1. What virtues should not be allowed to grow in a child?





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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 given passage carefully and select the best answer to each question out of the four given alternatives. The children should be taught with the basic emotions since their childhood. The affection, love and care should be properly imparted into the child's moulding mind. They should be explained the virtues of goodness and badness. The child should be able to feel other's pain and emotion, in order to handle the relationships in life carefully. The teenager should be made aware of the physical and physiological changes in the human structure in a decent and delicate manner, which could provide them the details with the words of mildness without tingling their emotions. The brutality and violent behavior of the child should be controlled in the first instance, so as not to let them grow these virtues in the phase of life. A child should be taught the social behavior and basic manners. These are very much required to lead a respectable life. A child should be made aware of the incidences in the society, along with its impact on the victims and their near and dear ones. These small pieces of information slowly mould their mind and they start learning how to respect others' feelings and emotions. In the development of a child, the role of parents and teachers is very crucial. The parents teach their child at home with their behavior towards their family members and outsiders. A teacher in the same way spreads the virtue of goodness by their way of conversation and interaction within the campus of the institute and in the outside world.Whose role is most crucial in development of a child?
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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.Long ago, the country of Gandhara was ruled by a just and good king Vidyadhara. His subjects were very happy, but as the king grew older, everyone grew more and more worried because the king did not have any children who could take over the kingdom after him. The king was an avid gardener. He spent a lot of time tending to his garden. planting the finest flowers. fruit trees and vegetables. One day. after he finished working in his garden, he proclaimed, ‘I will distribute some seeds to all the children in the kingdom. The one who grows the biggest, healthiest plant within three months will become the price or the princess'. The next day there was a long queue of anxious parents and children outside the palace. Everyone was eager to get a seed arid grow the best plant. Pingala, a poor farmer’s son. was among the children. Like the king, he too was fond of gardening and grew beautiful plants in his backyard. He took the seed from the king and planted it in a pot with great care. Some weeks passed and he plied it with water and manure. but the plant did not appear. Pingala tried changing the soil and transferred the seed to another pot, but even by the end of three months nothing appeared. At last the day came when all the children had to go to the king to show the plant they had grown. They went walking to the palace dressed in their best, holding beautiful plants in their hands. Only Pingala stood sadly, watching them go by. Pingala’s father had watched his son working hard with the seed and lelt sorry for him. ‘Why don’t you go to the king with your empty pot ?’ he suggested. At least he will know you tried your best So Pingala too wore his best suit and joined the others outside the palace, holding his empty pot in his hand and ignoring the laughter around him. Soon the king arrived and began his inspection, The pots held flowers of different shades, beautiful and healthy. but the king did not look happy. At the end of the queue stood Pingala, and when the king reached him, he stopped in surprise. ‘My son, why have you come with an empty pot ? Could you not grow anything? Pingala looked down and said, ‘Forgive me, your highness. I tried my best, I gave it the best soil and manure I had, but the plant would not grow.’ Now the king’s face broke into a smile. He enveloped Pingala in his arms and announced, 'This boy truly deserves to be crowned the prince! I had given everyone roasted seeds, which would never grow. I wanted to see which child was the most honest one, and would admit he or she would not be able to grow anything. Only this young boy told the truth. I am sure he will rule this kingdom one day with truth and honesty'. And indeed that was what happened. When the king grew old and died. Pingala, who had learnt everything from him, came to the throne and ruled Gandhara justly for many years.Why did the king distribute seeds to all the children in his kingdom ?
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MCQ->Five children sat for an aptitude test. In the result report, it was noted that child A scored less marks than child B. Child C scored less marks than child D. Child B scored less marks than child C and child A scored more marls than the child E. Question: If the children are arranged in ascending order as per their marks then which child will be second from the left?....
MCQ->In a class, five children wrote aptitude test. In the result report, it was noted that the child A got less marks than the child B. The child C got less marks than the child D. The child B is got less mark than the child C and child A got more marks than the child E. which child got the second highest marks?....
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