Commercial Law and Preliminaries of Auditing
PART A : Commercial Law [40 Marks]
Chapter 1 : Introduction [(1M x 1)+(4M x 1)=5M]
(a) Definition of Law, (b) Meaning of Commercial Law, (c) Sources of Indian Commercial Law.
Multiple Choice Questions (MCQ) from Chapter 1
Short Answer Type Questions (SAQ) from Chapter 1
Chapter 2 : Law of Contract [(1M x 10)+(4M x 1)+(6M x 1)=20M]
(a) Definition and meaning of agreement and contract – Essential elements of a contract.
(b) Offer and acceptance – Definition and meaning of offer, offerer, offeree, promise, promisor, promisee; Rules regarding offer – Definition and meaning of acceptance; Rules regarding acceptance – Methods of communication of offer and acceptance – Revocation of an offer and acceptance.
(c) Consideration – Definition and meaning of consideration – Types of consideration – Rules regarding consideration – “No consideration No Contract”; Exceptions to the Rule.
(d) Capacity of parties – Definition and meaning of capacity of parties – Definition and meaning of minority, the Law regarding Minor’s Agreement – Definition and meaning of persons of unsound mind, effects of agreements made by persons of unsound mind – meaning of disqualified persons.
(e) Free consent – Definition and meaning of free consent – Coercion, Undue influence, Misrepresentation, Fraud, Mistake; meaning, Rules regarding these.
Short Answer Type Questions (SAQ) from Chapter 2
Chapter 3 : The Law relating to Sale of Goods [(7M x 1)+(4M x 2)=15M]
(a) Definition of Buyer, Seller; Meaning and definition of Goods, Classification of Goods – Existing, Future, Contingent – Sale and Agreement to sell, Difference between these two – The essential elements of a contract for the sale of goods – conditions and warranties, Implied condition and Implied warranties – The Doctrine of Caveat Emptor.
(b) Transfer of ownership – when does property pass from the seller to the buyer – transfer of title by Non-owner.
| MCQ (1 Mark) = 1 x 12 = 12 |
| SAQ (1 Mark) = 1 x 6 = 06 |
| LAQ (4 Marks) = 4 x 4 = 16 |
| LAQ (6 Marks) = 6 x 1 = 06 |
| Total = 40 |
PART B : Preliminaries of Auditing [40 Marks]
Chapter 1 : Introduction of Auditing [(1M x 6)+(4M x 1)=10M]
Definition of Auditing – Evolution of Auditing – Nature of Auditing – Objectives of Auditing : Primary and Secondary – Importance of Auditing – Advantages of Auditing – An Auditor is not an Accountant – Auditor : Professional and General Qualifications.
Chapter 2 : Errors and Frauds and Auditor [(1M x 1)+(4M x 1)=5M]
Errors in Accounting – Detection of Errors by Auditor – Frauds : Misappropriation and Manipulation – Detection of Frauds by Auditor – Duties of Auditor an relation to Errors and Frauds.
Chapter 3 : Different Types of Audit [(1M x 7)+(4M x 2)=15M]
On the basis of Law : Statutory Audit – Non-statutory Audit – Government Audit.
On the basis of Time : Continuous Audit – Periodical Audit – Interim Audit .
On the basis of scope of work : Complete Audit – Partial Audit – Interval Audit – Advantages and Limitations of each type of Audit.
Distinction between : Continuous Audit and Periodical Audit – Statutory Audit and Non-statutory Audit – Internal Audit and Interim Audit.
Chapter 4 : Internal Control System [(1M x 4)+(6M x 1)=10M]
Definition, Features, Advantages and Limitations of Internal Control System – Relevance of Internal Control System in Auditing.
Internal Checking System : Definition – Objectives – Advantages – Limitations – Distinction between Internal Control System and Internal Checking System.
Short Answer Type Questions (SAQ) from Chapter 4
| MCQ (1 Mark) = 1 x 12 = 12 |
| SAQ (1 Mark) = 1 x 6 = 06 |
| LAQ (4 Marks) = 4 x 4 = 16 |
| LAQ (6 Marks) = 6 x 1 = 06 |
| Total = 40 |
PROJECT [20 Marks]
1. Imagine yourself as a buyer. Write a report of the steps you should follow in case of breach of contract of Sale of Goods.
2. Visit a big shopping Mall and prepare a report on its internal control/ internal checking system.
Previous Years’ Questions (Bengali Version)
Previous Years’ Questions (English Version)
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