Question
What is the primary duty of a trustee under the Indian
Trusts Act, 1882?Solution
As per Section 11 of the Indian Trusts Act, 1882, a trustee is bound to fulfill the purpose of the trust and to obey the directions of the author of the trust, unless the directions are impracticable or unlawful. Additionally, the trustee must: • Act prudently • Protect and preserve the trust property • Avoid self-dealing or conflict of interest • Maintain proper accounts Their fiduciary duty is to manage the trust honestly, faithfully, and in the best interest of the beneficiary.
What does section 6 of the Income Tax Act deal about?
In relation to Accounting for Investments, which of the following statements is/are correct?
Statement-1: The carrying amount for long-term inves...
If the organization has redeemed its preference shares, then this transaction will be reflected in the Cash Flow Statement under which of the activities?
Which of the following is not a source of long-term finance?
The DuPont Analysis uses the following ratios except:
Which of the following is not an accounting equation?
If rights and beneficial interest in a property is transferred but documentation and legal formalities are pending then seller & purchaser should recor...
ABC analysis is mainly used for:
Company A and Company B merge to form Company AB. Assets and liabilities are taken over at book value, and shareholders of both companies continue to ha...
In relation to Accounting Standards, Which of the following statement is incorrect?
