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Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer?.

Solutions for Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. 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 Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer?, a detailed solution for Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice Group QuestionThe passage given below is followed by a set of questions. Choose the most appropriate answer to each question.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. In the light of the given situation, which of the following is the most sound judgment?a)If the customers have been negligent and unresponsive, there is no need to refund the payment.b)Till the customers don't respond, it is not unethical to withhold a refund.c)Customers should be refunded as soon as their respective billing cycles are complete.d)LMB Ltd. should refund the customer immediately if the transaction involves a significant sum of money.e)All of the judgments are unethical.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice UPSC tests.