level.

8. Authority should ----------------with responsibility:

(a) Commensurate

(b) Parity

(c) (c) More than


9. -----------is a philosophy of management:

(a) Delegation


(c) C0 Centralisation


10. ---------helps to avoid overlapping effort and duplication of work:

(a).Co-ordination

(b) Centralisation

(c) Decentralisation

(d).Delegation of Authority.

11. A teacher has ------------power over students:

(a) Reward power

(b) Referent power

(c) Expert power

(d) Coercive power.

12. Responsibility can be assigned to:

(a) Human beings

(b) Non-living objects

(c) Both (a) and (b)


13. ------------is derived from position:

(a) Accountability

(b)Power

(c) Authority


14. The relationship between two individuals; one superior and the other subordinate is called as:

(a) Power

(b) Authority

(c) Control


VOL: 3, No.: 1

-----------is a philosophy of management:

---------helps to avoid overlapping effort and duplication of work:

11. A teacher has ------------power over students:

12. Responsibility can be assigned to:

13. ------------is derived from position:

7



15. Subordinate is always responsible to his:

(a) Peers

(b) Foremen

(c) Management

(d) Superior.

Answers:

1. (d).

2. (d).

3. (b).

4. (d).

5. (b).

6. (b).

7. (b).

8. (a).

9. (b).

10. (b).

11. (c).

12. (a).

13. (c).

14. (b).

15. (d).

Match the following:

Answer:

1. G

2. A

3. F

4. D

5. B

6. C

7. E

Column I Column II

1 Teacher A Ability to do something

2 Power B Technique to define responsibility

3 Authority C Recognition and status

4 Delegation of Authority D Superior and Subordinate

5 Responsibility Charting E Flows upward

6 Non-financial rewards F Right to do something

7 Responsibility G Example to expert power


VOL: 3, No.: 1

Column I

A Ability to do something

B Technique to define responsibility

C Recognition and status

Delegation of Authority D Superior and Subordinate

Responsibility Charting E Flows upward

Non-financial rewards F Right to do something

8


State; True or False:

1. Responsibility is absolute and can be delegated.

2. A superior is always responsible to his subordinate.

3. Referent power is derived from the formal position of a person in the organization.

4. The term power is often considered as synonymous to Responsibility.

5. The authority given to a position is legal and legitimate.

Answer:

1. False

2. False

3. False

4. False

5. True.

Fill in the blanks:

1. A ----------------is a nice way of summarizing the relationship between tasks and actors.

2. ----------------refers to the ability to influence the behaviour or attitudes of other individuals.

3. -----------is an important technique that can supplement the use of responsibility charting.

4. Responsibility can be assigned to ------------only.

5. The authority enjoyed by a position is not-------------.

Answer:

1. Responsibility charting

2. Power

3. Role negotiation

4. Human beings

5. Unlimited.


VOL: 3, No.: 1

A ----------------is a nice way of summarizing the relationship between tasks and actors.

----------------refers to the ability to influence the behaviour or attitudes of other individuals.

-----------is an important technique that can supplement the use of responsibility charting.

Responsibility can be assigned to ------------only.

The authority enjoyed by a position is not-------------.

Responsibility charting

9




B 20%

A 80%

A Fundamentals of Financial Accounting 80%

B Fundamental of Accounting 20%

Paper : 2Paper : 2

Fundamentals of Accounting (FOA)Fundamentals of Accounting (FOA)

CMA (Dr.) Nibir GoswamiAssociate Professor in CommerceVidyasagar Mahavidyalaya, W.B.He can be reached at:[email protected]


VOL: 3, No.: 1

10


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.


In simple terms it is actually a written

commitment by the buyer to the seller to pay the

amount due at a particular due date. Therefore

the features of Bills of exchange are:

1. It must be in writing

2. It must be signed by the maker(buyer)

3. It must be an unconditional order to pay

4. The maker must direct a certain person to pay a

certain sum of money.

The parties involved to a bill of exchange are

1. The drawer – the seller

2. The drawee – the maker of the bill who commits

payment by accepting (signing on bill)

3. The endorsee – to whom the bill is endorsed to

settle his dues

4. The holder – any person who holds the bill for the

time being with the entitlement of such

possession (generally the drawer)

5. The payee – who finally receives the sum of

money.(generally the drawer)

PROCESS OF DRAWING THE BILL:

Say Mr A sold goods to Mr B. in credit for Rs. 50000. Now

A draws the bill on B and B accepts and signs on it to

commit such obligation or liability to pay Rs.50000 on the

due date. Now A is the holder of the bill till due date and he

is the payee at the due date if the bill is honoured.

