Pgdba 4th Sem Legal Aspects Of Finance_combined

LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question Section 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 Amount adjudged is not due to penalty , For which any application claim has already been presented , Direction of claim already given' Your Answer For which any application claim has already been presented , Direction of claim already given' , Amount adjudged is not due to penalty True/False Question A temporary workman is not entitled to bonus though he works for a few days in the organisation. Correct Answer False Your Answer False Select The Blank Question A person who stands for directorship other than retiring director has to give notice to the company at least ________ before the date of general meeting. Correct Answer 14 days Your Answer 15 days Multiple Choice Single Answer Question In case of cost audit, the report of cost auditor has to be submitted to central government, within :Correct Answer 120 Days Your Answer 45 Days Multiple Choice Multiple Answer Question During the course of audit, auditor is supposed to check :Correct Answer Transaction Vouchers , Cash and Bank balances , Fixed assets register Your Answer Transaction Vouchers , Fixed assets register , Register of creditors True/False Question The national labour commission on labour has described the assessing of the act as landmark in the history of labour legislation in the country. Correct Answer True Your Answer True Multiple Choice Single Answer Question A director of a company can be removed by :Correct Answer Ordinary resolution Your Answer Ordinary resolution Select The Blank

Question Every ________ Company has to hold Statutory Meeting of the members. Correct Answer Public Your Answer Limited True/False Question The independent director is a supplier of a service provider of the company. Correct Answer False Your Answer False Multiple Choice Multiple Answer Question SIA/FIPB approval is necessary in :Correct Answer 13 specified activities , Sector limits sought exceeded , Small scale sector items Your Answer 13 specified activities , Sector limits sought exceeded , Small scale sector items True/False Question Only individuals can be appointed as directors of the company. Correct Answer True Your Answer True True/False Question In case of Postal Ballot, result is announced through post. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question Briefly describe the scheme of the bonus act :Correct Answer To impose statutory liability upon every employer to pay bonus to employees , To define principle of payment of bonus as per the prescribed formula , To provide payment for minimum and maximum bonus and link the scheme for set off and set on Your Answer To impose statutory liability upon every employer to pay bonus to employees , To define principle of payment of bonus as per the prescribed formula , To provide payment for minimum and maximum bonus and link the scheme for set off and set on Select The Blank Question Articles of Association are rules for ________. Correct Answer Internal management Your Answer Internal management Multiple Choice Single Answer Question The Balance Sheet should be in the form set out in Part I of :Correct Answer Schedule VI Your Answer Schedule VI

Select The Blank Question ________ of the company has absolute discretion in regard to inclusion or non inclusion of any matter in the minutes. Correct Answer Chairman Your Answer Share-holders who attended the meeting Multiple Choice Multiple Answer Question Debentures can be :Correct Answer Redeemable , Convertible , Party convertible and redeemable Your Answer Party convertible and redeemable , Redeemable , Convertible Select The Blank Question Subject to other provisions of this act every employer shall be bound to pay every employee in respect of the accounting year commencing on any day in the year ________. Correct Answer 1979 Your Answer 1979 Match The Following Question Correct Answer Your Answer Indian company borrowings Redemption more than 3 years Redemption more than 3 years Borrowing by NRE Loan less than 3 years Regulated ROI Borrowings in Rupees Regulated ROI Loan less than 3 years NCD issue Public issue Public issue Multiple Choice Multiple Answer Question Object Clauses are divided into :Correct Answer Main Object , Object incidental or ancillary to Main , Other Objects Your Answer Main Object , Object incidental or ancillary to Main , Other Objects Multiple Choice Single Answer Question The notice of the meeting be sent to all the directors at their :Correct Answer Usual residential address Your Answer Usual postal address Select The Blank Question A statement of all transactions with the related parties including the basis shall be placed before the ________. Correct Answer Audit committee

Your Answer Audit committee Select The Blank Question First AGM should be held within ________ from closure of financial year. Correct Answer 9 months Your Answer 6 months True/False Question An apprentice is not entitled to bonus. Correct Answer True Your Answer True Multiple Choice Single Answer Question Company has to make application to central government, in case of appointment of managing director is not made accordance with part I & II of schedule XIII, within :Correct Answer 90 days Your Answer 30 days Multiple Choice Multiple Answer Question Preference shares can be :Correct Answer Cumulative redeemable , Non- cumulative redeemable , Participatory Your Answer Cumulative redeemable , Non- cumulative redeemable , Participatory Multiple Choice Multiple Answer Question What is the main purpose of the payment of wages act 1936? Correct Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines Your Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines Multiple Choice Multiple Answer Question Following Resolutions must be passed by Postal Ballot :Correct Answer Alteration in Object Clause , Buy-back of own shares , Variation in rights attached to class of shares Your Answer Alteration in Object Clause , Buy-back of own shares , Variation in rights attached to class of shares Multiple Choice Multiple Answer Question In calculating the limit of all the companies which companies are excluded? Correct Answer Foreign companies , Private Companies , Non Profit making companies Your Answer Foreign companies , Non Profit making companies , Public limited companies

Multiple Choice Multiple Answer Question Borrowings for Indian companies are for :Correct Answer In Rupees , On repatriation , Non-repatriation Your Answer In Rupees , On repatriation , Non-repatriation True/False Question There can be an Ordinary Resolution for Special business. Correct Answer True Your Answer True True/False Question Meeting of the board of Directors shall be held at least 4 times in a year. Correct Answer True Your Answer True Select The Blank Question Payment of ________ requires registration from RBI. Correct Answer Royalty Your Answer Royalty Multiple Choice Single Answer Question A director has to vacate his office, if he is adjudged as :Correct Answer Insolvent Your Answer Insolvent Multiple Choice Single Answer Question The representations received for revision or fixation or reverse the rate of minimum wages by notification in the official gazette are considered by :Correct Answer Advisory board Your Answer Advisory board Multiple Choice Single Answer Question Number of shareholders entitled to requisition a meeting shall be carrying Correct Answer Not less than 10 per cent of voting power Your Answer Not less than 10 per cent of voting power Multiple Choice Single Answer Question After incorporation of the company, the first auditor is generally appointed within :Correct Answer One Month Your Answer One Month True/False Question Foreign technical collaborations are permitted. Correct Answer False

Your Answer True True/False Question Company may have alternate director. Correct Answer True Your Answer False Multiple Choice Single Answer Question The minimum wages act falls under which scope ? Correct Answer Scope of entry 27 I list III of schedule IV of constitution of India Your Answer Schedule 9 of section 23 Multiple Choice Single Answer Question Declaration of Compliance with requirements of the Companies Act Correct Answer Form 1 Your Answer Form 32 Multiple Choice Single Answer Question Company can increase its maximum number of directors, for which application is required to be made in :Correct Answer Form no 24 Your Answer Form no 24 Multiple Choice Multiple Answer Question Board may by resolution passed at the meeting delegate the powers to :Correct Answer Committee of directors , Managing director , Manager Your Answer Committee of directors , Managing director , Manager Select The Blank Question The uses and applications of the funds raised shall be disclosed to the audit committee on a ________basis. Correct Answer Quarterly Your Answer Quarterly 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 Select The Blank Question To avoid conflicts of interest, ________ committee would determine the remuneration packages of the executive directors. Correct Answer Remuneration Your Answer Remuneration ************************************************************************

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer Question For which activity FDI is not prohibited? Correct Answer Insurance Your Answer Insurance

