1. Data structuring is refined through a process called






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MCQ-> "All raw sugar comes to us this way. You see, it is about the color of maple or brown sugar, but it is not nearly so pure, for it has a great deal of dirt mixed with it when we first get it." "Where does it come from?" inquired Bob."Largely from the plantations of Cuba and Porto Rico. Toward the end of the year we also get raw sugar from Java, and by the time this is refined and ready for the market the new crop from the West Indies comes along. In addition to this we get consignments from the Philippine Islands, the Hawaiian Islands, South America, Formosa, and Egypt. I suppose it is quite unnecessary to tell you young men anything of how the cane is grown; of course you know all that.""I don't believe we do, except in a general way," Bob admitted honestly. "I am ashamed to be so green about a thing at which Dad has been working for years. I don't know why I never asked about it before. I guess I never was interested. I simply took it for granted.""That's the way with most of us," was the superintendent's kindly answer. "We accept many things in the world without actually knowing much about them, and it is not until something brings our ignorance before us that we take the pains to focus our attention and learn about them. So do not be ashamed that you do not know about sugar raising; I didn't  when I was your age. Suppose, then, I give you a little idea of what happens before this raw sugar can come to us.""I wish you would," exclaimed both boys in a breath."Probably in your school geographies you have seen pictures of sugar-cane and know that it is a tall perennial not unlike our Indian corn in appearance; it has broad, flat leaves that sometimes measure as many as three feet in length, and often the stalk itself is twenty feet high. This stalk is jointed like a bamboo pole, the joints being about three inches apart near the roots and increasing in distance the higher one gets from the ground.""How do they plant it?" Bob asked."It can be planted from seed, but this method takes much time and patience; the usual way is to plant it from cuttings, or slips. The first growth from these cuttings is called plant cane; after these are taken off the roots send out ratoons or shoots from which the crop of one or two years, and sometimes longer, is taken. If the soil is not rich and moist replanting is more frequently necessary and in places like Louisiana, where there is annual frost, planting must be done each year. When the cane is ripe it is cut and brought from the field to a central sugar mill, where heavy iron rollers crush from it all the juice. This liquid drips through into troughs from which it is carried to evaporators where the water portion of the sap is eliminated and the juice left; you would be surprised if you were to see this liquid. It looks like nothing so much as the soapy, bluish gray dish-water that is left in the pan after the dishes have been washed.""A tempting picture!" Van exclaimed."I know it. Sugar isn't very attractive during its process of preparation," agreed Mr. Hennessey. "The sweet liquid left after the water has been extracted is then poured into vacuum pans to be boiled until the crystals form in it, after which it is put into whirling machines, called centrifugal machines that separate the dry sugar from the syrup with which it is mixed. This syrup is later boiled into molasses. The sugar is then dried and packed in these burlap sacks such as you see here, or in hogsheads, and shipped to refineries to be cleansed and whitened.""Isn't any of the sugar refined in the places where it grows?" queried Bob."Practically none. Large refining plants are too expensive to be erected everywhere; it therefore seems better that they should be built in our large cities, where the shipping facilities are good not only for receiving sugar in its raw state but for distributing it after it has been refined and is ready for sale. Here, too, machinery can more easily be bought and the business handled with less difficulty." Which one of the following is not a essential condition for setting up sugar refining plants?
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MCQ->Data structuring is refined through a process called....
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-> These questions consist of a question and two statements numbered I and H given below it. You have to decide whether the data provided in the statements are sufficient to answer the question. Read both the statements and mark the appropriate answer. Give answer : Topic:banking-reasoning-data-sufficiency a: The data even in both statements I and II together are not sufficient to answer the question. b: The data in statement I alone are sufficient to answer the question while the data in statement II alone are not sufficient to answer the question. c: The data either in statement I alone or in statement II alone are sufficient to answer the question. d: The data in both statements I and II together are necessary to answer the question. e: The data in statement II alone are sufficient to answer the question while the data in statement I are not sufficient to answer the question.In a building, the ground floor is numbered one, first floor is numbered two and so on till the topmost floor is numbered five. Amongst five people- M, N, O, P and Q, each living on a different floor, but not necessarily in the same order, on which floor does Q live ? I. O lives on an odd numbered floor. M lives immediately below O. Only two people live between M and P. N lives neither immediately below M nor immediately below P. II. N lives on an even numbered floor. Only two people live between N and O. Only one person lives between O and Q.....
