1. Which is the Master Key of the Key Board?





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MCQ-> Read carefully the four passages that follow and answer the questions given at the end of each passage:PASSAGE I The most important task is revitalizing the institution of independent directors. The independent directors of a company should be faithful fiduciaries protecting, the long-term interests of shareholders while ensuring fairness to employees, investor, customer, regulators, the government of the land and society. Unfortunately, very often, directors are chosen based of friendship and, sadly, pliability. Today, unfortunately, in the majority of cases, independence is only true on paper.The need of the hour is to strengthen the independence of the board. We have to put in place stringent standards for the independence of directors. The board should adopt global standards for director-independence, and should disclose how each independent director meets these standards. It is desirable to have a comprehensive report showing the names of the company employees of fellow board members who are related to each director on the board. This report should accompany the annual report of all listed companies. Another important step is to regularly assess the board members for performance. The assessment should focus on issues like competence, preparation, participation and contribution. Ideally, this evaluation should be performed by a third party. Underperforming directors should be allowed to leave at the end of their term in a gentle manner so that they do not lose face. Rather than being the rubber stamp of a company’s management policies, the board should become a true active partner of the management. For this, independent directors should be trained in their in their in roles and responsibilities. Independent directors should be trained on the business model and risk model of the company, on the governance practices, and the responsibilities of various committees of the board of the company. The board members should interact frequently with executives to understand operational issues. As part of the board meeting agenda, the independent directors should have a meeting among themselves without the management being present. The independent board members should periodically review the performance of the company’s CEO, the internal directors and the senior management. This has to be based on clearly defined objective criteria, and these criteria should be known to the CEO and other executive directors well before the start of the evolution period. Moreover, there should be a clearly laid down procedure for communicating the board’s review to the CEO and his/her team of executive directors. Managerial remuneration should be based on such reviews. Additionally, senior management compensation should be determined by the board in a manner that is fair to all stakeholders. We have to look at three important criteria in deciding managerial remuneration-fairness accountability and transparency. Fairness of compensation is determined by how employees and investors react to the compensation of the CEO. Accountability is enhanced by splitting the total compensation into a small fixed component and a large variable component. In other words, the CEO, other executive directors and the senior management should rise or fall with the fortunes of the company. The variable component should be linked to achieving the long-term objectives of the firm. Senior management compensation should be reviewed by the compensation committee of the board consisting of only the independent directors. This should be approved by the shareholders. It is important that no member of the internal management has a say in the compensation of the CEO, the internal board members or the senior management. The SEBI regulations and the CII code of conduct have been very helpful in enhancing the level of accountability of independent directors. The independent directors should decide voluntarily how they want to contribute to the company. Their performance should decide voluntarily how they want to contribute to the company. Their performance should be appraised through a peer evaluation process. Ideally, the compensation committee should decide on the compensation of each independent director based on such a performance appraisal. Auditing is another major area that needs reforms for effective corporate governance. An audit is the Independent examination of financial transactions of any entity to provide assurance to shareholder and other stakeholders that the financial statements are free of material misstatement. Auditors are qualified professionals appointed by the shareholders to report on the reliability of financial statements prepared by the management. Financial markets look to the auditor’s report for an independent opinion on the financial and risk situation of a company. We have to separate such auditing form other services. For a truly independent opinion, the auditing firm should not provide services that are perceived to be materially in conflict with the role of the auditor. These include investigations, consulting advice, sub contraction of operational activities normally undertaken by the management, due diligence on potential acquisitions or investments, advice on deal structuring, designing/implementing IT systems, bookkeeping, valuations and executive recruitment. Any departure from this practice should be approved by the audit committee in advance. Further, information on any such exceptions must be disclosed in the company’s quarterly and annual reports. To ensure the integrity of the audit team, it is desirable to rotate auditor partners. The lead audit partner and the audit partner responsible for reviewing a company’s audit must be rotated at least once every three to five years. This eliminates the possibility of the lead auditor and the company management getting into the kind of close, cozy relationship that results in lower objectivity in audit opinions. Further, a registered auditor should not audit a chief accounting office was associated with the auditing firm. It is best that members of the audit teams are prohibited from taking up employment in the audited corporations for at least a year after they have stopped being members