WBCHSE HS Commercial Law and Preliminaries of Auditing study guide
WBCHSE HS Commercial Law and Preliminaries of Auditing · Work through your exam, one topic at a time.
The WBCHSE Higher Secondary Commercial Law and Preliminaries of Auditing is a subject offered by the West Bengal Council of Higher Secondary Education for Class XII students in the commerce stream. It introduces learners to the legal framework governing business transactions and the basic principles of auditing. The WBCHSE HS Commercial Law and Preliminaries of Auditing study guide has 5 sections and about 2,038 words.
01Introduction to Commercial Law and the Indian Contract Act, 1872
Commercial law governs business dealings, and the Indian Contract Act, 1872 supplies the general rules tested in this domain: formation, validity, performance, breach and special contracts. Sections 2(h) and 10: a contract is an agreement enforceable by law; essentials include offer, acceptance, lawful consideration, capacity, free consent, lawful object and certainty.
406 words, about 2 min02Sale of Goods Act, 1930: Formation, Conditions and Warranties, Transfer of Ownership, Performance and Unpaid Seller
This domain tests how a sale contract is formed, how property and risk pass, and what an unpaid seller can do. Section 4: a contract of sale is a contract whereby the seller transfers or agrees to transfer property in goods to the buyer for a price.
402 words, about 2 min03Negotiable Instruments Act, 1881: Nature and Parties
This domain introduces instruments that pass by delivery or endorsement and the persons who are liable on them. Section 13 defines a negotiable instrument as a promissory note, bill of exchange or cheque payable either to order or to bearer.
402 words, about 2 min04Preliminaries of Auditing: Meaning, Objectives and Types of Audit, Audit Programme, Working Papers, Evidence and Audit Sampling
This domain tests the vocabulary and planning tools of auditing: audit objectives, types, programme, working papers, evidence and sampling. An audit is an independent examination of financial information to express an opinion.
432 words, about 2 min05Rights, Duties and Liabilities of an Auditor; Audit Report
This domain covers the statutory auditor under the Companies Act, 2013, the auditor's legal position and the forms of audit report. Rights: access to books of account and vouchers (s143(1)); right to obtain information and explanations; right to receive notice of and attend general meetings (s146); right to remuneration (s142); right to visit branches (s143(8)); and the right to seek professional advice where necessary.
396 words, about 2 min