Multiple Choice Multiple Answer Question Remuneration to the director may be paid :Correct Answer Monthly , Quarterly , Annually Your Answer Quarterly , Annually , Monthly

Multiple Choice Single Answer Question Payment of wages act came into existence :Correct Answer To ensure regular and timely payment of wages to employed persons Your Answer To ensure regular and timely payment of wages to employed persons

Multiple Choice Single Answer Question To safeguard the interest of the company or its shareholders or the public

interest, the central government, may appoint such number of person as directors to hold office for a period not exceeding :Correct Answer 3 years Your Answer 3 years

Multiple Choice Multiple Answer Question Sole selling agent may be :Correct Answer An Individual , A firm , A Body corporate Your Answer An Individual , A firm , A Body corporate

Multiple Choice Single Answer Question When was the factories act passed? Correct Answer In 1948 Your Answer In 1948

Multiple Choice Single Answer Question Number of shareholders entitled to requisition a meeting shall be carrying Correct Answer Not less than 10 per cent of voting power Your Answer Not less than 10 per cent of voting power

True/False Question Bonus is an ex gratia payment. Correct Answer False Your Answer False

Multiple Choice Single Answer Question Compliance Report is signed by :Correct Answer Company Secretary in practice Your Answer Company Secretary in practice

Multiple Choice Single Answer Question The responsibility of placing the annual accounts before the AGM is on Correct Answer Board of Directors Your Answer Board of Directors

True/False Question Every company shall keep a register showing the particulars in respect of every loan or investment made, guarantee given or security provided. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Following are the points related to Qualification share that every director has to take :Correct Answer Within two months of date of appointment , If fails to obtain then he has to resign from the post , Minimum Share value Rs.5000/Your Answer Minimum Share value Rs.5000/- , If fails to obtain then he has to resign from the post

True/False Question The loan to any body corporate shall be made at the rate of interest not less than that prevailing bank rate as may be prescribed by Reserve Bank of India. Correct Answer True Your Answer True

True/False Question An independent Director is not an executive director of a Company. Correct Answer False Your Answer True

True/False Question Owned foreign exchange is not permitted.

Correct Answer False Your Answer True

Select The Blank Question Copies of annual accounts are to be filed within ________ days from AGM with ROC. Correct Answer 30 days Your Answer 30 days

True/False Question A non executive director is not a substantial shareholder of the company. Correct Answer True Your Answer True

Match The Following Question Correct Answer Your Answer

Bifurcation Voted for/ against Chairman

Ordinary resolution

Simple majority Simple majority

Requisition of members Not less than 5 % voting power Not less than 5 % voting power

Special resolution Form 23 Voted for/ against

Select The Blank Question ________ shall lay before the AGM, the statement of Income & Expenditure in place of Profit & Loss a/c. Correct Answer Charitable Trust Your Answer Charitable Trust

Multiple Choice Multiple Answer Question What are the powers of the audit committee? Correct Answer To investigate any activity within its terms of reference , To seek information from any employee , To obtain outside legal or professional advice Your Answer To investigate any activity within its terms of reference , To seek information from any employee , To obtain outside legal or professional advice

Select The Blank Question

No loan or investment shall be made or guarantee given by company unless ________ is passed at the meeting by the board. Correct Answer Resolution Your Answer Resolution

Multiple Choice Multiple Answer Question Which committees are considered for calculating the limit of the companies Correct Answer Audit committees , Remuneration Committee , Shareholders Grievance Committee Your Answer Audit committees , Remuneration Committee , Shareholders Grievance Committee

Select The Blank Question The minimum wages to the obligations created by the convention no 26 of ________. Correct Answer International labour organisation Your Answer International labour organisation

True/False Question A temporary workman is not entitled to bonus though he works for a few days in the organisation. Correct Answer False Your Answer False

Multiple Choice Multiple Answer Question A person can not be appointed as director of the company if :Correct Answer He is found to be of unsound mind , He is declared as an insolvent , He has not taken qualification shares Your Answer He is found to be of unsound mind , He is declared as an insolvent , He has not taken qualification shares

Multiple Choice Single Answer Question A company which restricts the right to transfer its shares is :Correct Answer Private Ltd. Company Your Answer Private Ltd. Company

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Board of Directors

Shorter notice for AGM Private Limited Company ROC

Books of Account Form 23AA Form 23AA

Accounting Standards National Advisory Committee National Advisory Committee

Multiple Choice Multiple Answer Question Preference shares can be :Correct Answer Cumulative redeemable , Non- cumulative redeemable , Participatory Your Answer Cumulative redeemable , Non- cumulative redeemable

True/False Question Only individuals can be appointed as directors of the company. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Director can be appointed without counting the number in :Correct Answer Private limited company , Unlimited company , Charitable association Your Answer Charitable association

Multiple Choice Multiple Answer Question Who is not entitled to bonus? Correct Answer An apprentice , Employee employed through contractors Your Answer Employee employed through contractors

Select The Blank Question Subject to other provisions of this act every employer shall be bound to pay every employee in respect of the accounting year commencing on any day in the year ________. Correct Answer 1979 Your Answer 1959

Multiple Choice Single Answer Question To whom does the payment of wages act apply to ? Correct Answer Persons employed in any factory Your Answer Persons employed in any factory

Select The Blank Question Under the industrial disputes act 1947________is an appropriate government. Correct Answer Central government

Your Answer Central government

Multiple Choice Single Answer Question When was the minimum wages act passed ? Correct Answer 1948 Your Answer 1948

True/False Question Retiring director may be eligible for reappointment. Correct Answer True Your Answer True

Multiple Choice Single Answer Question In which case did the Bombay high court observe the general purpose of the act? Correct Answer Arvind mills ltd case Your Answer Arvind mills ltd case

True/False Question After completion of Ordinary business other business is transacted at Extra

ordinary General Meeting. Correct Answer False Your Answer False

Select The Blank Question ________shall certify that they have reviewed the balance sheet and profit and loss account. Correct Answer CEO Your Answer CEO

Select The Blank Question ________ includes legal representative of deceased employer. Correct Answer Employer Your Answer Employer

Select The Blank Question Any payment in respect on ________ can be deducted from the wages of an employed person. Correct Answer Fidelity guarantee bond Your Answer Fidelity guarantee bond

Select The Blank Question A member shall have right to apply for operations and mismanagement of the company provided application is made by members not less than ________ or by the members holding not less than one tenth of total number of shares in the share capital of the company. Correct Answer 100 Your Answer 100

Select The Blank Question A statement of all transactions with the related parties including the basis shall be placed before the ________. Correct Answer Audit committee Your Answer Audit committee

Multiple Choice Multiple Answer Question The board of directors shall exercise these powers only at board meetings :Correct Answer Power to make calls on shares , Power to issue debentures , Power to borrow money Your Answer Power to make calls on shares , Power to issue debentures , Power to borrow money

Multiple Choice Single Answer Question Explanatory Statement should be annexed to Notice for :-

Correct Answer Special business Your Answer Special business

Multiple Choice Multiple Answer Question What is the board procedure ? Correct Answer Meeting 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 made available Your Answer Meeting 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 made available

Multiple Choice Multiple Answer Question Conditions on borrowings by PIO are :Correct Answer Non-repatriation basis , Loan by inward remittance , Account by lender in India Your Answer Current Account , Non-repatriation basis , Loan by inward remittance

************************************************************************ *********************************************************************** LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Select The Blank Question Copies of annual accounts are to be filed within ________ days from AGM with ROC. Correct Answer 30 days

