INTERMEDIATE EXAMINATION Syllabus 2016 Paper 6: LAWS ...

1 Paper 6: Laws & Ethics [December_2021_Term] The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 1 INTERMEDIATE EXAMINATION Syllabus 2016 Paper 6: LAWS & ETHICS (LNE) Time Allowed: 3 Hours Full Marks: 100 There are Sections A, B, C and D to be answered subject to instructions given against each. Section A [20 Marks] You are required to answer all the questions. Each question carries 1 mark. [20 1=20] Instructions: Each question is followed by 4 Answer choices and only one is correct. You are required to select the choice which according to you represents the correct answer.

2 1. The Latin maxim Ex-Nudopacto Non Oritur Action means _. Which of the following options according to you most appropriately fills the above blank? (i) Let buyers beware (ii) No consideration no contract (iii) Ignorance of law is not an excuse (iv) No man can pass a better title than he has 2. Which of the following can be considered as a subject matter of a contract as per Sale of Goods Act,1930? (i) Existing or future goods (ii) Goods perishing before making contract (iii) Goods perishing before sale but after agreement to sell (iv) All 3. Which one of the following is not a negotiable instrument as per Negotiable Instruments Act,1881?

3 (i) Share Certificate (ii) Bill of exchange (iii) Cheque (iv) Promissory Note. 4. Partnership formed for an indefinite period is known as _. Which of the following options according to you most appropriately fills the above blank? (i) Particular partnership (ii) Limited partnership (iii) Partnership at will (iv) Partnership cannot be for indefinite period 5. How many designated partners are required in a Limited Liability Partnership as per Limited Liability Partnership Act,2008? (i) One (ii) At least two (iii) Three (iv) At least seven 6 The breach of of contract may be.

4 Which of the following options according to you most appropriately fills the above blank? (i) Actual (ii) AnticipatoryPaper 6: Laws & Ethics [December_2021_Term] The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 2 (iii) Both (i) & (ii) (iv) None of the above 7. The Maximum amount gratuity payable to an employee u/s 4(3) of Payment of gratuity Act, 1972 is . Which of the following options according to you most appropriately fills the above blank? (i) Rs. 8 lakhs (ii) Rs. 10 lakhs (iii) Rs. 15 lakhs (iv) Rs.

5 20 lakhs 8. Which of the following cannot be nominated for the purpose of Employees Provident Fund and Miscellaneous Provision Act, 1952? (i) Wife (ii) Sons of a deceased sons who have attained majority (iii) Father in law (iv) Unmarried daughter 9. The employer s share of contribution under Employees State Insurance Act, 1948 is of the worker s wages. Which of the following options according to you most appropriately fills the above blank? (i) (ii) (iii) (iv) 10. The Maximum bonus payable during an accounting year is of the salary as per payment of Bonus Act, 1965.

6 Which of the following options according to you most appropriately fills the above blank? (i) (ii) 12% (iii) 15% (iv) 20% 11. Wages of a worker shall be paid before the expiry of 7th day in the establishment for which less than person are employed as per Minimum Wages Act, 1948. Which of the following options according to you most appropriately fills the above blank? (i) 1000 (ii) 500 (iii) 250 (iv) 100 12. As per Companies Act, 2013 a company is required to file the consent of a director with the Registrar of Companies in Form _. Which of the following options according to you most appropriately fills the above blank?

7 (i) DIR-2 (ii) DIR-4 (iii) DIR-12 (iv) DIR-16 13. Every listed company is required to appoint at least of the total number of directors as independent director s u/s 149(4) of the Companies Act, 2013. Which option according to you most appropriately fills the above blank? (i) Half (ii) One-third (iii) One-fourth (iv) One-tenth Paper 6: Laws & Ethics [December_2021_Term] The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 3 14. The minimum number of members required for formation of a public company is as per Companies Act, 2013 Which option according to you most appropriately fills the above blank?

8 (i) Two (ii) Five (iii) Six (v) Seven 15. Red-herring Prospectus is defined u/s of the Companies Act, 2013. Which option according to you most appropriately fills the above blank? (i) 31 (ii) 32 (iii) 33 (iv) 34 16. The Registrar of Companies issue Certificate of Incorporation to a company in the Form as per Companies Act, 2013. Which option according to you most appropriately fills the above blank? (i) INC-6 (ii) INC-8 (iii) INC-11 (iv) INC-14 17 What is the paid- up share capital fixed for the appointment of a woman director as per Companies Act,2013? (i) Rs 1 Crores (ii) Rs 10 Crores (iii) Rs 100 Crores (iv) None of the above 18 The appointment of an independent director shall be approved at/ by the_ as per Companies Act,2013.

9 Which option according to you most appropriately fills the above blank? (i) Board Meeting (ii) General Meeting (iii) Registrar of Companies (iv) Central Government 19. The term ethics is derived from the Latin word, ethos which means Which option according to you most appropriately fills the above blank? (i) Behaviour (ii) Morality (iii) Humanity (iv) Character 20. Which one the following is not a part of the Seven principles of Public Life? (i) Integrity (ii) Leadership (iii) Honesty (iv) Code of Conduct Paper 6: Laws & Ethics [December_2021_Term] The Institute of Cost Accountants of India (Statutory Body under an Act of Parliament) Page 4 Section B [20 Marks] You are required to answer all the questions.

10 Each question carries 1 mark. [20 1=20] Instructions: Each question is followed by a space where you are required to type your answer. 1. Promises which form the consideration or part of the consideration for each other are called as per Indian Contract Act, 1872. Which word(s) according to you most appropriately fill(s) the above blank? Type your answer here: Reciprocal Promises 2. Prior to 1930, sale and purchases of goods were dealt in India with by the _. State the name of the Act. Type your answer here: Indian Contract Act, 1872 3. A cheque is a bill of exchange drawn on a specified on demand.