To A it is Bills Receivable and to B it is Bills Payable.

Between the dates of drawing and maturity A may do the

following things

1. May go to bank and get the bill discounted i.e

exchange the bill in terms of cash before due date.

In that case bank is the holder now and bank will

be payee in due date.

2. May settle his dues to his creditor by giving this

bill. Say A gives this bill to Mr C. In that case C is

the holder now. He is called endorsee and C will be

payee in due date

COMPUTATION OF DUE DATE:

Due date is the date when the bill is supposed to be paid on

presentation for payment. It is customary to allow some

days of grace (normally 3 days) to the drawee. Therefore

while calculating the date of maturity three more days are

added. For example if a bill is drawn on 1.1.2018 for 3

months the due date will be 4.4.2018. If the bill is 'after

sight' bill the date of maturity will be calculated from the

date of acceptance and if the bill is 'after date' the due date

will be calculated from the date of drawing.

ILLUSTRATION :

On 1.4.2017 A draws a bill on B for Rs.100000 3 months

after date. B accepts the bills signs on it and returns to A.

Pass necessary journal entries in the books of A and B in

each of the following cases:

1. The bill is hold by A till maturity

2. The bill is discounted with bank on 4.4.2017 at a

discount of 6 % p.a


VOL: 3, No.: 1

tually a written

the seller to pay the

due date. Therefore

exchange are:

maker(buyer)

unconditional order to pay

certain person to pay a

exchange are

The drawee – the maker of the bill who commits

(signing on bill)

the bill is endorsed to

who holds the bill for the

ntitlement of such

drawer)

receives the sum of

drawer)

Between the dates

following things

1. May go

exchange

In that case bank is the holder now and bank will

be payee

2. May settle

bill. Say

the holder

payee in

COMPUTATION

Due date is the date

presentation for

days of grace (normally

while calculating

added. For example

months the due

sight' bill the date

date of acceptance

will be calculated

11

INTRODUCTION:

Bill of exchange is a negotiable instrument and transactions are dealt with the provisions of Negotiable

Instruments Act. Section 5 of this act defines Bill of exchange as “ A bill of exchange is an instrument in

writing containing an unconditional order signed by the maker directing a certain person to pay a certain

sum of money only to or to the order of a certain person or to the bearer of the instrument”

BILL OF EXCHANGE


3. The bill is endorsed to C to make a final settlement of a due of Rs.105000 on 1.4.2017

SOLUTION :

Working notes :

1. The bill is discounted with bank for 6% p.a . so the amount of discount will be

100000 x 6/100 x 3/12 = 6000 x 3/12 = 1500.

Calculation is made for 3 months because the bill is for three months and is discounted with the bank exactly before three

months before maturity.

2. Amount due to C was for Rs. 105000. However the bill is given for Rs.100000 to make full and final settlement.

Therefore Mr. A has received Rs.5000 as discount.

Important: Students must not confuse with discount received and discount on bills.

JOURNAL

BOOKS OF A BOOKS OF B

DATE PARTICULARS DEBIT CREDIT DATE PARTICULARS DEBIT CREDIT

1.4.2017 Billls Receivable 100000 1.4.2017 A 100000

To B 100000 To Bills Payable 100000

(for the bill drawn) (for the bill drawn)

Situation 1 Situation 1

4.7.2017 Cash 100000 4.7.2017 Bills payable 100000

To Billls

Receivable

100000 To Cash 100000

Amount received

at maturity

Amount paid at

maturity


4.4.2017 Bank 98500

NO ENTRY IS REQUIRED

Discount on bill 1500

To Bills receivable 100000

Bill discounted

with bank


VOL: 3, No.: 1

JOURNAL

BOOKS OF A

DEBIT CREDIT DATE PARTICULARS

100000 1.4.2017 A

100000 To Bills Payable

(for the bill drawn)