Your Answer 90 days

True/False Question Sectoral cap on investment by person resident outside India on Mass rapid Transport is 50%. Correct Answer False Your Answer True

Select The Blank Question If an employer derives profit in any of the first ________ years he has to pay bonus for that year. Correct Answer 5 Your Answer 5

Multiple Choice Single Answer Question A director has to vacate his office, if he is adjudged as :Correct Answer Insolvent Your Answer Insolvent

Multiple Choice Single Answer Question

Define an employee under section 2 (13) :Correct Answer Person employed with salary exceeding Rs 3500 Your Answer Person employed with salary exceeding Rs 2500

True/False Question Authorized dealer is required to avail license under the exim policy in force. Correct Answer True Your Answer True

Multiple Choice Single Answer Question The earlier "Fast Track" investments route has been replaced by? Correct Answer Automatic Your Answer Automatic

Multiple Choice Single Answer Question The quorum for the board meeting is one third of the total strength of the board or two whichever is :Correct Answer More Your Answer More

Multiple Choice Single Answer Question Payment of wages act came into existence :Correct Answer To ensure regular and timely payment of wages to employed persons Your Answer To pay wages after a years time

Select The Blank Question The recommendations of audit committee relating to financial management shall be ________. Correct Answer Binding Your Answer Binding

Select The Blank Question The minimum wages to the obligations created by the convention no 26 of ________. Correct Answer International labour organisation Your Answer International labour organisation

Multiple Choice Multiple Answer Question Borrowings for Indian companies are for :Correct Answer On repatriation , Non-repatriation , In Rupees Your Answer In Rupees , On repatriation , On Payments made

Multiple Choice Multiple Answer Question What do you mean by wages? Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms of money Your Answer Remuneration by way of salaries , Allowances , Expressed in terms of money

Multiple Choice Single Answer Question To whom does the payment of wages act apply to ? Correct Answer Persons employed in any factory Your Answer Persons employed in any factory

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 Answer Less than Rs 1600

Multiple Choice Single Answer Question Define an employed person under section 2 of the act. Correct Answer Includes legal representative of a deceased employed person

Your Answer Includes legal representative of a deceased employed person

Multiple Choice Multiple Answer Question Following are the points related to Qualification share that every director has to take :Correct Answer Minimum Share value Rs.5000/- , Within two months of date of appointment , If fails to obtain then he has to resign from the post Your Answer Minimum Share value Rs.5000/- , Within two months of date of appointment , If fails to obtain then he has to resign from the post

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Ordinary Resolution

Reduction of capital Special Resolution National Advisory Committee

Appointment of Managing Director Ordinary Resolution Board of Directors

Accounting Standards National Advisory Committee Special Resolution

True/False Question A General Meeting may also be called by giving shorter notice than 21 days. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Board's Report shall include :Correct Answer Dividend recommended , Financial position of the company , Amounts transferred to Reserves Your Answer Dividend recommended , Taxes paid , Financial position of the company

Select The Blank Question As per section 5 in case of railways if the persons employed is less than ________ the wages shall be paid before the expiry of 7th day. Correct Answer 1000 Your Answer 1000

Multiple Choice Single Answer Question The Balance Sheet should be in the form set out in Part I of :Correct Answer

Schedule VI Your Answer Schedule VI

True/False Question Wages includes any remuneration payable under any award or settlement between the parties or order of court. Correct Answer True Your Answer True

Multiple Choice Single Answer Question When was the minimum wages act passed ? Correct Answer 1948 Your Answer 1948

True/False Question Foreign technical collaborations are permitted. Correct Answer False Your Answer True

True/False Question

Wages includes any travelling allowance for travel concession. Correct Answer False Your Answer False

Multiple Choice Single Answer Question Companies Act presently implemented and adhered by companies is :Correct Answer Companies Act, 1956 Your Answer Companies Act, 1956

Multiple Choice Multiple Answer Question Sole selling agent may be :Correct Answer An Individual , A firm , A Body corporate Your Answer An Individual , A firm , A Body corporate

Select The Blank Question To avoid conflicts of interest, ________ committee would determine the remuneration packages of the executive directors. Correct Answer Remuneration Your Answer Board members

Multiple Choice Single Answer Question A director of a company can be removed by :Correct Answer Ordinary resolution Your Answer Ordinary resolution

True/False Question The loan to any body corporate shall be made at the rate of interest not less than that prevailing bank rate as may be prescribed by Reserve Bank of India. Correct Answer True Your Answer True

Multiple Choice Single Answer Question A director can hold place of profit by :Correct Answer Special resolution Your Answer Special resolution

Select The Blank Question Articles of Association are rules for ________. Correct Answer Internal management Your Answer Internal management

Multiple Choice Multiple Answer Question The board of directors shall exercise these powers only at board meetings :Correct Answer Power to make calls on shares , Power to issue debentures , Power to borrow money Your Answer Power to make calls on shares , Power to issue debentures , Power to borrow money

Multiple Choice Single Answer Question The period for realization for export of goods from the date of shipment is at :Correct Answer Six month Your Answer Six month

Multiple Choice Single Answer Question Accounting Standards are issued by :Correct Answer Institute of Chartered Accountants Your Answer Institute of Chartered Accountants

Multiple Choice Multiple Answer Question Describe in brief what does the term wages include? Correct Answer

Remuneration under any award , Settlement between the parties or order of court , Overtime Your Answer Remuneration under any award , Settlement between the parties or order of court , Overtime

Multiple Choice Multiple Answer Question What is the main purpose of the payment of wages act 1936? Correct Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines Your Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines

Select The Blank Question ________means all remuneration expressed in terms of money. Correct Answer Wages Your Answer Wages

Multiple Choice Multiple Answer Question The Indian company may issue bonus shares to its non resident shareholders subject to :Correct Answer Held by non resident shareholder , As per acquisition , In the Form of FC-GPR Your Answer Held by non resident shareholder , As per acquisition , In the Form of FC-GPR , Willingness of company

Match The Following Question Correct Answer Your Answer

Section 2(vi) Wages Wages

Wages act 1936 1936

Factories act 1948 1948

Section 3 of wages act Every employer responsible for payment to employed persons Every employer responsible for payment to employed persons

Multiple Choice Multiple Answer Question Board may by resolution passed at the meeting delegate the powers to :Correct Answer Committee of directors , Managing director , Manager Your Answer Committee of directors , Managing director , Manager

True/False Question

Meeting of the board of Directors shall be held at least 4 times in a year. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Who has not prescribed particular set of documentation for current account remittances? Correct Answer RBI , Central Govt. Your Answer RBI , Central Govt.

True/False Question A temporary workman is not entitled to bonus though he works for a few days in the organisation. Correct Answer False Your Answer False

Multiple Choice Single Answer Question Which person is responsible for he payment of wages act ? Correct Answer Managers Your Answer Managers

Select The Blank Question Multimodal ________ making remittance to their agents abroad. Correct Answer Transport operators Your Answer Transport operators

Score Card

Registration Number: Name: Subject: Assignment Statu s As On:

200404214 Manpreet Malhotra Legal Aspect Of Finance 18/03/2006

Result for this Assignment Assignment Date 17/03/2006

Number of Correct Questions 37

Number of Skipped Questions 10

Number of Wrong Questions 10

Total Questions attempted 57

Total Marks obtained

78 Out of 100.

Result Pass

Click here to view the list of attempted question and answers.