of the audit team.A competent audit committee is essential to effectively oversee the financial accounting and reporting process. Hence, each member of the audit committee must be ‘financially literate’, further, at least one member of the audit committee, preferably the chairman, should be a financial expert-a person who has an understanding of financial statements and accounting rules, and has experience in auditing. The audit committee should establish procedures for the treatment of complaints received through anonymous submission by employees and whistleblowers. These complaints may be regarding questionable accounting or auditing issues, any harassment to an employee or any unethical practice in the company. The whistleblowers must be protected. Any related-party transaction should require prior approval by the audit committee, the full board and the shareholders if it is material. Related parties are those that are able to control or exercise significant influence. These include; parent- subsidiary relationships; entities under common control; individuals who, through ownership, have significant influence over the enterprise and close members of their families; and dey management personnel.Accounting standards provide a framework for preparation and presentation of financial statements and assist auditors in forming an opinion on the financial statements. However, today, accounting standards are issued by bodies comprising primarily of accountants. Therefore, accounting standards do not always keep pace with changes in the business environment. Hence, the accounting standards-setting body should include members drawn from the industry, the profession and regulatory bodies. This body should be independently funded. Currently, an independent oversight of the accounting profession does not exist. Hence, an independent body should be constituted to oversee the functioning of auditors for Independence, the quality of audit and professional competence. This body should comprise a "majority of non- practicing accountants to ensure independent oversight. To avoid any bias, the chairman of this body should not have practiced as an accountant during the preceding five years. Auditors of all public companies must register with this body. It should enforce compliance with the laws by auditors and should mandate that auditors must maintain audit working papers for at least seven years.To ensure the materiality of information, the CEO and CFO of the company should certify annual and quarterly reports. They should certify that the information in the reports fairly presents the financial condition and results of operations of the company, and that all material facts have been disclosed. Further, CEOs and CFOs should certify that they have established internal controls to ensure that all information relating to the operations of the company is freely available to the auditors and the audit committee. They should also certify that they have evaluated the effectiveness of these controls within ninety days prior to the report. False certifications by the CEO and CFO should be subject to significant criminal penalties (fines and imprisonment, if willful and knowing). If a company is required to restate its reports due to material non-compliance with the laws, the CEO and CFO must face severe punishment including loss of job and forfeiting bonuses or equity-based compensation received during the twelve months following the filing.The problem with the independent directors has been that: I. Their selection has been based upon their compatibility with the company management II. There has been lack of proper training and development to improve their skill set III. Their independent views have often come in conflict with the views of company management. This has hindered the company’s decision-making process IV. Stringent standards for independent directors have been lacking....
MCQ-> Read the following passage carefully and answer the questions given below it . Certain words have been printed in bold to help you locate them while answering some of the question.There was a girl who sang beautifully at the temple every morning. The music master used to happily recall, “One day when I went into the woods to pluck flowers, I found this baby under a pipal tree”. He picked her up carefully, raised her lovingly as if she were his daughter and taught her to sing before she spoke her first word. The music master grew old and didn’t see too well. The girl tended to him caringly. Many people including young men travelled from far and wide to hear her sing . This made the music master’s heart quake with fear. “You will choose one of them as your husband. What is to become of me ?” The girl replied ,”I shall not be apart from you “. But on a full moon night during the harvest festival, the master’s chief disciple touched his feet reverently and said, “Master, grant me your permission for your daughter has agreed to many me.” The master’s tears flowed freely,” She has chosen well. Go and fetch her let me hear you sing the first of many melodies that you will sing together.” The two began to sing in harmony. But the song was interrupted by the arrival of the royal messenger. “Your daughter is very fortunate– the king has sent for her,” the messenger said. At the palace the queen summoned the girl to her and said, “I place upon you the honour of making sure my daughter is never unhappy at her husband’s home.” There wasn’t a single tear in the girl’s eyes but she thought of the master and her heart was heavy.That very night the princess began her journey to Kambhoj. The princess’s royal chariotled the procession and the girl’s palanquin followed close behind carrying trunks of silk, jewellery and precious stones. It was covered with a velvet sheet and had soldiers on the both sides. As the procession passed, the master and his disciple Kumarsen stood still by wayside. A collective sigh escaped the crowd gathered there wishing that the princess wouldn’t feel homesick in her faraway home.Which of the following can be said about the girl? (A) She was brought up by her father as her mother had died when she was a baby. (B) She was a talented singer who had learnt to sing at an early age. (C) She was only allowed to sing with the master’s permission.....
