CMA INTERMEDIATE EXAMINATION
Paper 6 Laws and Ethics
A. State whether the following are True or False
1) An
agreement which is impossible is void. True
2) In
case of expulsion of a partner, the provisions of retired partners will be applicable
to such expelled partner. True
3) Sickness
benefit is paid up to a maximum day of 60 days in a year. False
4) A
director in the whole time employment of the Company is called Whole Time Director.
True
5) Contribution
to pension scheme is recoverable when employee crosses 58 year of age. False
B. State whether the following are True or False
1) Gratuitous
bailment continues even after the death of either of the bailor or bailee. False
2) A holder
is not having right to duplicate of lost bill, before it is overdue. False
3) Fine may
be recovered from the employed person by installments. False
4) Share
certificate is a negotiable instrument. False
5) The
businessmen who do not follow business ethics will have short term success, but
they will fail in the long run. True
C. State whether the following are True or False
1) Goods to be manufactured or
produced or acquired by the seller after making of the contract of sale are
called future goods. True
2) The first endorsement of an
instrument can be made by the Banker. False
3) Payment of Gratuity Act, 1972
applies to every shop and establishment employing seven or more persons. False
4) In case of e-voting, notice shall
be sent as attachment in word file. False
5) Ethics is a requirement for human
life. True
D. State whether the following are True or False
1)The seller
of the goods is not bound to deliver them until the buyer applies for the delivery.
True
2)The
partners of a LLP may remove an auditor from office at any time by following the
procedure as laid down in the LLP agreement. True
3)The
certificate of fitness granted by the certifying surgeon shall be valid for a period
of 24 months from the date thereof. False
4)The
e-voting shall remain open for not less than 3 days and shall close at 5.00
P.M. on the date preceding the date of general meeting. True
5)The
term 'ethics' derived from French word 'ethos' which means character. False
E. State whether the following are True or False
1) In an
agreement to sale, the buyer is entitled to recover the same from the official
liquidator in case of insolvency of the seller. False
2) The term
'employed person' includes the legal representatives of a deceased employed
person. True
3) Payment
of Gratuity Act, 1972 applies to every shop and establishment employing seven
or more persons. False
4) Any
misstatement in the prospectus would attract the liability on the issuer. True
5) Continuous
improvement or kaizen is a popular theme. True