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LIST OF ATTEMPTED QUESTIONS AND ANSWERS

True/False Question Company can not issue shares with differential voting/ dividend rights. Correct Answer False Your Answer False

Select The Blank Question ________ of the company has a right to take inspection of the books of account. Correct Answer Any Director Your Answer Any Director

Select The Blank Question ________ is one of the critical matter which should be decided by the postal ballot. Correct Answer Corporate restructuring Your Answer Appointment of directors

True/False Question There should be a gap of more than 4 months to have the meeting of the board of directors. Correct Answer False Your Answer True

True/False Question Every company shall have a qualified and independent audit committee. Correct Answer True Your Answer True

Multiple Choice Single Answer

Question Every member of a company limited by shares and holding any equity share capital therein shall have :Correct Answer Right to vote Your Answer Right to vote

Multiple Choice Single Answer Question What does salary or wage include? Correct Answer Dearness allowance Your Answer Overtime

Multiple Choice Multiple Answer Question Retiring director shall be deemed to be reappointed unless :Correct Answer He has expressed his unwillingness to be re-appointed , He is disqualified for appointment , Resolution for reappointment has been put to vote & lost Your Answer He has expressed his unwillingness to be re-appointed , He is disqualified for appointment , Resolution for reappointment has been put to vote & lost

True/False

Question Every company has to inform ROC about the place where it keeps books of account. Correct Answer False Your Answer False

True/False Question Company may have alternate director. Correct Answer True Your Answer True

Select The Blank Question To avoid conflicts of interest, ________ committee would determine the remuneration packages of the executive directors. Correct Answer Remuneration Your Answer Remuneration

Multiple Choice Single Answer Question Define an employee under section 2 (13) :Correct Answer

Person employed with salary exceeding Rs 3500 Your Answer Person employed with salary exceeding Rs 3500

Multiple Choice Multiple Answer Question Current Account transactions are permitted if payment is made out of :Correct Answer EEFC Account , RFC Account Your Answer Current Account , EEFC Account , Cash Credit Account

Multiple Choice Single Answer Question How would you define salary or wage? Correct Answer All remuneration other than in respect of overtime work of the work done in such employment Your Answer All remuneration other than in respect of overtime work of the work done in such employment

True/False Question A director is not required to take qualification share. Correct Answer False Your Answer

False

Multiple Choice Single Answer Question If an auditor after his appointment becomes subject to any of the disqualifications, it is treated that the office is :Correct Answer Vacated Your Answer Vacated

Select The Blank Question The form should be filled within ________ days from the date of execution of document. Correct Answer 30 days Your Answer 30 days

Select The Blank Question Sweeping powers such as search and arrest contained in Foreign Exchange ________ Act. Correct Answer Control Your Answer Control

Multiple Choice Single Answer Question The Name availability issued by ROC is valid for :Correct Answer Six months Your Answer No limit

Match The Following Question Correct Answer Your Answer

Cost auditor A cost accountant, who is suppose to conduct cost audit of the company. A cost accountant, who is suppose to conduct cost audit of the company.

Audit Report Opinion on the examination of books of accounts Opinion on the examination of books of accounts

Auditor A person who conducts the audits A person who conducts the audits

Qualified for audit Eligible to conduct the audit Eligible to conduct the audit

Match The Following Question Correct Answer Your Answer

Dividend balancing Over 7 years from production Over 7 years from production

Investment cap 26% Insurance Insurance

Investment cap 100% Housing & real estate Housing & real estate

Foreign companies Project office Project office

Multiple Choice Multiple Answer Question The register in respect of every investment or loan made, contains Correct Answer The name of body corporate , The amount, terms & conditions &

purpose of investment or loan or security or guarantee , The date on which the investment or loan has been made Your Answer The name of body corporate , The amount, terms & conditions & purpose of investment or loan or security or guarantee , The date on which the investment or loan has been made

Multiple Choice Single Answer Question The Board is required to give explanation for the adverse remark given by :Correct Answer Auditor Your Answer Auditor

Select The Blank Question For private company, number of members do not include ________. Correct Answer Employees of company Your Answer Employees of company

Multiple Choice Single Answer Question Accounting Standards are issued by :Correct Answer Institute of Chartered Accountants

Your Answer Institute of Chartered Accountants

Multiple Choice Multiple Answer Question Sole selling agent may be :Correct Answer An Individual , A firm , A Body corporate Your Answer An Individual , A firm , A Body corporate

Multiple Choice Multiple Answer Question WOS are allowed to :Correct Answer Pay royalty , Offshore payment , By automatic route Your Answer Pay royalty , Offshore payment , By automatic route

Multiple Choice Multiple Answer Question Directors' Responsibility Statement refers to :Correct Answer Going concern , Accounting policies , Accounting standards Your Answer Going concern , Accounting policies , Accounting standards

Select The Blank

Question The management should clearly disclose ________ in auditors report Correct Answer Contingent liabilities Your Answer Contingent liabilities

Multiple Choice Single Answer Question Explanatory Statement should be annexed to Notice for :Correct Answer Special business Your Answer Special business

Multiple Choice Single Answer Question Audit committee shall consist of not less than :Correct Answer Three directors Your Answer One director

True/False Question The loan to any body corporate shall be made at the rate of interest not less than that prevailing bank rate as may be prescribed by Reserve Bank of India.

Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Borrowings for Indian companies are for :Correct Answer In Rupees , On repatriation , Non-repatriation Your Answer In Rupees , On repatriation , Non-repatriation

Multiple Choice Single Answer Question The responsibility of placing the annual accounts before the AGM is on Correct Answer Board of Directors Your Answer Board of Directors

Multiple Choice Single Answer Question Authentication of Annual Accounts means :Correct Answer Correctness of the accounts

Your Answer Correctness of the accounts

Multiple Choice Multiple Answer Question Conditions on borrowings by PIO are :Correct Answer Non-repatriation basis , Loan by inward remittance , Account by lender in India Your Answer Non-repatriation basis , Loan by inward remittance , Account by lender in India

Multiple Choice Single Answer Question The Balance Sheet should be in the form set out in Part I of :Correct Answer Schedule VI Your Answer Schedule VI

Multiple Choice Multiple Answer Question Which committees are considered for calculating the limit of the companies Correct Answer Audit committees , Remuneration Committee , Shareholders Grievance Committee Your Answer

Audit committees , Remuneration Committee , Shareholders Grievance Committee

Multiple Choice Single Answer Question Single director can sign the annual accounts if :Correct Answer Only one director in India for the time being Your Answer Only one director in India for the time being

Multiple Choice Multiple Answer Question Object Clauses are divided into :Correct Answer Main Object , Object incidental or ancillary to Main , Other Objects Your Answer Main Object , Object incidental or ancillary to Main , Other Objects

Multiple Choice Multiple Answer Question Board of directors have to take consent of general meeting for :Correct Answer Sale, lease or dispose of company's property , Give time to repayment of debt due by director , Contribute to charitable funds exceeding Rs 50000/- or 5% of average net profits Your Answer Sale, lease or dispose of company's property , Give time to repayment of debt due by director , Filling of vacancies

True/False Question The independent director is a supplier of a service provider of the company. Correct Answer False Your Answer False

Select The Blank Question Liability clause can be found in ________. Correct Answer Memorandum of Association Your Answer Articles of Association

Multiple Choice Single Answer Question In each board meeting director is paid by remuneration, which is known as :Correct Answer Sitting fees Your Answer Meeting fees

