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100+ Free CMA Final Paper 13 Practice Questions

Prepare for the ICMAI CMA Final Paper 13: Corporate and Economic Laws exam with instant access — no signup required.

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Key Facts: CMA Final Paper 13 Exam

100 marks

Paper Total

ICMAI 2022 Syllabus

3 hours

Exam Duration

ICMAI 2022 Syllabus

~60% / ~40%

Section A vs Section B

ICMAI Paper 13 Syllabus

40% / 50%

Paper / Group Pass Mark

ICMAI Examination Rules

Group III

CMA Final Group

ICMAI 2022 Syllabus

100 MCQs

Free Practice Questions

OpenExamPrep

ICMAI CMA Final Paper 13 (Corporate and Economic Laws) is a 100-mark, three-hour offline descriptive Group III paper under the 2022 syllabus. Section A (Corporate Laws, about 60%) covers the advanced Companies Act 2013, SEBI and securities laws, and the Insolvency and Bankruptcy Code 2016. Section B (Economic Laws and Regulations, about 40%) covers FEMA, the Competition Act 2002, the PMLA 2002, and banking, insurance, and RBI regulation. The pass criteria are 40% in the paper and 50% aggregate in the group. This free bank provides 100 MCQs distributed across these statutes for knowledge prep.

Sample CMA Final Paper 13 Practice Questions

Try these sample questions to test your CMA Final Paper 13 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Section 149(1) of the Companies Act, 2013, what is the maximum number of directors a company may have without passing a special resolution?
A.Twelve
B.Fifteen
C.Eighteen
D.Twenty
Explanation: Section 149(1) caps a company's board at fifteen directors. A company may appoint more than fifteen directors only by passing a special resolution; no Central Government approval is required for the increase.
2A listed public company must hold a minimum number of Board meetings each year under Section 173 of the Companies Act, 2013. What is that minimum, and what is the maximum gap permitted between two consecutive meetings?
A.Three meetings; gap not exceeding 90 days
B.Four meetings; gap not exceeding 180 days
C.Six meetings; gap not exceeding 90 days
D.Four meetings; gap not exceeding 120 days
Explanation: Section 173(1) requires every company to hold at least four Board meetings each year, with a gap of not more than 120 days between two consecutive meetings. This ensures regular board oversight throughout the financial year.
3Under Section 135 of the Companies Act, 2013, a company crossing the prescribed thresholds must spend at least what percentage of its average net profits of the three immediately preceding financial years on CSR activities?
A.One percent
B.Three percent
C.Five percent
D.Two percent
Explanation: Section 135(5) mandates spending of at least 2% of the average net profits made during the three immediately preceding financial years on CSR. Net profit is computed under Section 198. Unspent amounts must be transferred to a specified fund or the Unspent CSR Account.
4Which of the following triggers CSR applicability under Section 135(1) of the Companies Act, 2013 for the immediately preceding financial year?
A.Net worth of Rs 100 crore or more, turnover of Rs 500 crore or more, or net profit of Rs 1 crore or more
B.Net worth of Rs 500 crore or more, turnover of Rs 1000 crore or more, or net profit of Rs 5 crore or more
C.Net worth of Rs 250 crore or more, turnover of Rs 750 crore or more, or net profit of Rs 3 crore or more
D.Paid-up capital of Rs 10 crore or more and turnover of Rs 100 crore or more
Explanation: Section 135(1) applies to every company having net worth of Rs 500 crore or more, OR turnover of Rs 1000 crore or more, OR net profit of Rs 5 crore or more during the immediately preceding financial year. Meeting any one criterion triggers the CSR provisions.
5Under Section 139 of the Companies Act, 2013, what is the maximum term for which an individual auditor may be appointed before mandatory rotation applies to a listed company?
A.One term of five consecutive years
B.One term of three consecutive years
C.Two terms of five consecutive years each
D.Two terms of three consecutive years each
Explanation: Under Section 139(2), an individual auditor of a listed company (and certain prescribed companies) cannot be appointed for more than one term of five consecutive years. An audit firm may serve up to two terms of five years each before mandatory rotation and a five-year cooling-off period.
6The National Financial Reporting Authority (NFRA) was constituted under which section of the Companies Act, 2013?
A.Section 134
B.Section 143
C.Section 132
D.Section 147
Explanation: Section 132 empowers the Central Government to constitute NFRA to recommend accounting and auditing standards, monitor compliance, and oversee the quality of service of professionals, including disciplinary powers over auditors of listed and large companies.
7Under Section 123 of the Companies Act, 2013, dividend can be declared out of which of the following sources?
A.Profits of the current year, accumulated past profits, or money provided by the government
B.Securities premium account only
C.Revaluation reserve of fixed assets
D.Capital redemption reserve
Explanation: Section 123 permits dividend to be declared out of the profits of the company for the current year (after providing for depreciation), out of accumulated profits of previous years transferred to reserves, or out of money provided by the Central or State Government for dividend in pursuance of a guarantee.
8Within how many days of declaration must a company deposit the declared dividend amount in a separate bank account under Section 123(4) of the Companies Act, 2013?
A.Within seven days
B.Within fifteen days
C.Within five days
D.Within thirty days
Explanation: Section 123(4) requires the amount of declared dividend to be deposited in a separate bank account within five days from the date of declaration. The dividend must then be paid within 30 days of declaration under Section 127.
9Unpaid or unclaimed dividend must be transferred to the Investor Education and Protection Fund (IEPF) after the amount has remained unpaid for what period under Section 124 of the Companies Act, 2013?
A.Three years from the date it became due
B.Five years from the date it became due
C.Seven years from the date it became due
D.Ten years from the date it became due
Explanation: Under Section 124, dividend that remains unpaid or unclaimed for seven years from the date it became due must be transferred to the IEPF, along with the underlying shares. The amount first goes to the Unpaid Dividend Account within 30 days, then to IEPF after seven years.
10Under Section 188 of the Companies Act, 2013, a related party transaction not in the ordinary course of business or not at arm's length generally requires which approval?
A.Approval of the Central Government only
B.Approval of the Board of Directors only
C.Approval of the Registrar of Companies
D.Prior approval by a resolution of the company (Board approval, and members' approval where prescribed thresholds are crossed)
Explanation: Section 188 requires Board approval for related party transactions; where the transaction crosses prescribed thresholds it additionally requires approval by an ordinary resolution of members. Interested members cannot vote on the resolution. Transactions in the ordinary course of business at arm's length are exempt.