Situation 1

100000 4.7.2017 Bills payable

100000 To Cash

Amount paid at

maturity

Situation 2

98500

12



DATE PARTICULARS DEBIT CREDIT DATE PARTICULARS DEBIT CREDIT

1.4.2017 C 105000

NO ENTRY IS REQUIRED

T0 Bills

Receivable

100000

To Discount

received

5000

The bill is

endorsed to C

AT MATURITY


4.7.2017 NO ENTRY 4.7.2017 Bills payable 100000

To bank 100000

Amount paid at

maturity


NO ENTRY 4.7.2017 Bills payable 100000

To bank 100000

Amount paid at

maturity


VOL: 3, No.: 1

AT MATURITY

Situation 2

4.7.2017 Bills payable

To bank

Amount paid at

maturity

Situation 3

4.7.2017 Bills payable

To bank

Amount paid at

maturity

13




Paper : 3Paper : 3

Fundamentals of Laws and Ethics (FLE)Fundamentals of Laws and Ethics (FLE)

CMA (Dr.) Sumita ChakrabortyJt. Director, StudiesShe can be reached at:[email protected]

A Fundamentals of Commercial Laws 70%

B Fundamentals of Ethics 30%

B 30%

A 70%


VOL: 3, No.: 1

14



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.


VOL: 3, No.: 1

15

LAW

In previous issues; we had discussed on 'Ethics', hence, please find below pattern of questions which you may find useful for

your practice purpose:

Multiple Choice Questions:

1. Business ethics calls for avoidance of:

(a) Competition

(b) Publicity

(c) Monopoly

(d) Self interest.

2. Ethics has evolved with evolution of:

(a) Culture

(b) Value

(c) Moral

(d) Society.

3. Ethics is a set of --------of human conduct that govern the behaviour of individuals or organizations:

(a) Principles

(b) Standards

(c) Principles or standards


4. Law is-----------of ethics:

(a) No connection

(b) Decodification

(c) Codification

(d) Visualisation.

5. The study of Ethics is divided into--------operational areas:

(a) Six

(b) Four

(c) Five


(d) Nine.

6. Business ethics has a ----------application:

(a) Universal

(b) Natural

(c) Practical


7. Ethics in compliance means:

(a)It is about obeying and adhering to rules and authority

(b) It deals with the moral principles behind the operation and regulation of marketing

(c) It deals with the duties of a company to ensure that products and production processes do not cause harm


8. Business ethics is based on well accepted---------:

(a) Moral and social values

(b) Social values only

(c) Moral values only


9. Ethical and unethical behaviours are determined by:

(a) The individual

(b) The culture

(c) Both the individual and the culture

(d) Neither the individual nor the culture.

10. Which of the following is not a code of conduct?

(a) Code of ethics

(b) Code of practices

(c) Code of behaviour

(d) Code of management.

11. -------------made it important for business to have an ethics code, something in writing about what one ought to do and

what to strive for:

(a) The Ethics & Code Conduct Act, 2000

(b) The Sarbanes Ethics of Code of Conduct Act,2001

(c) The Sarbanes Oxley Act, 2002


12. An expert who is confidentially available to solve the ethical dilemmas is known as:

(a) Ethic coach

(b) Ethics trainer

(c) Ethics guide


13. Business ethics relates to:

(a) Society's decisions

(b) An individual's or work group's decisions

(c) Customer's decisions


VOL: 3, No.: 1

behaviours are determined by:

the culture

nor the culture.

code of conduct?

for business to have an ethics code, something

Conduct Act, 2000

Code of Conduct Act,2001

2002

confidentially available to solve the ethical dilemmas is known

16


(d) Government decisions.

14. Which of the following statements about business ethics is true?

(a) It concerns the impact of a business activities on society

(b) It refers to principles and standards that determine acceptable behaviour in the world of business

(c) It relates to an individual's values and moral standards and the resulting business decisions he or she makes

(d) What is ethical is determined by the public, government regulators, interest groups, competitors and individual's

personal moral values.

15. Which of the following is an unethical business practice?

(a) Collusion

(b) False Communication

(c) Insider trading

(d) All the above.

Answer:

1. (c)

2. (d)

3. (c)

4. (c)

5. (b)

6. (a)

7. (a)

8. (a)

9. (c)

10. (d)

11. (c)

12. (a)

13. (b)

14. (b)

15. (d).

Fill in the blanks:

i. Law is --------of ethics

ii. Ethics is also known as -------------philosophy

iii. Business ethics is also called as-------------

iv. Ethics has evolved with evolution of ------------

v. The study of ethics is divided into-------------operational areas.

Answer:

(i) Codification

(ii) Moral

(iii) Corporate ethics

(iv) Society

(v) Four.