Multiple Choice Single Answer

Question Maximum fine which can be levied for default in placing accounts before AGM is :Correct Answer Rs. 50,000 Your Answer Rs. One lac

Multiple Choice Multiple Answer Question The auditor shall inquire :Correct Answer Whether transactions of the company which are represented merely by book entries are not prejudicial to the interest of the company or members , Whether loans & advances made by the company have been shown as deposits , Whether personal expenses have been charged to revenue account Your Answer Whether transactions of the company which are represented merely by book entries are not prejudicial to the interest of the company or members , Whether loans & advances made by the company have been shown as deposits , Whether personal expenses have been charged to revenue account

Multiple Choice Single Answer Question Compliance Report is signed by :Correct Answer Company Secretary in practice Your Answer Company Secretary in practice

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

True/False Question Meeting of the board of Directors shall be held at least 4 times in a year. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Company can take loan from :Correct Answer Banks , Financial Institutions , Debenture Holders Your Answer Financial Institutions , Debenture Holders , Banks

Multiple Choice Single Answer Question Which person is responsible for he payment of wages act ? Correct Answer Managers Your Answer Managers

Select The Blank Question It is advisable to close the financial year on ________.

Correct Answer 31st March Your Answer 31st March

Multiple Choice Single Answer Question Deductions are authorized under which section? Correct Answer Section 7(2) Your Answer Section 7(2)

Multiple Choice Single Answer Question When was the factories act passed? Correct Answer In 1948 Your Answer In 1948

Select The Blank Question The minimum wages act came in force in the year________. Correct Answer 1948 Your Answer 1948

Multiple Choice Multiple Answer Question

Describe in brief what does the term wages include? Correct Answer Remuneration under any award , Settlement between the parties or order of court , Overtime Your Answer Remuneration under any award , Settlement between the parties or order of court , Overtime

True/False Question Articles of Association is not required to be stamped if Memorandum is adequately stamped. Correct Answer False Your Answer False

Multiple Choice Single Answer Question A director of a company can be removed by :Correct Answer Ordinary resolution Your Answer Ordinary resolution

True/False Question There can be an Ordinary Resolution for Special business. Correct Answer True Your Answer True

Multiple Choice Single Answer Question The earlier "Fast Track" investments route has been replaced by? Correct Answer Automatic Your Answer Automatic

Multiple Choice Single Answer Question The notice of the meeting be sent to all the directors at their :Correct Answer Usual residential address Your Answer Usual residential address

Multiple Choice Single Answer Question A director has to vacate his office, if he is adjudged as :Correct Answer Insolvent Your Answer Insolvent

Multiple Choice Single Answer Question To whom does the payment of wages act apply to ? Correct Answer Persons employed in any factory Your Answer Persons employed in any factory

Multiple Choice Multiple Answer Question What 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 Your Answer Tramway service or motor transport service engaged carrying passengers of hire or reward , Dock wharf jetty , Plantation

True/False Question A non executive director is not a substantial shareholder of the company. Correct Answer True Your Answer False

Multiple Choice Multiple Answer Question What is the role of the audit committee? Correct Answer Reviewing the company's financial and risk management policies , Review the annual financial statements , Recommending and appointment of external auditors Your Answer Review the annual financial statements , Recommending and appointment of external auditors , Reviewing the company's financial and risk management policies

Multiple Choice Multiple Answer Question SIA/FIPB approval is necessary in :-

Correct Answer 13 specified activities , Sector limits sought exceeded , Small scale sector items Your Answer 13 specified activities , Sector limits sought exceeded , Small scale sector items

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 Answer Less than Rs 1600

Multiple Choice Multiple Answer Question Following are the Forms to be submitted to ROC for incorporation of company :Correct Answer Form 32 , Form 29 , Form 1 Your Answer Form 32 , Form 29 , Form 1

True/False Question Wages include any contribution paid by the employer to any pension fund or provided fund. Correct Answer False Your Answer False

Multiple Choice Single Answer Question

s Correct Answer In 1936 Your Answer In 1936

Match The Following Question Correct Answer Your Answer

Section 2(vi) Wages Wages

Wages act 1936 1936

Factories act 1948 1948

Section 3 of wages act Every employer responsible for payment to employed persons Every employer responsible for payment to employed persons

Multiple Choice Single Answer Question To safeguard the interest of the company or its shareholders or the public interest, the central government, may appoint such number of person as directors to hold office for a period not exceeding :Correct Answer 3 years

Your Answer 3 years

Multiple Choice Single Answer Question Define an employed person under section 2 of the act. Correct Answer Includes legal representative of a deceased employed person Your Answer Includes legal representative of a deceased employed person

Multiple Choice Multiple Answer Question What is the main purpose of the payment of wages act 1936? Correct Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines Your Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines

Multiple Choice Single Answer Question In which case did the Bombay high court observe the general purpose of the act? Correct Answer Arvind mills ltd case Your Answer Arvind mills ltd case

True/False Question

Government can authorise for supply of essential commodities at concessional rates and pay wages in kind. Correct Answer True Your Answer False

Match The Following Question Correct Answer Your Answer

Qualification share Minimum number of shares that every director has to take Minimum number of shares that every director has to take

Director Employee of the company Promoter of company

Vacancy Created due to resignation of director Created due to resignation of director

Rotation Specific time interval Specific time interval

Multiple Choice Single Answer Question What is computed by the competent authority at concessional rates? Correct Answer Cost of living allowance and cash value

Your Answer Cost of living allowance and cash value

True/False Question Retiring director may be eligible for reappointment. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question Board may by resolution passed at the meeting delegate the powers to :Correct Answer Committee of directors , Managing director , Manager Your Answer Committee of directors , Managing director , Manager

Select The Blank Question Under section ________ period in respect of which wages would be paid would be determined. 3

Correct Answer Your Answer

3

Multiple Choice Multiple Answer Question Preference shares can be :-

Correct Answer Cumulative redeemable , Non- cumulative redeemable , Participatory Your Answer Cumulative redeemable , Non- cumulative redeemable , Participatory

Multiple Choice Multiple Answer Question Who is entitled to bonus? Correct Answer Temporary workmen , Part time employee , Retrenched employee Your Answer Temporary workmen , Part time employee , Retrenched employee

Multiple Choice Multiple Answer Question Books of account with respect to following are required to be kept :Correct Answer Money received & expended , Sales & purchases of goods , Assets & liabilities Your Answer Money received & expended , Sales & purchases of goods , Assets & liabilities

True/False Question Wages include any house accommodation, supply of light medical attendance etc. Correct Answer False Your Answer False

Multiple Choice Multiple Answer

Question A person can not be appointed as director of the company if :Correct Answer He is found to be of unsound mind , He is declared as an insolvent , He has not taken qualification shares Your Answer He is found to be of unsound mind , He is declared as an insolvent , He has not taken qualification shares

Select The Blank Question The ________ issue shall be by way of public issue. Correct Answer NCD Your Answer NCD

Multiple Choice Single Answer Question Payment of wages act came into existence :Correct Answer To ensure regular and timely payment of wages to employed persons Your Answer To ensure regular and timely payment of wages to employed persons

Multiple Choice Multiple Answer Question During the course of audit, auditor is supposed to check :Correct Answer Transaction Vouchers , Cash and Bank balances , Fixed assets register Your Answer Transaction Vouchers , Cash and Bank balances , Fixed assets register