About the CMA Final Paper 13 Exam

CMA Final Paper 13, Corporate and Economic Laws, is a Group III paper in the ICMAI 2022 syllabus. It tests Section A Corporate Laws (advanced Companies Act 2013, SEBI and securities laws, and the Insolvency and Bankruptcy Code) and Section B Economic Laws and Regulations (FEMA, the Competition Act, the PMLA, and banking/insurance/RBI regulation) through a 100-mark, three-hour descriptive examination.

Assessment

Question count not published by the exam provider

Time Limit

3 hours (180 minutes)

Passing Score

40% in the paper and 50% aggregate in the group (ICMAI criteria)

Exam Fee

Part of the ICMAI CMA Final group examination fee; Paper 13 is not priced separately (The Institute of Cost Accountants of India (ICMAI))

CMA Final Paper 13 Exam Content Outline

~35%

Section A: Corporate Laws - Companies Act, 2013 (Advanced)

Board of directors, independent directors, board meetings, audit and audit committee, NFRA, accounts, dividend, related party transactions, CSR, managerial remuneration, mergers and amalgamations, oppression and mismanagement, KMP, and corporate governance.

~15%

Section A: Securities Laws and SEBI Regulations

SEBI Act 1992, LODR 2015, Prohibition of Insider Trading 2015, SAST Takeover 2011, ICDR 2018, PFUTP 2003, buy-back, delisting, depositories, BRSR/ESG disclosures, and the Securities Appellate Tribunal.

~10%

Section A: Insolvency and Bankruptcy Code, 2016

CIRP initiation, default threshold, moratorium, committee of creditors, resolution plan voting, liquidation waterfall, IBBI, Section 29A eligibility, pre-packaged insolvency, and the NCLT/NCLAT framework.

~12%

Section B: FEMA and Foreign Exchange Regulation

Current vs capital account transactions, residential status, Liberalised Remittance Scheme, FDI routes, External Commercial Borrowings, prohibited transactions, penalties, compounding, and appeals.