Define, in just a sentence, the following:�A. Three C's of Business Ethics

B. Professional Ethics


VOL: 3, No.: 1

ethics

as -------------philosophy

also called as-------------

with evolution of ------------

divided into-------------operational areas.

17


Column I Column II

1 Value free A Taking decisions solely in terms of Public interest

2 Selflessness B Wertfrei

3 Honesty C Not placing under any financial obligations

4 Integrity D Appionting, awarding contracts on merit

5 Objectivity E Declaring private interest relating to their public duties

6 Character F Personal Attribute

7 Ethikos G Character

C. Meaning of Morals

D. Value free Ethics

E. Meaning of Ethics.

Answer:A. Compensation, Competency & Character are the three C's of Business Ethics.

B. Just as a society functions on the social codes of conduct and a country is governed by its constitution,

a business is run on corporate codes, thus, there is a professional code of conduct for any business.

These codes keep evolving as other things around evolve and develop. Therefore, not only should

business be defined within the confines of ethics but it should be practised strictly under its own

professional code of conduct. This distinction helps to orient the general principles of ethics and

business to a particular activity.

C. Moral is concerned with the principles of right and wrong behaviour.

D. It would seem that business is an ethically neutral or value-free activity. The only value business is

concerned with is the monetary value. It is not in the interest of business to mix ethical values.

Business should be kept free from other social relationships and obligations. The only successful

relationship that exists in business is that of a vendor and a customer.

E. Ethics is also known as moral philosophy. This is a branch of philosophy that involves systemizing,

defending and recommending concepts of right and wrong conduct.

Match the statement under ColumnI with the appropriate statement under ColumnII:

Answer:

1. B

2. A

3. E

4. C

5. D

6. F

7. G



VOL: 3, No.: 1

Column I

A Taking decisions solely in terms of Public interest

B Wertfrei

C Not placing under any financial obligations

D Appionting, awarding contracts on merit

E Declaring private interest relating to their public duties

F Personal Attribute

G Character

business is an ethically neutral or value-free

monetary value. It is not in the interest

kept free from other social relationships

in business is that of a vendor and a customer.

moral philosophy. This is a branch of philosophy

recommending concepts of right and wrong conduct.

ColumnI with the appropriate statement under

18




Paper : 4Paper : 4

Fundamentals of BusinessMathematics and Statistics (FBMS) Fundamentals of Business Mathematics and Statistics (FBMS)

A Fundamentals of Business Mathematics 40%

B Fundamentals of Business Statistic 60%

B 60%

A 40%

CMA Ankan K BandyopadhyayaHe can be reached at:[email protected]


VOL: 3, No.: 1

19


What has actually happened?

What is to be estimated?

What is to be estimated?


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;


VOL: 3, No.: 1

20

STATISTICS

In this issue we will discuss preliminaries on Regression.

Professional Business decisions are based on predictions of future events. To have this predictions mangers have to rely on the relationship between what is already known and what is to be estimated. Knowledge on Regression and Co-relation helps managers in this regard. i.e.

1. Is there any relationship between the yellow and green box? 2. If there is relationship what is that? 3. How much is the strength of the relationship?

Knowledge of Regression & Correlation answers these questions. Regression gives the answers of the first

two questions and Correlation gives the answer of the last one.

Through regression analysis we, business managers, predict variable in green box, called dependent variable on the basis of

another variable in yellow box, called independent variable.

In this analysis we develop “Regression Equation” which relates independent variables with dependent variables.

If Regression equation relates one dependent variable with one independent variable, then Regression is called Simple

Regression.

If Regression equation relates one dependent variable with more than one independent variable, then Regression is called

Multivariate Regression.

Relationship observed by regression is only the relationship of association of variables but not necessarily of cause and effect.


Sale of Petrol may have direct relationship with the sale of petrol cars but positive growth of economy actually causes increases

the demand of petrol and car.

Relationship between variable can be of different types:

Regression line is the equation that relates the two variables mathematically. Regression line showing linear relationship

between two variables is of the form:

Y=a+bX Independent Variable

Dependent Variable

a is called Y axis intercept or Y-intercept or simply intercept, b is the slope of the line. n no of items

a, b are found out by the method of least squares and the required formulae are:

are the mean of respective series.

