1. A Committee of 3 in which there is no teacher and no doctor.






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QA->In a class of 20 students the average age is 16 years.If the age of the class teacher is added to that of students,the average age of the class becomes 17 years.What is the age of the teacher?....
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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 questions. Keshava, the washerman had a donkey. They worked together all day, and Keshava would pour out his heart to the donkey. One day, Keshava was walking home with the donkey when he felt tired. He tied the donkey te=a tree and sat down to rest fora while, near a school. A window was open, and through it, a teacher could be heard scolding the students. “Here I am, trying to turn you donkeys into human beings, but you just won’t study!” As soon as Keshava heard these words, his ears pricked up. A man who could actually turn, donkeys into humans! This was the answer to his prayers. Impatiently, he waited for school to be over that day. When everyone had gone home, and only the teacher remained behind to check some papers, Keshava entered the classroom. “How can I help you?” asked the teacher. Keshava scratched his head and said. “I heard what you said to the children. This donkey is my companion. If you made it human, we could have such good times together.” The teacher decided to trick Keshava. He pretended to think for a while and then said, “Give me six months and it will cost you a thousand rupees.” The washerman agreed and rushed home to get the money. He then left the donkey in the teacher’s care. After the six months were up, Keshava went to the teacher. The teacher had been using the donkey for his own work. Not wanting to give it up, he said, “Oh, your doilkey became so clever that it ran away. He is the headman of the next village. “When Keshava reached the next village he found the village elders sitting under a -tree, discussing serious problems: How surprised they were when Keshava marched up to the headman, grabbed his arm and said. “How dare you? You think you are so clever that you ran away? Come home at once!” The headman understood someone had played a trick on Keshava. “I am not your donkey!” he said. “Go find the sage in the forest. “Keshava found the sage sitting under a tree with his eyes closed, deep in meditation: He crept up and grabbed the sage’s beard.”Come back home now!” he shouted. The startled sage somehow calmed Keshava. When he heard what had happened, he had a good laugh. Then he told the washerman kindly, “The teacher made a fool of you. Your donkey must be still with him. Go and take it back from him. Try to make some real friends, who will talk with you and share your troubles. A donkey will never be able to do that!” Keshava returned home later that day with his donkey, sadder and wiser.Which of the following can be said about the teacher?
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MCQ-> Study the following information and answer the questions given below : Eight people - S, R, N, L, M, T, O and P are sitting in a circle facing the centre. All eight belong to different professions - reporter, doctor, cricketer, teacher, accountant, shopkeeper, painter and supervisor. They are not necessarily seated in the mentioned order. M is sitting third to the left of O. The doctor is to the immediate right of M and M is not a reporter. R is sitting fourth to the right of P. Neither R nor P is an immediate neighbour of M. T is a teacher and is sitting third to the right of the doctor. The shopkeeper is sitting second to the left of the teacher. The painter is sitting second to the left of M. S the cricketer is sitting exactly between T and P. The accountant is sitting second to the right of the cricketer. N is sitting third to the left of T.Who amongst the following is a reporter ?
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MCQ-> From among the five doctors 1, 2, 3, 4 and 5, four engineers G, H, K, L and six teachers M, N, O, P, Q and R, some teams are to be selected. Of these 1, 2, G, H, O, P, Q are females and the rest are males. The formation of teams is subject to the following conditions.Wherever there is a male doctor, there will not be a female teacher. Wherever there is a male engineer, there will not be a female doctor. There shall not be more than two male teacher in any team.If the team consists of two doctors, two female teachers and two engineers, then all the following teams are possible except
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MCQ-> Study the following information carefully and answer the questions given below: Eight persons — E, F, G, H, W, X, Y and Z — are sitting in two parallel rows containing four persons each. E. F, G and H are sitting in row-1 facing north and W. X, Y and Z are sitting in row-2 facing south (but not necessarily in the same order.) Thus, each person sitting in row – 1 faces another person sitting in row – 2, Each of the two rows consists of one Doctor, one Engineer, one Pilot and one Scientist (but not necessarily in the same order). • The Doctor of row-1 sits second to the right of H. X faces one of the immediate neighbours of H. Only one person sits between the X and the Scientist. • The one who faces the Scientist of row – 2 is an immediate neighbour of E. Only one person sits between E and the Pilot. • W sits second to the right of Z. Y does not face G. The Scientist of row-1 faces the Engineer of row – 2. • G faces one of the immediate neighbours of the Doctor of row-2. The Doctor of row-2 does not sit at any of the extreme ends of the line. Z is not a Doctor.Which of the following represents the people sitting at extreme ends of both the lines?
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