1. Comets revolve around which body?

Answer: Sun

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MCQ->Comets revolve around the?...
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/phrases have been printed in bold to help you locate them while answering some of the questions. Once upon a time, there lived a lion in a forest. A jackal, a crow and a wolf had developed friendship. They knew that the lion was the king of the forest and friendship with such a fierce creature would always help them. To meet their selfish ends, they started obeying and were always at the service of the lion. They didn’t have to make any efforts to search for their food, as the lion gave his leftover meals to them. Moreover, they became powerful as they were next to the king of the forest. One day, a camel, who came from some distant land, lost his way and entered the same forest where these friends lived. In the meantime, these three friends happened to pass the same way that the camel was wandering. When they saw the camel, they realized that he did not belong to their forest. The jackal suggested to his other two friends, “Let’s kill and eat him.” The wolf replied, “It is a big animal. We cannot kill him like this. I think, we should first inform our king about this camel.” The crow agreed with the wolf s idea. All of them went to meet the lion. On reaching the lion’s den, the jackal approached the lion and said, Your Majesty, an unknown camel has dared to enter your kingdom without your consent, Let’s kill him; he could make a nice meal.” The lion roared loudly on hearing this and said, ‘What are you saying ? The camel has come for refuge in ray kingdom. It is unethical to kill him. We should provide him the best shelter. Go and bring him to me,” All of them were dispirited to hear these words from the king. They unwillingly went to the camel and told him about the lion’s desire to meet him, The camel was scared about the strange offer. He thought that his end had come and in a little while he would become the lion’s meal. As he couldn’t even escape, he decided to meet the lion. The selfish friends escorted the camel to the lion’s den. The lion welcomed the camel warmly and assured him of a safe stay in the forest. The camel was totally amazed to hear the lion’s words. He happily started living with the jackal, the crow and the wolf. One day, when the lion was hunting for food, he had a struggle with a mighty elephant. The lion was badly injured in the struggle and became incapable of hunting for his food. Thus the lion had to sustain without food for days. Due to this, his friends too had to go hungry for days as they totally depended on the lion’s kill for their food. But the camel was satisfied grazing around in the forest. All the three friends were worried and discussed the matter among them, As the jackal, the crow and the wolf had set their evil eyes on the camel, they met once again and devised a plan to kill the camel. They went to the camel and said, “Dear Friend, you know our king has not eaten anything for many days now. He is unable to hunt due to his wounds and sickness. Under such circumstances, it becomes our duty to sacrifice ourselves to save the life of our king. Come with us, we will offer our bodies as food for him.” The camel didn’t understand their plan, but innocently nodded in favour of it. All of them approached the lion’s den. First of all, the crow came forward and said, “Your Majesty, I can’t see you like this. So please eat me.” The lion replied, “I would prefer to die than to perform such a sinful deed.” Then, the jackal came forward and said, “Your Majesty, crow’s body is too small for your appetite. I offer myself to you, as it is my duty to save your life.” The lion politely rejected the offer. As per the plan, now it was the wolf’s turn to offer himself to the king. So, the wolf came forward and said, “Your Majesty, jackal is quite small to gratify your hunger. I offer myself for this kind job, Please, kill me and appease your hunger.” But the Lion didn’t kill any of them. The camel, who was watching the whole scene felt reassured of his safety and also decided to go forward and complete the formality. He marched forward and said, “Your Majesty, why don’t you kill me ? You are my friend. Please allow me to offer you my body.” The lion found the offer quite appropriate as the camel himself had offered his body for food. The lion attacked the camel at once, ripped open his body and lore him into pieces. The lion and his friends feasted on the poor camel for days together.‘Why could the lion not hunt anymore ?
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MCQ-> Analyse the following passage and provide appropriate answers for questions that follow. Alone – he was alone again – again condemned to silence – again face to face with nothingness! Alone! – never again to see the face, never again to hear the voice of the only human being who united him to earth! Was not Faria’s fate the better, after all – to solve the problem of life at its source, even at the risk of horrible suffering? The idea of suicide, which his friend had driven away and kept away by his cheerful presence, now hovered like a phantom over the abbe’s dead body. “If I could die,” he said, “I should go where he goes, and should assuredly find him again. But how to die? It is very easy,” he went on with a smile; “I will remain here, rush on the first person that opens the door, strangle him, and then they will guillotine me.” But excessive grief is like a storm at sea, where the frail bark is tossed from the depths to the top of the wave. Dantes recoiled from the idea of so infamous a death, and passed suddenly from despair to an ardent desire for life and liberty. “Die? Oh, no,” he exclaimed – “not die now, after having lived and suffered so long and so much! Die? yes, had I died years ago; but now to die would be, indeed, to give way to the sarcasm of destiny. No, I want to live; I shall struggle to the very last; I will yet win back the happiness of which I have been deprived. Before I die I must not forget that I have my executioners to punish, and perhaps, too, who knows, some friends to reward. Yet they will forget me here, and I shall die in my dungeon like Faria, ” As he said this, he became silent and gazed straight before him like one overwhelmed with a strange and amazing thought. Suddenly he arose, lifted his hand to his brow as if his brain were giddy, paced twice or thrice round the dungeon, and then paused abruptly by the bed. “Just God!” he muttered, “whence comes this thought? Is it from thee? Since none but the dead pass freely from this dungeon, let me take the place of the dead!” Without giving himself time to reconsider his decision, and , indeed, that he might not allow his thoughts to be distracted from his desperate resolution, he bent over the appalling shroud, opened it with the knife which Faria had made, drew the corpse from the sack, and bore it along the tunnel to his own chamber, laid it on his couch, tied around its head the rag he wore at night around his own, covered it with his counterpane, once again kissed the ice - cold brow, and tried vainly to close the resisting eyes, which glared horribly, turned the head towards the wall, so that the jailer might, when he brought the evening meal, believe that he was asleep, as was his frequent custom; entered the tunnel again, drew the bed against the wall, returned to the other cell, took from the hiding – place the needle and thread, flung off his rags, that they might feel only naked flesh beneath the coarse canvas, and getting inside the sack, placed himself in the posture in which the dead body had been laid, and sewed up the mouth of the sack from the inside.How was the protagonist planning to resolve his problem?
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