Q18. State objectives of Central Consumer Protection Council in India.
Ans. The objectives of Central Consumer Protection Council in India are to promote and protect the rights of the consumers such as:
- Right to be protected against the marketing of goods and services which are hazardous to life and property. Read More …
Q17. Explain the various socio-psychological factors responsible for developing negative attitude by an individual at workplace?
Ans. As individual, our values are shaped by our personal beliefs. Values developed in childhood and youth are constantly tested and on the job decisions reflect the employees understanding of ethical responsibility. Various socio-psychological factors that could be responsible for developing negative attitude are:
- Negative life experiences.
- Employee failing to respect each others unique personalities.
- Overly aggressive financial or business targets.
- Pressure to perform and take quick decisions.
Q16. Explain the meaning of “Iron Law of Responsibility? State the resulting benefits which may be acquired by achieving long-term objectives through business activities?
Ans. The institution of business exists only because it performs invaluable services for society. Society gives business license to exist and this can be amended or revoked at any time if it fails to live up to society’s expectations. Therefore, if business intends to retain its existing social role and power, it must respond to society needs constructively. This is known as “Iron law of Responsibility”.
In the long-term those who do not use power in a manner that society considers responsible. will tend to lose it. Read More …
Q15. Explain importance of ‘Ethics’ for finance and accounting professional?
Ans. Finance and Accounts is perhaps the only business function which accepts responsibility to act in public interest. Hence, a finance and accounting professional’s responsibility is not restricted to satisfy the needs of any particular individual or organization. While acting in public interest, it becomes imperative that the finance and accounting professional adheres to certain basic ethics in order to achieve his objectives. Read More …
Q14. Explain role played by different committees in regulating corporate governance?
Ans. Role played by different committees in regulating corporate governance are: The core roles of the various committees in regulation of corporate governance are as follows:
- Board of Directors: The Board’s role is that of trusteeship to protect and enhance shareholder value through strategic provision. The strategy should aim at accountability and fulfillment of goals.
- Audit Committee: They have to provide assurance to Board on adequacy of internal controls and financial disclosures.
- Compensation Committee: The committee has to recommend to Board compensation terms for executive Directors and senior most level of management below the Executive Directors.
- Investor Service Committee: It is to look into redressal of shareholder’s and investors’ grievances, approval of transmissions, sub-division of shares, issue of duplicate shares, etc.
- Corporate Management Committee: Its primary role is strategic management of company’s business within Board’s approved direction/ framework.
- Divisional Management Committee: It is to realize tactical and strategic objective in accordance with Corporate Management Committee/Board approved plan.
Q13. State “Common Corporate Social Responsibility” (CSR) policies for business organizations?
Ans. Corporate social responsibility policies for business organizations are:
- Commitment to diversity in hiring employees and barring discrimination.
- Adoption of internal control reforms and other accounting scandals.
- Management team that view employee as an asset rather than costs.
- High performances workplaces that integrate views of employees into decision making process.
- Adoption of operating policies that exceed compliance with social and environmental laws.
- Advanced resource productivity, focused on the use of natural resources in a more productive, efficient and profitable fashion (such as recycled content and product recycling) and
- Taking responsibility for conditions under which goods are produced directly or by contract employees domestically or aboard.
Q12. Define corporate governance? State major character of good corporate governance?
Ans. Corporate Governance is simply stated, ‘Governance’ means the process of decision making and the process by which decisions are implemented. The term corporate governance’ is understood and defined in various ways-
Corporate Governance can be defines as the formal system of accountability and control for ethical and socially responsible organizational decisions and use of resources and accountability relates to how Read More …
Q11. How to solve Ethical Dilemma?
Ans. An ethical dilemma must be resolved by addressing the following points:
- Define the problem clearly?
- How to define problem if you stood on other side of fence?
- How did situation arise?
- To whom are you loyal as a person and as member of organization?
- What is your intention in making this decisions?
- How does this intention compare with probable results?
- Whom could your decision or action injure?
- Can you discuss problem with affected parties before you make your decision?
- Are you confident that your position will be valid over long period?
- Could you disclose without any doubt your decision or action to your boss, your CEO, the Board of Directors, your family, society as a whole.
- What is the symbolic potential of your action if understood? Misunderstood?
- Under what conditions would you allow exceptions to your stand?
Q10. Explain importance of ombudsperson in workplace?
Ans. The ombudsperson is responsible to help and coordinate development of policies and procedures to develop moral values in workplace .This establishes point of contact where employees go to ask questions in confidence about work situations they confront and seek advice.
Q9. Differentiate between ‘consumer interest’ and ‘public interest’?
Apparently it seems that public interest and consumer interest are synonymous, but it is not so. They may be differentiate as under;
- In name of public interest, many Governmental Policies are formulated which manifest themselves in anti-competitive behavior . If the consumer is at the fulcrum(base), consumer interest and welfare will have primacy in all govt. formulations.
- Consumer is member of broad class of people who purchases, use, maintain, and dispose products and services. They are being affected by pricing policy, financing practice, quality of goods and services and trade practices. They are clearly distinguished from manufacturers who produce goods for wholesalers and retailers who sell in public interest. Read More …