MCQ-> Read the following passage carefully and answer the questions given below it. Certain words are printed in bold to help you to locate them while answering some of the questions.Amrutananda was a well-known and rich landlord in his village. He and his wife were both cunning and extremely sly. They made a lot of money by cheating and ill-treating their labourers who worked in their fields. One day, a young man named Manikya came to Amrutananda. ask ing for work. Amrutananda was picas. antly surprised. No one ever wanted to work for him because of his reputation and here was someone wallking right into his house! Manikya’s next few words made him even happier. Manikya said, ‘1 will work for you for free. You need not pay me a salary, only give me a place to sleep, two sets of clothes and two meals a day.’ Amrutananda was filled with joy when he heard this and was about to agree. when Manikva added, ‘I have only one condition: I will tell you the truth always, but one day of the year I will lie to you.’ Amrutananda, who lied happily every day of the year. agreed to this odd condition. So Manikya joined him. He was a wonderful worker – hard – working and trustworthy. He was very honest and soon became Arnruta-nan da’s right hand man. A year went by. and because of Manikya’s hard work. Amrutananda had an excellent harvest. He and his wife Mandakini, decided to have a big feast to celebrate. They invited all their relatives and friends, who came from across the village and outside to participate in this celebration. Everyone was looking forward to the delicious feast being planned. On the morning of the feast, Amrutananda decided he would also give away some gifts to his relatives, just so that he could show-off. So he set off for the market in his cart. As soon as he was out of sight. Manikya went running to his mistress. Mandakini. He wept loudly and heat his chest. Then he tell on the floor sobbing, and announced, The master is dead.’ The cart overturned on the road. Our master has been flattened like a Chapatti” As soon as Amrutananda’s wife and relatives heard this, they started wailing. Manikva rushed out, saying he would bring hack the body, while everyone started pre• paring for the last rites. Manikya now went running to his master and said “Master! Your wile is dead. My kind, loving mistress is dead. A cobra bit her and she fell to the ground, as blue as the spring sky.- Amrutananda was stunned. His be loved Mandakini. his partner in all his schemes, was dead! He couldn’t believe it. He rushed back home shouting her name. Mandakini was weeping loudly, Sitting in the courtyard. When she saw her husband run in, she stopped mid — wail. and Amrutananda too, stood openmouthed and speechless. Then they fell into each other’s arms, unable to believe their eyes. At once they turned to Manikya, “What is the meaning of this. Manikya his master demanded in a stern voice. Manikya smiled. “Remember my condition, that I would Ile only once in a year? Well, I choose today. You *see what lies can do? They nearly destroyed your life. Now think about what happens to the people you lie to everyday. Saying this he walked out, leaving behind a stunned and ashamed landlord.Why didn’t anyone want to work for Amrutananda ?
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MCQ-> The following questions relate to a game to be played by you and your friend. The game consists of a 4 x 4 board (see below) where each cell contains a positive integer. You and your friend make moves alternately. A move by any of the players consists of splitting the current board configuration into two equal halves and retaining one of them. In your moves you are allowed to split the board only vertically and to decide to retain either the left or the right half. Your friend, in his/her moves, can split the board only horizontally and can retain either the lower or the upper half. After two moves by each player a single cell will remain which can no longer be split and the number in that cell will be treated as the gain (in rupees) of the person who has started the game. A sample game is shown below. So your gain is Re.1. With the same initial board configuration as above and assuming that you have to make the first move, answer the following questions.   Initial Board                          After your move (retain left) After your friends move (retain upper) After your move (retain right) After your friends move (retain lower) If you choose (retain right) (retain left) in your turns, the best move sequence for your friend to reduce your gain to a minimum will be
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MCQ->Statements: The eligibility for admission to the course is minimum second class Master's degree. However, the candidates who have appeared for the final year examination of Master's degree can also apply. Conclusions: All candidates who have yet to get their Master's degree will be there in the list of selected candidates. All candidates having obtained second class Master's degree will be there in the list of selected candidates.

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