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The correct answer is Industrial Disputes Act. 

Key Points

• ​The Indian Labour Law is governed by the Industrial Disputes Act, 1947 in as much as it relates to trade unions and specific workers employed in any industry on the Indian mainland.
• The Act also establishes:
• a clause that provides for the worker to be compensated in the event of a shutdown, layoff, or retrenchment.
• the process for obtaining advance approval from the relevant government to lay off employees, retrench them or shut down industrial facilities.
• the steps to be taken in response to unfair labour practices by an employer, a trade union, or employees.

Additional Information

• Indian Councils Act:
• The Indian Councils Act of 1861 was an Act of the British Parliament that changed the way India's executive council operated such that it operated as a cabinet with a portfolio structure.
• Six "ordinary members" made up this cabinet, each in charge of a different division of the Calcutta government: the home, revenue, military, law, finance, and (from 1874) public works.
• Charter Act:
• The East India Company's monopoly over India was broken by the Charter legislation of 1813.
• Yet, the business was able to maintain its monopoly in commerce with China and trade in tea with India.
• Rowlatt Act:
• The Imperial Legislative Council, British India's legislature, passed the Rowlatt Acts in February 1919.
• The acts permitted the incarceration of suspects without a trial and allowed for the trial of some political crimes without juries.

The correct answer is 11.

Key Points

• Under e-Panchayat a suite of 11 Core Common Applications has been envisaged that address nearly the entire spectrum of Panchayats' functioning viz. from internal core functions such as Planning, Monitoring, Implementation, Budgeting, Accounting, Social Audit, etc. to citizen service delivery operations like issue of certificates, licenses etc.
• Together these eleven software Applications constitute the Panchayat Enterprise Suite (PES).
• Four of these Software Applications - namely PRIASoft, PlanPlus, National Panchayat Portal and Local Government Directory have been in use by the States/UTs for over three years now.
• Six more Applications namely Area Profiler, ServicePlus, National Asset Directory, ActionSoft, Social Audit & Meeting Management, and Trainings Management were launched on the occasion of National Panchayati Raj Day on 24^th April, 2012.
• These 11 Applications are:
• PRIASoft
• PlanPlus
• National Panchayat Portal (NPP)
• Local Government Directory
• ActionSoft
• National Asset Directory (NAD)
• Area Profiler
• ServicePlus
• Social Audit and Meeting Management (SAMM)
• Trainings Management
• Gram Manchitra (GIS Application)

The correct answer is management audit.

Management Audit is a process of examination and evaluation of the performance of managerial functions. It also covers the organizational structure of a company. It involves a critical review of policies, processes, procedures, and operations which form part of the internal control system. It analyses the effectiveness of the utilization of different resources. Management audit thus is an appraisal of both policies and actions. 

1. A cost audit represents the verification of cost accounts and checking on the adherence to the cost accounting plan. Cost audit ascertains the accuracy of cost accounting records to ensure that they are in conformity with cost accounting principles, plans, procedures, and objectives.
2. A 'financial audit' is conducted to provide an opinion on whether "financial statements" are stated in accordance with specified criteria.
3. A tax audit determines whether financial records and transactions are correctly recorded and accounted for. This, in turn, ensures that the records reflect the actual income of the taxpayer and that the claims for deductions made are accurate.

The correct answer is Factories Act.

Key Points

• Contract Labour (Regulation and Abolition) Act, 1970
• Trade Unions Act, 1926
• Employees Compensation Act, 1923
• The Indian Factories Act, 1881

Hence, from above it is clear that earliest labour law in India is Factories Act, 1881.

The correct answer is BOD or Audit Committee

Key Points

• Auditor: An auditor is an authorized person who verifies and reviews the financial records and financial statements of a company and ensures that they are prepared in accordance with the norms.
• He also checks whether any tampering or manipulation has been done with the financial data with the aim of hiding any fraud or malpractice within the company.
• As per Section 144 of the Companies Act 2013, a company auditor is responsible for providing services that have been approved by the company's board of directors or audit committee.
• However, section 144 also prohibits a company auditor from performing certain non-audit services after being designated as a company auditor.

