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 Fundamentals of Accounting - Bill of Exchange (CMA Foundation) About Bill of Exchange The Negotiable Instruments Act 1881 governs the provisions for bills of exchange. According to Section 5 of this act, the bill of exchange is defined as. A bill of exchange means a binding agreement by one party to pay a fixed amount of money to another party as on a specified date or on-demand. In other words, it is a written negotiable instrument containing an unconditional order to pay a specified sum of money to a certain person or to the bearer of the instrument, as directed in the instrument by the maker. The bill of exchange is either payable on demand or after a specified period.   Meaning of Bill of Exchange A bill of exchange is a document that is drawn by one person and directs another person to pay another person a specific sum of money. If the individual who is supposed to pay the sum accepts the bill of exchange, it is of practical use.   Features of the bill of exchange It must be in w

 What are Bills of Exchange? | CMA Foundation When we thought of one of the subjects of CMA Foundation Fundamentals of Accounting , then the bill of exchange seems an important topic to understand. So here in this article we sprinkle on the: All these subtopics will help you in understanding the concept of CMA Foundation Bill of Change of Fundamentals of Accounting. Bill of exchange Meaning Bill of exchange definition Bill of exchange example Features of the bill of exchange Parties of the bill of exchange A bill of exchange is a legally enforceable agreement between two parties to pay a specific sum of money to the other party on a specific date or upon demand. In other terms, it is a written negotiable document that contains an unconditional order from the creator to pay a set sum of money to a specific person or to the bearer of the instrument, as directed in the instrument. The bill of exchange might be paid immediately or after a set length of time.   The bill of exchange is issu

CMA Foundation Fundamentals of Laws and Ethics- Indian Contract Act 1872 In this Video post, CA/ CMA Foundation  aspirants will learn about the Indian Contract Act 1872.- Fundamentals of Laws and Ethics .   Basic about Indian Contract Act 1872 The Indian Contract Act is one of our country's earliest mercantile laws.   The Indian Contract Act, 1872 was authorized on 25th April 1872 [Act 9 of 1872] and accordingly came into power on the primary day of September 1872. and it applies to the whole country of India, with the exception of Jammu and Kashmir. It is the primary legislation governing contracts in India, with a total of 266 provisions.   The Indian Contract Act classifies the manner in which we go into an agreement, execute an agreement and actualize arrangements of an agreement and impacts of break of an agreement. The legally binding limit is confined in specific circumstances else it is the privilege of the person to contract. There are explicit zones that manage the proper

What is a bank reconciliation statement and why is it prepared Bank Reconciliation Statement Meaning A bank reconciliation statement is a book that keeps track of a bank account's transactions. This statement assists account holders in checking and tracking their funds as well as updating their transaction records. The bank reconciliation statement, also known as the bank passbook, is a document that shows how much money has been transferred from one account to another. The balance in the bank passbook of the statement must be the same as the balance in the cash book. All deposits will appear in the credit column on the statement, while withdrawals will appear in the debit column. However, if the withdrawal exceeds the deposit, the account will be debited (overdraft).   Why it is Prepared It‘s not compulsory to prepare a BRS and there’s no fixed date for preparing BRS. BRS is prepared on a periodical basis for checking that bank-related transactions are recorded properly in the cas

How to Become a Certified Management Accountant (CMA) If you're interested in the CMA because of all the benefits it may bring to your career, you'll want to discover how to become a CMA so you can get started. So, follow this step-by-step guide to discover more about CMA eligibility and to get started on your CMA adventure. The truth is, CMAs are in high demand and low supply right now. And the good news is, becoming one is absolutely attainable. By following my plan below you can apply for your Certified Management Accountant Certification.   How to Become a CMA Obtaining a CMA – Certified Management Accountant  (assured the executive's bookkeeper) certification is an excellent way to advance your bookkeeping career. The Institute of Management Accountants offers the CMA assignment, which is a widely recognized professional credential (IMA). As a result of this accreditation, you will have access to a large number of changes in the board's budgeting and bookkeeping th

What is Arithmetic Progression & Geometric Progression? Video Lecture About Arithmetic Progression and Geometric Progression An arithmetic progression  is a sequence of numbers in which each term is derived from the preceding term by adding or subtracting a fixed number called the common difference "d". A geometric progression  is a sequence in which each term is derived by multiplying or dividing the preceding term by a fixed number called the common ratio. For example, the sequence 4, -2, 1, - 1/2,.... is a Geometric Progression (GP) for which - 1/2 is the common ratio. This article on Arithmetic Progression will sprinkle on all the aspects of AP and is helpful for both Class 10 Maths and CA/CMA Foundation Fundamentals of Business Mathematics and Statistics.   Properties Of Arithmetic Progression On the off chance that a similar number is included or deducted from each term of an A.P, at that point, the subsequent terms in the succession are likewise in A.P with simil

What is the syllabus for CMA Foundation Exam? ICMAI Foundation Syllabus 2021 for the exam in 2021. This page will present you with the most up-to-date curriculum for the 2021 attempt. Use this syllabus to begin your preparation as soon as possible so that you can pass the exam with the desired score and rank. Study with us to achieve your goal of passing the exam on your first try. CMA Foundation Exam & CMA Foundation Syllabus The Institute of Cost Management Accountants of India administers the CMA Foundation Exam, which is a disconnected expressive test administered by pen and paper. The test consists of four papers. Each is worth 100 stamps and lasts three hours. The exam will last for at least four days. It takes place twice a year, once in June and once in December.   QUALIFICATION REQUIREMENTS You’ll need to show up for The Secondary School Examination (10+2) or its perceived proportionate by the Central Government. On the off chance that you’ve met this essential, you can en