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Questions and Answers
What is the primary responsibility of a chartered accountant?
What is the primary responsibility of a chartered accountant?
- To satisfy the needs of an individual client
- To maximize profits for the employing organization
- To act in the public interest (correct)
- To influence the behavior of business colleagues
Which of the following is considered an inducement?
Which of the following is considered an inducement?
- Preferential treatment (correct)
- Accuracy in financial reporting
- Transparency in financial reporting
- Compliance with laws and regulations
What does an inducement aim to do?
What does an inducement aim to do?
- Properly influence behavior
- Influence behavior without necessarily having improper intent (correct)
- Act in accordance with ethical principles
- Maximize profits for the organization
Which of the following is NOT considered an inducement?
Which of the following is NOT considered an inducement?
What is considered professional misconduct under Clause 5 of the Chartered Accountants Act?
What is considered professional misconduct under Clause 5 of the Chartered Accountants Act?
What behavior would violate Clause 7 of the Chartered Accountants Act?
What behavior would violate Clause 7 of the Chartered Accountants Act?
Under which clause would a Chartered Accountant be guilty of misconduct for failing to obtain sufficient information for expressing an opinion?
Under which clause would a Chartered Accountant be guilty of misconduct for failing to obtain sufficient information for expressing an opinion?
What kind of conduct is prohibited by the Chartered Accountants Act under 'D.FINANCIAL INTERESTS, COMPENSATION AND INCENTIVES LINKED TO FINANCIAL REPORTING AND DECISION MAKING'?
What kind of conduct is prohibited by the Chartered Accountants Act under 'D.FINANCIAL INTERESTS, COMPENSATION AND INCENTIVES LINKED TO FINANCIAL REPORTING AND DECISION MAKING'?
What was the consideration for the sale of land to Zest Ltd?
What was the consideration for the sale of land to Zest Ltd?
How was the transaction of selling the land and repurchasing it treated in the Statement of Profit and Loss?
How was the transaction of selling the land and repurchasing it treated in the Statement of Profit and Loss?
Why should Infostar Ltd not have derecognized the land from the financial statements?
Why should Infostar Ltd not have derecognized the land from the financial statements?
According to Ind AS 115, under what conditions can a repurchase agreement be considered for qualifying as a sale?
According to Ind AS 115, under what conditions can a repurchase agreement be considered for qualifying as a sale?
What should a Chartered Accountant do if they become aware of non-compliance or suspected non-compliance?
What should a Chartered Accountant do if they become aware of non-compliance or suspected non-compliance?
Under what circumstances would disclosure of a matter to an appropriate authority be precluded?
Under what circumstances would disclosure of a matter to an appropriate authority be precluded?
What action should a Chartered Accountant take if their immediate superior appears to be involved in a non-compliance matter?
What action should a Chartered Accountant take if their immediate superior appears to be involved in a non-compliance matter?
What is the purpose of making disclosure of a matter to an appropriate authority?
What is the purpose of making disclosure of a matter to an appropriate authority?
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