MCQ-> The story begins as the European pioneers crossed the Alleghenies and started to settle in the Midwest. The land they found was covered with forests. With incredible efforts they felled the trees, pulled the stumps and planted their crops in the rich, loamy soil. When they finally reached the western edge of the place we now call Indiana, the forest stopped and ahead lay a thousand miles of the great grass prairie. The Europeans were puzzled by this new environment. Some even called it the “Great Desert”. It seemed untillable. The earth was often very wet and it was covered with centuries of tangled and matted grasses. With their cast iron plows, the settlers found that the prairie sod could not be cut and the wet earth stuck to their plowshares. Even a team of the best oxen bogged down after a few years of tugging. The iron plow was a useless tool to farm the prairie soil. The pioneers were stymied for nearly two decades. Their western march was hefted and they filled in the eastern regions of the Midwest.In 1837, a blacksmith in the town of Grand Detour, Illinois, invented a new tool. His name was John Deere and the tool was a plow made of steel. It was sharp enough to cut through matted grasses and smooth enough to cast off the mud. It was a simple too, the “sod buster” that opened the great prairies to agricultural development.Sauk Country, Wisconsin is the part of that prairie where I have a home. It is named after the Sauk Indians. In i673 Father Marquette was the first European to lay his eyes upon their land. He found a village laid out in regular patterns on a plain beside the Wisconsin River. He called the place Prairie du Sac) The village was surrounded by fields that had provided maize, beans and squash for the Sauk people for generations reaching back into the unrecorded time.When the European settlers arrived at the Sauk prairie in 1837, the government forced the native Sank people west of the Mississippi River. The settlers came with John Deere’s new invention and used the tool to open the area to a new kind of agriculture. They ignored the traditional ways of the Sank Indians and used their sod-busting tool for planting wheat. Initially, the soil was generous and the nurturing thrived. However each year the soil lost more of its nurturing power. It was only thirty years after the Europeans arrived with their new technology that the land was depleted, Wheat farming became uneconomic and tens of thousands of farmers left Wisconsin seeking new land with sod to bust.It took the Europeans and their new technology just one generation to make their homeland into a desert. The Sank Indians who knew how to sustain themselves on the Sauk prairie land were banished to another kind of desert called a reservation. And they even forgot about the techniques and tools that had sustained them on the prairie for generations unrecorded. And that is how it was that three deserts were created — Wisconsin, the reservation and the memories of a people. A century later, the land of the Sauks is now populated by the children of a second wave of European tanners who learned to replenish the soil through the regenerative powers of dairying, ground cover crops and animal manures. These third and fourth generation farmers and townspeople do not realise, however, that a new settler is coming soon with an invention as powerful as John Deere’s plow.The new technology is called ‘bereavement counselling’. It is a tool forged at the great state university, an innovative technique to meet the needs of those experiencing the death of a loved one, tool that an “process” the grief of the people who now live on the Prairie of the Sauk. As one can imagine the final days of the village of the Sauk Indians before the arrival of the settlers with John Deere’s plow, one can also imagine these final days before the arrival of the first bereavement counsellor at Prairie du Sac) In these final days, the farmers arid the townspeople mourn at the death of a mother, brother, son or friend. The bereaved is joined by neighbours and kin. They meet grief together in lamentation, prayer and song. They call upon the words of the clergy and surround themselves in community.It is in these ways that they grieve and then go on with life. Through their mourning they are assured of the bonds between them and renewed in the knowledge that this death is a part of the Prairie of the Sauk. Their grief is common property, an anguish from which the community draws strength and gives the bereaved the courage to move ahead.It is into this prairie community that the bereavement counsellor arrives with the new grief technology. The counsellor calls the invention a service and assures the prairie folk of its effectiveness and superiority by invoking the name of the great university while displaying a diploma and certificate. At first, we can imagine that the local people will be puzzled by the bereavement counsellor’s claim, However, the counsellor will tell a few of them that the new technique is merely o assist the bereaved’s community at the time of death. To some other prairie folk who are isolated or forgotten, the counsellor will approach the Country Board and advocate the right to treatment for these unfortunate souls. This right will be guaranteed by the Board’s decision to reimburse those too poor tc pay for counselling services. There will be others, schooled to believe in the innovative new tools certified by universities and medical centres, who will seek out the bereavement counsellor by force of habit. And one of these people will tell a bereaved neighbour who is unschooled that unless his grief is processed by a counsellor, he will probably have major psychological problems in later life. Several people will begin to use the bereavement counsellor because, since the Country Board now taxes them to insure access to the technology, they will feel that to fail to be counselled is to waste their money, and to be denied a benefit, or even a right.Finally, one day, the aged father of a Sauk woman will die. And the next door neighbour will not drop by because he doesn’t want to interrupt the bereavement counsellor. The woman’s kin will stay home because they will have learned that only the bereavement counsellor knows how to process grief the proper way. The local clergy will seek technical assistance from the bereavement counsellor to learn the connect form of service to deal with guilt and grief. And the grieving daughter will know that it is the bereavement counsellor who really cares for her because only the bereavement counsellor comes when death visits this family on the Prairie of the Sauk.It will be only one generation between the bereavement counsellor arrives and the community of mourners disappears. The counsellor’s new tool will cut through the social fabric, throwing aside kinship, care, neighbourly obligations and communality ways cc coming together and going on. Like John Deere’s plow, the tools of bereavement counselling will create a desert we a community once flourished, And finally, even the bereavement counsellor will see the impossibility of restoring hope in clients once they are genuinely alone with nothing but a service for consolation. In the inevitable failure of the service, the bereavement counsellor will find the deserts even in herself.Which one of the following best describes the approach of the author?
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