Multiple Choice Single Answer Question In 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 For making alterations before ROC, ________ is required. Correct Answer Power of Attorney Your Answer Power of Attorney

Select The Blank Question ________means all remuneration expressed in terms of money. Correct Answer Wages Your Answer Wages

True/False Question No person can be appointed as an auditor of the company who is in full time employment. Correct Answer True Your Answer

True

Multiple Choice Single Answer Question Number of shareholders entitled to requisition a meeting shall be carrying Correct Answer Not less than 10 per cent of voting power Your Answer Not less than 10 per cent of voting power

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Board of Directors

Reduction of capital Special Resolution Special Resolution

Appointment of Managing Director Ordinary Resolution Ordinary Resolution

Accounting Standards National Advisory Committee National Advisory Committee

True/False Question Payment to a scheme of insurance of a post office is not a deduction. Correct Answer False Your Answer False

Select The Blank Question The uses and applications of the funds raised shall be disclosed to the audit committee on a ________basis. Correct Answer Quarterly Your Answer Quarterly

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Board of Directors

Shorter notice for AGM Private Limited Company Private Limited Company

Books of Account Form 23AA Form 23AA

Accounting Standards National Advisory Committee National Advisory Committee

Multiple Choice Single Answer Question Where does the company publish the compensation philosophy and the statement entitled compensation in respect of the non executive directors? Correct Answer Annual report Your Answer Audit report

Multiple Choice Single Answer Question Which companies have to comply with the provisions of Clause 49 of listing agreement ? Correct Answer Listed Companies Your Answer Listed Companies

True/False Question Former director can take inspection of books of account for the years when he was director. Correct Answer False

Your Answer False

Select The Blank Question As per section 5 in case of railways if the persons employed is less than ________ the wages shall be paid before the expiry of 7th day. Correct Answer 1000 Your Answer 1000

True/False Question Statutory Meeting must be held on a working day. Correct Answer False Your Answer True

Select The Blank Question The recommendations of audit committee relating to financial management shall be ________. Correct Answer Binding Your Answer Binding

Multiple Choice Multiple Answer Question

What do you mean by wages? Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms of money Your Answer Remuneration by way of salaries , Allowances , Expressed in terms of money

Multiple Choice Multiple Answer Question Current Account transactions include :Correct Answer Payments for foreign Trade , Payments for Interest , Foreign Travel Expenses Your Answer Payments for foreign Trade , Payments for Interest , Payments as Loans

Select The Blank Question ________ includes legal representative of deceased employer. Correct Answer Employer Your Answer Employer

Multiple Choice Multiple Answer Question Statutory Report pertains to :Correct Answer Funds raised by the company , Utilisation of funds , Investments made by the company Your Answer Expenses incurred for Statutory Meeting , Funds raised by the company , Utilisation of funds

Multiple Choice Single Answer Question For which activity FDI is not prohibited? Correct Answer Insurance Your Answer Insurance

Multiple Choice Multiple Answer Question How can you compute available surplus under section 5? Correct Answer Gross 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 Your Answer Gross 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 Question Any gratuity payable on termination of employment is included in wages. Correct Answer False Your Answer False

True/False Question Deductions for income tax, payable by the employed person is permissible. Correct Answer True

Your Answer True

Select The Blank Question The Forms 8 &13 should be filed in ________ to ragistrar of companies. Correct Answer Triplicate Your Answer Duplicate

True/False Question A company can be incorporated with the name using words Hindustan, India. Correct Answer True Your Answer False

True/False Question It is not obligatory for the board of directors to lay down the code of conduct for all the board members. Correct Answer False Your Answer False

True/False Question Wages includes any remuneration payable under any award or settlement

between the parties or order of court. Correct Answer True Your Answer True

Multiple Choice Single Answer Question The Document spelling out internal management of the Company is :Correct Answer Articles of Association Your Answer Articles of Association

Multiple Choice Multiple Answer Question Who are governed by the payment of wages act? Correct Answer Employed persons , Salary less than 1600 per month Your Answer Employed persons , Salary less than 1600 per month

True/False Question FEMA is also applicable to agencies outside India that are controlled by residents in India. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question For registering certain resolutions, following documents are submitted :Correct Answer Form 23 , Certified copy of resolution , Copy of explanatory statement Your Answer Form 23 , Certified copy of resolution , Copy of explanatory statement

Multiple Choice Multiple Answer Question Section 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 Your 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 Maturity period for USD 5 million scheme is :Correct Answer Three years Your Answer Ten years

Multiple Choice Single Answer Question A person can not be appointed as managing or whole time director in more than :Correct Answer Two companies

Your Answer Two companies

Multiple Choice Single Answer Question Every auditor who has in receipt from the company of the intimation of his appointment, has to inform Registrar in writing that he has accepted or refused to accept the appointment within :Correct Answer 30 Days Your Answer 30 Days

Multiple Choice Single Answer Question Who fixes the compensation to be paid to the non executive directors? Correct Answer Board of Directors Your Answer Executive Directors

Multiple Choice Multiple Answer Question Remittance completely prohibited on :Correct Answer Dividend balancing , Telephone expanses , Interest on funds Your Answer Dividend balancing , Telephone expanses , Interest on funds

Select The Blank Question No loan or investment shall be made or guarantee given by company unless

________ is passed at the meeting by the board. Correct Answer Resolution Your Answer Resolution

True/False Question Wages includes the value of any house accommodation or supply of light and water. Correct Answer False Your Answer False

Select The Blank Question Any payment in respect on ________ can be deducted from the wages of an employed person. Correct Answer Fidelity guarantee bond Your Answer Fidelity guarantee bond

Multiple Choice Single Answer Question A director can hold place of profit by :Correct Answer Special resolution Your Answer Special resolution

Select The Blank Question Board has power to receive of notice of ________. Correct Answer Disclosure of interest Your Answer Disclosure of interest

Multiple Choice Multiple Answer Question The penalties are levied for which offences done? Correct Answer Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order Your Answer Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order

True/False Question Authorized dealer is required to avail license under the exim policy in force. Correct Answer True Your Answer True

Select The Blank Question A statement of all transactions with the related parties including the basis shall be placed before the ________. Correct Answer Audit committee

Your Answer Audit committee

Multiple Choice Multiple Answer Question Who is not entitled to bonus? Correct Answer An apprentice , Employee employed through contractors Your Answer An apprentice , Employee employed through contractors

Multiple Choice Single Answer Question What is the optimum combination of Board of Directors? Correct Answer Managing Directors and Secretary Your Answer Managing Directors and Secretary

Select The Blank Question As per section ________ it is obligatory on every person responsible for payment. Correct Answer 4 Your Answer 4

Multiple Choice Multiple Answer Question FDI prohibited activities are :-

Correct Answer Retail trading , Gambling & betting , Housing & real estate Your Answer Retail trading , Gambling & betting , Housing & real estate

True/False Question Every company shall keep a register showing the particulars in respect of every loan or investment made, guarantee given or security provided. Correct Answer True Your Answer True

True/False Question Wages includes any travelling allowance for travel concession. Correct Answer False Your Answer False

Select The Blank Question If an employer derives profit in any of the first ________ years he has to pay bonus for that year. Correct Answer 5 Your Answer 5

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer Question Director can be appointed without counting the number in :Correct Answer Private limited company , Unlimited company , Charitable association Your Answer Unlimited company , Charitable association

Multiple Choice Multiple Answer Question Who is entitled to bonus? Correct Answer Temporary workmen , Part time employee , Retrenched employee Your Answer Temporary workmen , Part time employee , Retrenched employee

True/False Question Payment to a scheme of insurance of a post office is not a deduction. Correct Answer False Your Answer True

True/False Question Deductions for income tax, payable by the employed person is permissible. Correct Answer

True Your Answer True

Select The Blank Question RBI in consultation with ________ regulates the capital transactions. Correct Answer Central govt. Your Answer Central govt.