Illustration:

Using the data in the table below:

XY nXYb & a Y bX

2 2X nX

X &Y

X 20 11 15 10 19 21

Y 5 15 14 17 10 11

that relates the two variables mathematically. mathematically. Regression Regression

Independent Variable

Variable

Y-intercept or simply intercept, b is the slope of the line.

least squares and the required formulae are:


VOL: 3, No.: 1

21


i) Fit the regression line;

ii) Predict Y for X = 12;

Answer

So

= (-) 86/112 = (-) 0.768

So

So the regression line is Y = 24.288 - 0.768 X

If X =12 then Y = 24.288 – 0.768 * 12 = 15.072

The Standard error of Estimate:

To measure the reliability of the regression equation a measuring parameter named Standard error of Estimate is to be used. The

formula for finding

Larger the Standard error of estimate, the greater the scattering of points around the regression line. If 0 then all the given

values of Y will lie exactly on the regression line for the given values of X.

For the observed points assuming normally distributed around the regression line we can expect

i) 68% of the points within

ii) 95.5% of the points within ;

iii) 99.7% of the points within ;

Illustration:

A study by the Atlanta, Georgia, Department of Transportation on the effect of bus ticket prices upon the number of passengers

No of Items X Y XY 2X

1 20 5 100 400

2 11 15 165 121

3 15 14 210 225

4 10 17 170 100

5 19 10 190 361

6 21 11 231 441

Σ 96 72 1066 1648

= 96/6 = 16 = 72/6 = 12X Y

2 2X (16) 256

XY nXYb (1066 6 16 12) (1648 6 256)

22X nX

a Y bX 12 ( )0.768 16 24.288

2Y a Y b XY

sen 2

es

1s ;e2se3se

0.768 X

= 15.072

Estimate:

regression equation a measuring parameter named

estimate, the greater the scattering of points around the

regression line for the given values of X.

21 11

96 72

= 96/6 = 16 = 72/6 = 12Y

12) (1648 6 256)

288


VOL: 3, No.: 1

22

+-+-+-

=


produced the following results:

i) Develop the regression equation;

ii) Determine Standard Error of Estimate;

iii) Interpret the result;

Answer

So

= (-) 2.765

So

So

Interpretation:

i) 68% of the points within

ii) 95.5% of the points within

ii) 99.7% of the points within

There are two types of indication on Regression equations:

i) Regression equation of Y on X, where Y is the dependent variable and X is the independent one. Equation is of the form

Y= a + bX discussed above.

ii) Regression equation of X on Y, where X is the dependent variable and Y is the independent one. Equation is of the form

X = a + bY

For the first case (already discussed) and the second case the related formulae are given below for convenience:

Ticket price (cents) 15 20 25 30 40 50

Passengers per 100 Miles 440 430 450 370 340 370

No Ticket Price (cents) (X) Passenger/100 miles (Y) XY 2X 2Y

1 15 440 6600 225 193600

2 20 430 8600 400 184900

3 25 450 11250 625 202500

4 30 370 11100 900 136900

5 40 340 13600 1600 115600

6 50 370 18500 2500 136900

Σ 180 2400 69650 6250 970400

XY nXYb (69650 6 30 400) (6250 6 900)

22X nX

a Y bX 400 ( )2.765 30 482.95 2

Y a Y b XYs 31.237e

n 2

1s i.e. 31.237;e 2s i.e. 62.474;e 3s i.e. 93.711;e

430

450

370

340

370

2400

400)) ((6250 6 900))

82.95

37

i.e. 31.237;e 2s i.e. 62.474;e 3s i.e. 93.711;e


VOL: 3, No.: 1

23

+-+-+-


Regression equations can also be written with the help of Regression Coefficients also:

Illustration:

From the following data obtain the two regression equations:

Answer:

Y = a+ bX X = a + bY

XY nXYbyx 2 2

X nX

XY nXYbxy 2 2

Y Y

a Y bX a X bY

2Y a Y b XY

sen 2

2X a X b XY

sen 2

= Regression coeeficient = Regression coeeficient

Form of Regression line(Y on X) from Regression

Coefficient:

Form of Regression line (X on Y) from Regression

Coefficient:

byx bxy

Y Y b (X X)yx X X b (Y Y)xy

(X X)(Y Y)byx 2

(X X)

(X X)(Y Y)bxy 2

(Y Y)

Sales 91 97 108 121 67 124 51 73 111 57

Purchase 71 75 69 97 70 91 39 61 80 47

Sales (X) Purchase (Y)