~9%

Section B: Competition Act, 2002

Anti-competitive agreements, abuse of dominant position, regulation of combinations, CCI, leniency, NCLAT appeals, and the 2023 amendment deal value threshold.

~19%

Section B: PMLA and Other Economic Laws

Prevention of Money Laundering Act, FIU-IND reporting, attachment and adjudication, banking regulation and RBI, SARFAESI, IRDAI/insurance, Arbitration and Conciliation Act, Benami Act, and FCRA.

How to Pass the CMA Final Paper 13 Exam

What You Need to Know

  • Passing score: 40% in the paper and 50% aggregate in the group (ICMAI criteria)
  • Assessment: Question count not published by the exam provider
  • Time limit: 3 hours (180 minutes)
  • Exam fee: Part of the ICMAI CMA Final group examination fee; Paper 13 is not priced separately

Keys to Passing

  • Work through all 100 available questions
  • Review every answer and explanation
  • Track weak areas and revisit them
  • Use our AI tutor for tough concepts

CMA Final Paper 13 Study Tips from Top Performers

1Lead with the Companies Act 2013 because it is the single largest component of Paper 13 and underpins governance, audit, and meetings questions.
2Memorise key numeric thresholds (CSR 2%, audit rotation, takeover 25%, IBC default Rs 1 crore, LRS USD 250,000) since these are high-frequency exam targets.
3Map each statute to its regulator and appellate body (SEBI-SAT, CCI-NCLAT, FEMA-RBI/Appellate Tribunal, PMLA-FIU-IND/Appellate Tribunal) to avoid mixing them up.
4Practise short scenario MCQs first, then write descriptive answers with section references for the actual offline paper.
5Track recent amendments such as the Competition (Amendment) Act 2023 and revised company thresholds, as examiners favour current law.
6Build a one-page section-and-number revision sheet for each Act and revise it in the final week.

Frequently Asked Questions

What is CMA Final Paper 13 about?

CMA Final Paper 13, Corporate and Economic Laws, is a Group III paper in the ICMAI 2022 syllabus. Section A covers Corporate Laws (the advanced Companies Act 2013, SEBI and securities laws, and the Insolvency and Bankruptcy Code), and Section B covers Economic Laws and Regulations such as FEMA, the Competition Act, and the PMLA.

How is Paper 13 weighted between the two sections?

Section A, Corporate Laws, carries roughly 60% of the paper, dominated by the Companies Act 2013, with SEBI/securities laws and the Insolvency and Bankruptcy Code. Section B, Economic Laws and Regulations, carries roughly 40%, covering FEMA, the Competition Act, the PMLA, and banking/insurance/RBI regulation.

Is CMA Final Paper 13 an MCQ exam?

No. The official ICMAI examination for Paper 13 is a 100-mark, three-hour offline descriptive paper. This question bank provides 100 multiple-choice questions as knowledge prep aligned to the official syllabus and ICMAI's MCQ practice material, to help you test concepts quickly.

What is the passing criteria for Paper 13?

Under ICMAI rules, a candidate must score at least 40% in each individual paper and an aggregate of at least 50% across the group to pass. Exemptions are available for a paper in which a candidate scores 60% or more, subject to ICMAI's rules.

Which syllabus edition does this cover?

This prep follows the ICMAI CMA 2022 syllabus for the Final level, applicable to current June and December examination terms. It also reflects recent legal changes, including the Competition (Amendment) Act 2023 deal value threshold and updated small-company thresholds.

Which major statutes should I focus on for Paper 13?

Prioritise the Companies Act 2013 (the largest component), then the Insolvency and Bankruptcy Code 2016 and SEBI regulations in Section A. In Section B, focus on FEMA, the Competition Act 2002, and the PMLA 2002, with supporting coverage of banking, SARFAESI, IRDAI, arbitration, and FCRA.

How long should I study for CMA Final Paper 13?

Most candidates spend about 120 to 180 hours on Paper 13 across a term, given the breadth of statutes. A focused 10 to 14 week plan that sequences the Companies Act, securities laws, the IBC, and the economic laws works well alongside the other Group III and IV papers.

Where do I register for the CMA Final examination?

Registration for the CMA Final course is done through the ICMAI students portal, and examination enrolment for each term is handled through ICMAI's examination portal at eicmai.in within the notified window. Paper 13 is taken as part of the Group III examination.