Legal Aspects Of Finance_11

Legal Aspects of Finance_(11) LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Single Answer QuestionIn which of the companies the bonus act is applicable? Correct Answer More than 20 persons employed Your Answer More than 20 persons employed Select The Blank Question Authorized dealer may freely open ________ and allow remittance for import of goods. Correct Answer Letter of credit Your Answer Letter of credit Multiple Choice Single Answer QuestionWhich person is responsible for he payment of wages act ? Correct AnswerManagers Your AnswerManagers Multiple Choice Single Answer QuestionAs per the provisions of Companies Act 1956, company can issue shares with :Correct AnswerDifferential voting rights Your Answer Differential voting rights Multiple Choice Single Answer QuestionTo whom does the payment of wages act apply to ? Correct AnswerPersons employed in any factory Your AnswerPersons employed in any factory Multiple Choice Multiple Answer QuestionWhat sums are deductible from gross profit under section 8? Correct AnswerAmount by way of depreciation , Employment rebate or investment allowance , Direct tax Multiple Choice Multiple Answer QuestionWhat do you mean by wages? Correct AnswerRemuneration by way of salaries , Allowances , Expressed in terms of money Multiple Choice Multiple Answer QuestionWhat does an industrial or other establishment means as per section 2II? Correct Answer Tramway service or motor transport service engaged carrying passengers of hire or reward , Dock wharf jetty , Plantation True/False QuestionA piece rated worker is entitled to bonus. Correct AnswerTrue Multiple Choice Single Answer Question s Correct Answer In 1936 Your Answer In 1936 Multiple Choice Single Answer QuestionNo preference shares can be redeemed unless they are :Correct AnswerFully paid up Multiple Choice Single Answer QuestionWhat do you mean by establishment on private sector? Correct AnswerAny establishment other than public sector Your AnswerAny establishment other than public sector

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Multiple Choice Multiple Answer QuestionPerson permanently resident in India can return foreign exchange by :Correct AnswerFrom AD , Travelling abroad , As a gift Your AnswerFrom AD , Travelling abroad , As a gift True/False QuestionWages include any contribution paid by the employer to any pension fund or provided fund. Correct AnswerFalse Your AnswerFalse Multiple Choice Single Answer QuestionECB stands for :Correct AnswerExternal Commercial Borrowings Your AnswerExternal Commercial Borrowings Multiple Choice Single Answer QuestionDeductions are authorized under which section? Correct AnswerSection 7(2) Your AnswerSection 7(2) Select The Blank QuestionPayment of ________ requires registration from RBI. Correct AnswerRoyalty Your AnswerRoyalty Multiple Choice Single Answer QuestionDefine a employed person under section 2 of the act. Correct AnswerIncludes legal representative of a deceased employed person Your AnswerIncludes legal representative of a deceased employed person Multiple Choice Multiple Answer QuestionDescribe in brief what does the term wages include? Correct AnswerRemuneration under any award , Settlement between the parties or order of court , Overtime Your AnswerRemuneration under any award , Overtime , Travelling allowance Multiple Choice Multiple Answer QuestionHow can you compute available surplus under section 5? Correct AnswerGross profit less deductions , Direct tax calculated in accordance to provisions of section 7 in respect to amount equal to gross profits of the employer for immediately preceding accounting year True/False QuestionEvery company has to appoint an auditor to audit the accounts of the company and has to fix remuneration to be paid to the auditor. Correct Answer True Multiple Choice Single Answer QuestionFEMA Norms are compatible with :Correct AnswerFERA Match The Following Question Section 2(vi) Wages act Factories act Section 3 of wages act

Correct Answer Wages 1936 1948 Every employer responsible for payment to employed persons

Select The Blank QuestionThe definition of ECB in India is partly in alignment with ________Act. Correct AnswerFERA

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Select The Blank QuestionArticles of Association are rules for ________. Correct AnswerInternal management Multiple Choice Multiple Answer QuestionSection 24 provides bar to entertain suits by the court for recovery of wages in so far as the sum claimed falls within which of the following categories :Correct Answer For which any application claim has already been presented , Direction of claim already given' , Amount adjudged is not due to penalty Multiple Choice Single Answer Question What is the minimum salary under which the persons are covered in this act? Correct Answer Less than Rs 1600 Your AnswerLess than Rs 1600 Select The Blank Question________ of the company has a right to take inspection of the books of account. Correct AnswerAny Director Your AnswerAny Director True/False QuestionThe minimum wages act came in force on 15 march 1968 Correct AnswerFalse Your AnswerFalse Select The Blank QuestionThe recommendations of audit committee relating to financial management shall be ________. Correct Answer Binding Your Answer Binding Multiple Choice Multiple Answer QuestionWho are governed by the payment of wages act? Correct AnswerEmployed persons , Salary less than 1600 per month Your AnswerEmployed persons , Salary less than 1600 per month , Salary less than 1200 per month Multiple Choice Single Answer QuestionWhat do you mean by accounting year? Correct AnswerDay on which books of accounts of the corporation are closed Your AnswerDay on which books of accounts are open True/False QuestionDirectors' Report may contain details/ state of affairs of its subsidiaries. Correct Answer True True/False QuestionA part time worker as sweeper engaged in regular business is entitled bonus. Correct Answer True Multiple Choice Single Answer QuestionIn which case did the Bombay high court observe the general purpose of the act? Correct AnswerArvind mills ltd case Your AnswerArvind mills ltd case Select The Blank QuestionFirst AGM should be held within ________ from closure of financial year. Correct Answer9 months Your Answer18 months

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Multiple Choice Single Answer Question Quorum required to hold a valid meeting can be prescribed in :Correct Answer Articles of Association Select The Blank QuestionPrivate Company prohibits public to ________ for any shares. Correct AnswerSubscribe Multiple Choice Single Answer QuestionPayment of wages act came into existence :Correct AnswerTo ensure regular and timely payment of wages to employed persons Your AnswerTo ensure regular and timely payment of wages to employed persons Match The Following Question Interim Dividend Reduction of capital Appointment of Managing Director Accounting Standards

Correct Answer Board of Directors Special Resolution Ordinary Resolution National Advisory Committee

Select The Blank QuestionFor making alterations before ROC, ________ is required. Correct AnswerPower of Attorney Your AnswerResolution authorising alteration Multiple Choice Multiple Answer QuestionWhat is the main purpose of the payment of wages act 1936? Correct AnswerEnsure payment of wages to the employed , Prevent unauthorized deductions , Prevent arbitrary fines True/False QuestionCompany can not issue shares with differential voting/ dividend rights. Correct AnswerFalse True/False QuestionThe Board has power to alter Articles of Association being internal document. Correct AnswerFalse Your AnswerTrue Multiple Choice Multiple Answer QuestionWhat is the board procedure ? Correct AnswerMeeting to be held 4 times in a year , Should not be a gap of more than 4 months between 2 meetings , Minimum information should be madeavailable Multiple Choice Single Answer QuestionWhen was the factories act passed? Correct AnswerIn 1948 True/False QuestionNo additional fees is payable on increased authorised capital since already paid on original authorised capital. Correct AnswerFalse

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