91 1 1 71 1 1 1

97 7 49 75 5 25 35

108 18 324 69 -1 1 18

121 31 961 97 27 729 837

67 -23 529 70 0 0 0

124 34 1156 91 21 441 714

51 -39 1521 39 -31 961 1209

73 -17 289 61 -9 81 153

111 21 441 80 10 100 210

(X X) 2(X X) (Y Y) 2

(Y Y) (X X)(Y Y)


VOL: 3, No.: 1

two regression equations:

Regression coeeficient =

Form of Regression line(Y on X) from Regression Form of Regression line (X on Y) from Regression

Coefficient:

= b = xy = xy =

X) X X

Y)

2

bxy

97 108 121 67 124

75 69 97 70 91

Purchase (Y)

1 71 1

49 75 5

324 69 -1

961 97 27

2(X X) (Y Y)

24


Suggestions:

This study note need to be read thoroughly. Supplementary readings could be made from other resources. This issue is based onStatistics for Management by Richard I Levin & Statistics- Theory, Methods & Application by Sancheti & Kapoor. Attempts here are made to discuss the topic as an aid to the guidance already given in the study guide. This writing is for updating knowledge and could be used as supplement to the study guide. Few examples on objective parts on this portion along with detail discussions on Co-relation will be made in next issue.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.

57 -33 1089 47 -23 529 759

Σ 0 6360 0 2868 3900

X YX 900 10 90,Y 700 10 70

10 10

(X X)(Y Y)So b 3900 6360 0.613yx 2

(X X)

(X X)(Y Y)So b 3900 2868 1.36xy 2

(Y Y)

So Re gression equationsare :

i) YonX : Y Y b (X X)yx

Or, Y 70 0.613(X 90)

Or, Y 0.613X 14.83

So Re gres

sion equations are :

ii) X on Y : X X b (Y Y)xy

Or, X 90 1.36(Y 70)

Or, X 1.36Y 5.2

to be read thoroughly. Supplementary This issue is based onStatistics for Management

Theory, Methods & Application by Sancheti the topic as an aid to the guidance already

updating knowledge and could be used on objective parts on this portion along made in next issue.Studentstst shouldbjbjb ect Guide book on the papapa er 4-

Statistics written and issued by Institute on



VOL: 3, No.: 1

25


Model Career Planer

(Here is a Model Career Planner that charts out the details of Mr. Anan, an illustrative character of Cost Manger. Adopt it for

yourself and Plan ahead.)

A. The Person

J. R. D. Tata was born on 29 July 1904. As his mother was French, he spent much of his childhood in France and as a

result French happened to be his first language.

He joined Tata Sons as an unpaid apprentice in 1925. In 1938, at the age of 34, JRD was elected Chairman of Tata Sons

making him the head of the largest industrial group in India. He founded India's first commercial airline, Tata Airlines in

1932, which became Air India in 1946, now India's national airline. Under his chairmanship, the assets of the Tata Group

grew from US$ 100 million to over US$ 5 billion. He started with 14 enterprises under his leadership and half a century

later on 26 July 1988, when he left, Tata Sons was a conglomerate of 95 enterprises.

JRD Tata firmly believed in employee welfare and espoused the principles of an eight-hour working day, free medical

aid, workers' provident scheme, and workmen's accident compensation schemes,which were later, adopted as statutory

requirements in India.

JRD Tata received a number of awards. In 1992, because of his selfless humanitarian endeavours, JRD Tata was

awarded India's highest civilian honour, the Bharat Ratna

1 Name Anan

2 Gender Male

3 Date of Birth 02.07.1990

4 Address Cost Bhavan Apartments, Pandey Layout,

Khamla, Nagpur – 440 025, India

5 Contact Number +91 (712) xxxx736

6 Email [email protected]

7 Marital Status

8 Domicile India

9 Language Skills

Can Speak

Can Write

Can Understand

Marathi, Hindi, English, French, Tamil

Marathi, Hindi, English, French

Marathi, Hindi, English, French, Tamil, Telugu

10 Role Model J R D Tata


VOL: 3, No.: 1

J. R. D. Tata was born on 29 July 1904. As his mother was French, he spent much of his childhood in France and as a

happened to be his first language.

apprentice in 1925. In 1938, at the age of 34, JRD

industrial group in India. He founded India's first

Cost Bhavan Apartments,

Khamla, Nagpur – 440 025, India

+91 (712) xxxx736

[email protected]

India

Can Speak

Can Write

Can Understand

Marathi, Hindi, English, French, Tamil

Marathi, Hindi, English,

Marathi, Hindi, English, French, Tamil, Telugu

J R D Tata

26


B. The Family

C. Qualification

D. Experience

1 Father Name

Occupation

Nayan

Farming

2 Mother Name

Occupation

Mahima

House Wife

1 Graduation

Year

Stream

Percentage

June 2007

Science

72

2 Post Graduation

Year

Stream

Percentage

June 2009

Management

85

3 Professional

Year

Course

Stream

Percentage

December 2009

ICMAI

Cost Management

68

1 Employer

Position

Job Description

Period

Earnings p.m. in Rs.