Multiple Choice Multiple Answer Question Company can take loan from :Correct Answer Banks , Financial Institutions , Debenture Holders Your Answer Banks , Financial Institutions , Debenture Holders

Multiple Choice Single Answer Question Who is empowered to specify the Foreign Exchange transactions limits under FEMA? Correct Answer Reserve Bank of India Your Answer Exchange Control Board

Select The Blank Question

The minimum wages act came in force in the year________. Correct Answer 1948 Your Answer 1948

Select The Blank Question Under section ________ period in respect of which wages would be paid would be determined. 3

Correct Answer Your Answer

5

Select The Blank Question ________ includes legal representative of deceased employer. Correct Answer Employer Your Answer Employer

Multiple Choice Single Answer Question For which activity FDI is not prohibited? Correct Answer Insurance Your Answer Insurance

Multiple Choice Multiple Answer Question Following Resolutions must be passed by Postal Ballot :Correct Answer Alteration in Object Clause , Buy-back of own shares , Variation in rights attached to class of shares Your Answer Alteration in Object Clause , Buy-back of own shares

Select The Blank Question It is the primary ________ of the company to file the documets of creation of charge. Correct Answer Responsibility Your Answer Responsibility

Select The Blank Question It is advisable to close the financial year on ________. Correct Answer 31st March Your Answer 31st March

Multiple Choice Single Answer Question If an auditor after his appointment becomes subject to any of the disqualifications, it is treated that the office is :Correct Answer Vacated Your Answer

Vacated

Multiple Choice Multiple Answer Question Board's Report shall include :Correct Answer Dividend recommended , Financial position of the company , Amounts transferred to Reserves Your Answer Dividend recommended , Taxes paid , Financial position of the company

Match The Following Question Correct Answer Your Answer

Internal auditor Employee of the company Doing legal things

Insolvent A person who is not in a position to pay his dues A person who is not in a position to pay his dues

Moral turpitude Doing immoral things Doing immoral things

Call on share Demand of remaining part of share capital value Demand of remaining part of share capital value

Select The Blank Question For Special Resolution, votes cast in favour of the resolution should be ________ times more than votes cast against the resolution. Correct Answer 3 Your Answer 3

True/False Question Every company shall have a qualified and independent audit committee. Correct Answer True Your Answer True

Multiple Choice Single Answer Question Who issues a certificate of compliance of conditions of corporate governance? Correct Answer Auditors or company secretaries Your Answer Registrar of companies

True/False Question Wages includes the value of any house accommodation or supply of light and water. Correct Answer False

Your Answer False

True/False Question A temporary workman is not entitled to bonus though he works for a few days in the organisation. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Public limited company's directors have following conditions :Correct Answer Minimum number is three , Should be individuals , Have sound mind Your Answer Minimum number is three , Should be individuals , Have sound mind

True/False Question Debenture holders are creditors of the company. Correct Answer True Your Answer True

True/False Question Any gratuity payable on termination of employment is included in wages.

Correct Answer False Your Answer False

Multiple Choice Single Answer Question What is the optimum combination of Board of Directors? Correct Answer Managing Directors and Secretary Your Answer Executive and non executive Directors

Multiple Choice Single Answer Question If date of incorporation is 1.1.2005, first AGM must be held before :Correct Answer 30.6.2006 Your Answer 30.6.2006

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Board of Directors

Shorter notice for AGM Private Limited Company ROC

Books of Account Form 23AA Registered Office

Accounting Standards National Advisory Committee Form 23AA

True/False Question Wages includes any remuneration payable under any award or settlement between the parties or order of court. Correct Answer True Your Answer True

Multiple Choice Single Answer Question Present limit for giving details of employees in Directors' Report is :Correct Answer Rs. 2 lac p.m. Your Answer Rs. 5 lac p.m.

Multiple Choice Multiple Answer Question What is the role of the audit committee? Correct Answer Review the annual financial statements , Recommending and appointment of

external auditors , Reviewing the company's financial and risk management policies Your Answer Review the annual financial statements , Recommending and appointment of external auditors , Reviewing the company's financial and risk management policies

Multiple Choice Single Answer Question What has the national labour omission described about passing of the act? Correct Answer Landmark in the history of labour legislation in the country Your Answer Landmark in the history of labour legislation in the country

Select The Blank Question As per section ________ it is obligatory on every person responsible for payment. Correct Answer 4 Your Answer 2

True/False Question Financial year and calendar year are one and the same thing. Correct Answer False Your Answer False

Multiple Choice Single Answer Question For public company, quorum for general meeting is :Correct Answer 5 members in person Your Answer 5 members in person

True/False Question Only individuals can be appointed as directors of the company. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question FDI prohibited activities are :Correct Answer Retail trading , Gambling & betting , Housing & real estate Your Answer Retail trading , Gambling & betting , Housing & real estate

Select The Blank Question Preference shareholders have ________ to get dividend over equity share holders. Correct Answer Preferential right Your Answer Preferential right

True/False Question No person can be appointed as an auditor of the company who is in full time employment. Correct Answer True Your Answer True

True/False Question Authorized dealer is required to avail license under the exim policy in force. Correct Answer True Your Answer True

Select The Blank Question As per section 5 in case of railways if the persons employed is less than ________ the wages shall be paid before the expiry of 7th day. Correct Answer 1000 Your Answer 1000

Multiple Choice Single Answer Question As per section 3 who fixes the minimum rate of wages to be paid to the employees ?

Correct Answer Appropriate government Your Answer Appropriate government

Multiple Choice Multiple Answer Question Remittance completely prohibited on :Correct Answer Dividend balancing , Telephone expanses , Interest on funds Your Answer Dividend balancing , Telephone expanses , Interest on funds

True/False Question Default in placing annual accounts before AGM may result in imprisonment. Correct Answer True Your Answer True

Multiple Choice Single Answer Question A director of a company can be removed by :Correct Answer Ordinary resolution Your Answer Ordinary resolution

True/False

Question After completion of Ordinary business other business is transacted at Extra ordinary General Meeting. Correct Answer False Your Answer True

True/False Question Wages includes any travelling allowance for travel concession. Correct Answer False Your Answer False

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer Question In 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 Question Which person is responsible for he payment of wages act ? Correct Answer Managers Your Answer Managers

Multiple Choice Single Answer Question As per the provisions of Companies Act 1956, company can issue shares with :Correct Answer Differential voting rights Your Answer Differential voting rights

Multiple Choice Single Answer Question To whom does the payment of wages act apply to ? Correct Answer Persons employed in any factory Your Answer Persons employed in any factory

Multiple Choice Multiple Answer Question

What sums are deductible from gross profit under section 8? Correct Answer Amount by way of depreciation , Employment rebate or investment allowance , Direct tax Your Answer Amount by way of depreciation , Employment rebate or investment allowance , Direct tax

Multiple Choice Multiple Answer Question What do you mean by wages? Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms of money Your Answer Remuneration by way of salaries , Allowances , Expressed in terms of money

Multiple Choice Multiple Answer Question What 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 Your Answer Tramway service or motor transport service engaged carrying passengers of hire or reward , Dock wharf jetty , Plantation