Form 49A is used to file an application for obtaining Permanent Account Number(PAN) by an Indian resident.

Key Points

PAN Application Form 49A

• Form 49A is the application form for the allotment of Permanent Account Number for Indian residents. Any individual who is a resident of India and wishes to apply for PAN should compulsorily fill the form 49A as it is the application form.

Important Points

1. One can download the application form online from the NSDL e-Governance official website or the UTIITSL website. Once the form is filled with the correct details, the applicant can make the payment online and submit the form with the required documents and photographs.
2. PAN stands for Permanent Account Number. It is a 10-digit character alphanumeric number allotted to the PAN Cardholder served in the form of Government-issued identification. It helps in the identification of income taxpayers or PAN cardholders. PAN card required in case of your salary is under the taxable slab, taxable professional fees, for opening a bank account, or for sale or purchase of assets.

 Additional Information

1. Form 49B is for application for allotment of TAN number or collection and deduction account number under section 203A of the Income Tax Act, 1961
2. Form 49AA is the application form for the allotment of Permanent Account Number for Foreign residents and entities incorporated outside India.

The correct answer is Fixed Assets

Key PointsFixed Assets: These assets are those assets of the business which are of permanent nature. These assets are expected to last more than one year. Fixed assets are assets that a business intends to utilize in the long run to create revenue.

Intangible assets: These are the assets of the business that do not have a physical existence.

These include the following:

• Goodwill
• Patents
• Trademarks
• Intellectual Property Rights
• Computer Software
• License
• Copyrights

As per Schedule III of Companies act 2013, Intangible assets are mentioned under the heading of Fixed Assets.

The correct answer is to Examine payment in Cashbook

Key Points

• Vouching: Vouching is one of the activities of an auditor in process of auditing, in which an auditor checks each and every entry in the books of accounts and verifies it with the evidence available in the form of vouchers.
• Vouchers are nothing but the cash memo, bills other documents that were issued or received at the time of the transaction for future references.
• The process of Vouching is performed to check the authenticity of the transactions.

Important Points

• Examine Debtor Ledger: The debtor ledger contains all the transactions related to persons to whom goods are sold on credit. Since it records all the credit transactions, It is not required in vouching for Cash Purchases.
• Examine Cash Sales: Cash sales represent the number of goods sold on a cash basis. These are not required in vouching Cash Purchases.
• Examine credit sales: Credit sales represent the number of goods sold on a credit basis. These are not required in vouching Cash Purchases.
• Examine payment in Cashbook: Cashbook records all the transactions relating to cash payments and cash receipts. Since purchases made on cash are recorded in Cashbook, these must be verified in vouching of Cash purchases.

The correct answer is Office equipment account

Key Points

• The Office Equipment account is a fixed asset account that tracks the cost of equipment used in the office.
• When the typewriter is sold, it is considered a disposal of the fixed asset, and the Office Equipment account needs to be credited to reduce the balance.
• The amount of the credit will be the book value of the typewriter, which is the original cost of the typewriter minus any accumulated depreciation.

Important Points The journal entry for the sale of the typewriter will be as follows:

The correct answer is Share Market.

• The term insider trading is associated with the share market.
• Insider trading is the buying or selling of a publicly-traded company's stock by someone who has non-public, material information about that stock.

Key Points

• Material non-public information is any information that could substantially impact an investor's decision to buy or sell the stocks that have not been made available to the public.
• Insider trading is illegal and comes with stern penalties including both potential fines and jail time.
• Securities and Exchange Board of India (SEBI) have stringent rules to prevent insider trading.

Additional Information

• Hawala: Hawala is the underground, cheap and instant medium to transfer the huge amount of money.
• Hawala is cheaper and less cumbersome than formal remittance channels such as banks, Western Union or Money Gram.
• Hawala system is used by Criminals, Businessmen, and Nonresidents to remit money.
• Halawa system is the backbone of the underworld, drugs/arms mafias, terrorists and smugglers. Businessmen use it transfer money to evade tax.