MA & Co, Cost Accountants

Trainee

Verification of Cost Accounts

Compilation of Cost Statements

Appraisal of Enterprise Performance

April 2010 to March 2012 (Two Years)

Rs.6,000/-

2 Employer

Position

Job Description

Period in Years

Earnings p.m. in Rs.

MA Limited; Manufacturers of ABC Power Cables;

Annual turn over: 750 crores

Performance Analyst

Compilation of Daily Performance Report

Analysis of Monthly Performance &

Financial Statements

Fund flow Reports

July 2012 onwards…. (Nearly 4 years)

Rs. 43,000/


VOL: 3, No.: 1

Year

Stream

Percentage

June 2009

Management

85

Year

Course

Stream

Percentage

December 2009

ICMAI

Cost Management

68

MA & Co, Cost Accountants

Trainee

Verification of

Compilation of

Appraisal of Enterprise

April 2010 to March 2012

Rs.6,000/-

MA Limited; Manufacturers of ABC Power Cables;

Annual turn over: 750 crores

Performance Analyst

27


E. Perception

F. SWOT Matrix

1 Life Style Leads the life of a semi rich urban Hindu vegetarian; Intends to be richer

Lives in an air-conditioned bed room in a two-room rented apartment; Intends

to own an air conditioned three room apartment

Commutes by a two-wheeler; intends to own a four-wheeler

Works six days a week; Intends to have five days a week

. Goes for monthly outings; Intends to go for weekly outings

Observation: In order to catch up with my intended lifestyle, the current carrier path needs an upliftment.

2 (a) Likes Appreciation of my work by seniors

Ethical and supportive work culture

Exposure to new avenues

. Incentives and Promotions

2 (b) Dislikes Being bossed over

Interference from colleagues in my work

Working on holidays

. Monotonous work

Observation: The only limitation in my current job is that of 'Working on holidays'

3 Passion Acquiring additional professional knowledge

Reading and writing articles on professional matters

Training juniors

. Developing social contacts

Observation: All the items keep recurring in my present job.

4 Aspirations To be regarded as a Cost Manager of par excellence during the next ten years

To be a National Council Member of my profession during the next fifteen years

. To become a role model professional by the next twenty years

Strengths Professional Knowledge

Work acumen

Positive thinking

Local domicile

Courage & Discipline

. Proximity to the top management


VOL: 3, No.: 1

. Incentives and Promotions

Being bossed over

Interference from colleagues in my work

Working on holidays. Monotonous work

: The only limitation in my current job is that of 'Working on holidays'

Acquiring additional professional knowledge

Reading and writing articles on professional

Training juniors. Developing social contacts

: All the items keep recurring in my present job.

To be regarded as a Cost Manager of par excellence

To be a National Council Member of my profession . To become a role model professional by the next twenty years

Professional Knowledge

Work acumen

28


G. Self Evaluation

H. Career Goals

2 Weaknesses Goes too far for perfection

Short Temperament

Tends to conform to the wishes of seniors

Overconfidence at times

. Inadequate public speaking skills

3 Opportunities Increasing demand for cost managers

. Better Prospects within the organization

4

Threats . Aging parents

5 Observations To focus on improvement of soft skills and overcome

the weaknesses during the next two years

. To work out a solution for properrelocation of

parents as per their convenience

Serial Item Max. Score Assessed Score Rating

1 Looks

a Appearance 9 7 Fair

b Attire 8 6 Fair

c Confidence 8 6 Fair

d Sub Total 25 19 Fair

1 Ten Years hence

Position

Financial

Family

Social

General Manager (Cost Management)

Rs.25 lakhs per annum in Nagpur

One kid

Office Bearer of XXX Club

2 Five Years hence

Position

Financial

Family

Social

Manager (Cost Management)


