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You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? for UPSC 2025 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? covers all topics & solutions for UPSC 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer?.

Solutions for You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.

Here you can find the meaning of You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer?, a detailed solution for You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? has been provided alongside types of You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice You are the newly appointed financial controller in LMB Ltd., a large private engineering company. This is your first appointment in industry having undertaken your training at a large accountancy firm where most of your experience was gained in the audit of large NSE 500 clients. LMB Ltd. makes components which are used in the manufacture of various household products and it has a wide customer base from large household names through to small local private businesses.One of your first tasks is to undertake a view of aged debtors. Whilst undertaking your review you find that a small number of customers have credit balances on their sales ledger accounts. The amounts relate to invoices which are now over 9 months old and which appear to have been paid twice. You find this odd and decide to raise the issue with your boss, Dushyant, the Financial Director, at your next meeting.The following morning, Dushyant calls you into his office and asks you how you are settling into your position. You respond that, although you are still finding your feet, you have been making a major effort to get up to speed with the company's business and systems and controls. Dushyant appreciates your enthusiasm and is pleased that he has managed to recruit someone so enthusiastic.Dushyant then asks whether anything has come to your attention so far. You advise him of what you have found in relation to the customers who appear to have paid twice. Dushyant laughs and tells you that it balances out in the end.Furthermore, he produces copies of letters from a file which are addressed to the Financial Directors at the respective customers informing them of their company's overpayment. You return to your desk - rather bewildered by his comments. Customers have overpaid and he knows this to be the case, yet he has no intention of returning their money unless prompted by the customer.You find it perplexing to think that the Financial Directors of the companies that have overpaid have not responded on being notified about the outstanding invoices.Q. A&M Ltd. was one of the customers that had paid twice. Despite being notified about the same, the company had not responded to the formal communication sent by LMB Ltd. Yet, the Financial Director of A&M Ltd is very distraught that LMB Ltd. did not issue a refund sooner, especially when the two companies continued their association. A&M Ltd. has now threatened to exit all contracts with LMB Ltd.Which of the following steps would you take to salvage the situation?a)Refund A&M Ltd. immediately and issue an apology for the delay.b)Issue a credit note refunding the amount with interest.c)Refund the amount but ask A&M to apologize for their lack of response.d)Refuse a refund on the grounds that A&M has been negligent.e)Issue a credit note asking A&M to reconsider and offer them a discount on new purchases.Correct answer is option 'E'. Can you explain this answer? tests, examples and also practice UPSC tests.