Buying a four-wheeler

Active Member of XXX Club


VOL: 3, No.: 1

improvement

the weaknesses during

. To work out a solution for properrelocation of

parents as per their convenience

Item Max. Score

9

8

8

25

Position

Financial

Family

General Manager (Cost

Rs.25 lakhs per annum

One kid

29


I. PunchCaution

3 Two Years hence

Position

Financial

Family

Social

Manager (Cost Management)


Buying three room apartment; Relocation of parents to

Nagpur

Member of XXX Club

4 One Year hence

Position

Financial

Family

Social

Dy. Manager (Cost Management)


Marry a working girl from Nagpur

Net working for more professional friends

Needs adequate care and caution about cunning peers in the accounts and production departments

Date:xx / xx / 2018 Signature: - - - -


VOL: 3, No.: 1

Needs adequate care and caution about cunning peers in the accounts and production departments

Signature: - - - -

30

PracticalADVICE

Prac�cal support, informa�on and advice to help youget the most out of your studies.

ABOUT YOUR STUDIES - FOUNDATION COURSEABOUT YOUR STUDIES - FOUNDATION COURSE


Assess Yourself

Appear For Examination

Solve Excercises given in Study Note

Read The Tips

Read Study Notes & MTPs

1

2

3

4

5


VOL: 3, No.: 1

31

Dear Students,

We are very much delighted to receive responses from all of you; for whom our effort is!We have noted your queries and your requests will definitely be carried out. Further, requesting you to go through the current edition of the bulletin. All the areas will be covered gradually. Expecting your responses further to serve you better as we believe that there is no end of excellence! One of the mails received is acknowledged below.

I am CMA Vijay Pal Singh and I am a regular reader of e‐bulletin which is being published every month and uploaded in our Institutes website for students. During my studies I always studied and referred Students Newsletter that helped me a lot to update my self and keep on doing value addition.

CMA Vijay Pal Singh

[email protected]

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All rights reserved. No part of this Bulletin may be translated or copied in any form or by any means without the prior written permission of the Institute of Cost Accountants of India.

to receive responses from all of you; for whom and your requests will definitely be carried

current edition of the bulletin. All the areas further to serve you better as we believe received is acknowledged below.

tin tin which which During During mmupdaupdatte e mm

Numbers bulk mail/SMS

logging

everything


SubmissionSubmission


VOL: 3, No.: 1

and and and InsInsslesle

Address/Mobile:update

missed id/

option.

that

Send your Feedback to:e-mail: [email protected]

and and and I I I am am am a a a rrregular egular egular rreader eader of of e‐bullee‐bulletin tin InsInstituttitutes es wwebebsitsite e ffor or sstudentudents. ts. During During slesletttter er thathat t helped helped me me a a lot lot tto o updaupda

Address/Mobile:update their E-Mail id and Mobile Numbers

missed as the same are sent through bulk id/ Mobile Number instantly after

option.

that we can make your e-bulletin everything

32

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;

Message from theMessage from the Directorate of StudiesDirectorate of Studies



VOL: 3, No.: 1

33

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Photo GalleryPhoto Gallery



VOL: 3, No.: 1

34

CMA Sanjay Gupta, President of the Institute

met Shri Piyush Goyal, Minister of Railways and

Coal and discussed the Railways Project and

Enhanced role of CMA's in Railways and Coal

Sector.

CMA Sanjay Gupta, President, The Institute of

Cost Accountants of India presenting Guidance

Note by the Institute on Anti Profiteering to Shri

Arun Jaitley, Hon'ble Minister of Finance and

Corporate Affairs.


Cost Accountants of India extending New Year

greetings with Shri Suresh Chandra, Secretary

to the Government of India, Ministry of Law &

Justice.


Cost Accountants of India extending New Year

greetings with Shri Injeti Srinivas, Secretary to

the Government of India, Ministry of Corporate

Affairs.Justice. Affairs.Justice.Justice. Affairs.

Glimpse of the meeting held on 14.01.2018 at the HQ in connection with the preparation of

work book for students’ ,by the Directorate of Studies.


THE INSTITUTE OF COST ACCOUNTANTS OF INDIA(Statutory body under an Act of Parliament)

Headquarters: CMA Bhawan, 12, Sudder Street, Kolkata - 700 016Phone: +91-33-2252-1031/34/35/1602/1492/1619/7373/7143

Delhi office: CMA Bhawan, 3, Institutional Area, Lodhi Road, New Delhi - 110 003Phone: +91-11-2462-2156/2157/2158

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

TOLL FREE 18003450092 / 1800110910

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