True/False Question A piece rated worker is entitled to bonus. Correct Answer True Your Answer True

Multiple Choice Single Answer s

Question

Correct Answer In 1936 Your Answer In 1936

Multiple Choice Single Answer Question No preference shares can be redeemed unless they are :Correct Answer Fully paid up Your Answer Fully paid up

Multiple Choice Single Answer Question What do you mean by establishment on private sector? Correct Answer Any establishment other than public sector Your Answer Any establishment other than public sector

Multiple Choice Multiple Answer Question Person permanently resident in India can return foreign exchange by :Correct Answer From AD , Travelling abroad , As a gift

Your Answer From AD , Travelling abroad , As a gift

True/False Question Wages include any contribution paid by the employer to any pension fund or provided fund. Correct Answer False Your Answer False

Multiple Choice Single Answer Question ECB stands for :Correct Answer External Commercial Borrowings Your Answer External Commercial Borrowings

Multiple Choice Single Answer Question Deductions are authorized under which section? Correct Answer Section 7(2) Your Answer Section 7(2)

Select The Blank Question Payment of ________ requires registration from RBI.

Correct Answer Royalty Your Answer Royalty

Multiple Choice Single Answer Question Define an employed person under section 2 of the act. Correct Answer Includes legal representative of a deceased employed person Your Answer Includes legal representative of a deceased employed person

Multiple Choice Multiple Answer Question Describe in brief what does the term wages include? Correct Answer Remuneration under any award , Settlement between the parties or order of court , Overtime Your Answer Remuneration under any award , Overtime , Travelling allowance

Multiple Choice Multiple Answer Question How can you compute available surplus under section 5? Correct Answer Gross 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 Your Answer Gross 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 Question Every 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 Your Answer True

Multiple Choice Single Answer Question FEMA Norms are compatible with :Correct Answer FERA Your Answer FERA

Match The Following Question Correct Answer Your Answer

Section 2(vi) Wages Wages

Wages act 1936 1936

Factories act 1948 1948

Section 3 of wages act Every employer responsible for payment to employed persons Every employer responsible for payment to employed persons

Select The Blank Question The definition of ECB in India is partly in alignment with ________ Act. Correct Answer FERA Your Answer FERA

Select The Blank Question Articles of Association are rules for ________. Correct Answer Internal management Your Answer Internal management

Multiple Choice Multiple Answer Question Section 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 Your 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 Answer Less than Rs 1600

Select The Blank Question ________ of the company has a right to take inspection of the books of account. Correct Answer Any Director Your Answer Any Director

True/False Question The minimum wages act came in force on 15 march 1968 Correct Answer False Your Answer False

Select The Blank Question The recommendations of audit committee relating to financial management shall be ________. Correct Answer Binding

Your Answer Binding

Multiple Choice Multiple Answer Question Who are governed by the payment of wages act? Correct Answer Employed persons , Salary less than 1600 per month Your Answer Employed persons , Salary less than 1600 per month , Salary less than 1200 per month

Multiple Choice Single Answer Question What do you mean by accounting year? Correct Answer Day on which books of accounts of the corporation are closed Your Answer Day on which books of accounts are open

True/False Question Directors' Report may contain details/ state of affairs of its subsidiaries. Correct Answer True Your Answer True

True/False Question A part time worker as sweeper engaged in regular business is entitled bonus.

Correct Answer True Your Answer True

Multiple Choice Single Answer Question In which case did the Bombay high court observe the general purpose of the act? Correct Answer Arvind mills ltd case Your Answer Arvind mills ltd case

Select The Blank Question First AGM should be held within ________ from closure of financial year. Correct Answer 9 months Your Answer 18 months

Multiple Choice Single Answer Question Quorum required to hold a valid meeting can be prescribed in :Correct Answer Articles of Association Your Answer Articles of Association

Select The Blank

Question Private Company prohibits public to ________ for any shares. Correct Answer Subscribe Your Answer Subscribe

Multiple Choice Single Answer Question Payment of wages act came into existence :Correct Answer To ensure regular and timely payment of wages to employed persons Your Answer To ensure regular and timely payment of wages to employed persons

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Board of Directors

Reduction of capital Special Resolution Special Resolution

Appointment of Managing Director Ordinary Resolution ROC

Accounting Standards National Advisory Committee

National Advisory Committee

Select The Blank Question For making alterations before ROC, ________ is required. Correct Answer Power of Attorney Your Answer Resolution authorising alteration

Multiple Choice Multiple Answer Question What is the main purpose of the payment of wages act 1936? Correct Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines Your Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines

True/False Question Company can not issue shares with differential voting/ dividend rights. Correct Answer False Your Answer False

True/False Question

The Board has power to alter Articles of Association being internal document. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question What is the board procedure ? Correct Answer Meeting 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 made available Your Answer Meeting 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 made available

Multiple Choice Single Answer Question When was the factories act passed? Correct Answer In 1948 Your Answer In 1948

True/False Question No additional fees is payable on increased authorised capital since already paid on original authorised capital. Correct Answer False Your Answer False

Legal aspects of finance –saroj -1 Multiple Choice Single Answer Question When was the minimum wages act passed ? Correct Answer 1948 Your Answer 1948 Select The Blank Question For Special Resolution, votes cast in favour of the resolution should be ________ times more than votes cast against the resolution. Correct Answer 3 Your Answer 3 Multiple Choice Multiple Answer Question For registering certain resolutions, following documents are submitted :Correct Answer Form 23 , Certified copy of resolution , Copy of explanatory statement Your Answer Form 23 , Certified copy of resolution , Draft resolution Multiple Choice Multiple Answer Question Who are governed by the payment of wages act? Correct Answer Employed persons , Salary less than 1600 per month Your Answer Employed persons , Salary less than 1600 per month , Salary less than 1200 per month Multiple Choice Multiple Answer Question Under which circumstances will the worker not receive wages for full normal working days ? Correct Answer If failure to work is caused by unwillingness to work , Not by omission of the employer to provide him with work Your Answer If failure to work is caused by unwillingness to work , Not by omission of the employer to provide him with work , He works for more than full working hours Multiple Choice Multiple Answer Question What do you mean by wages? Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms of money Your Answer Remuneration by way of salaries , Allowances , Expressed in terms of money Multiple Choice Multiple Answer Question Who is an independent director? Correct Answer Non executive director , Who receives director remuneration , Who is not related to the promoters

Your Answer Non executive director , Who receives director remuneration , Who is not related to the promoters Select The Blank Question Board has power to receive of notice of ________. Correct Answer Disclosure of interest Your Answer Disclosure of interest Multiple Choice Single Answer Question Company has to make application to central government, in case of appointment of managing director is not made accordance with part I & II of schedule XIII, within :Correct Answer 90 days Your Answer 45 days Select The Blank Question The ________ issue shall be by way of public issue. Correct Answer NCD Your Answer RTO Select The Blank Question Under section ________ period in respect of which wages would be paid would be determined. Correct Answer 3 Your Answer 3 True/False Question A piece rated worker is entitled to bonus. Correct Answer True Your Answer False 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 Answer Less than Rs 1600 Select The Blank Question ________ includes legal representative of deceased employer. Correct Answer Employer Your Answer Doctor Match The Following Question Correct Answer Your Answer dismissed employee for bonus Gannon India vs. niranjan das Gannon India vs. niranjan das

part time employee entitled to bonus automobile karmachari sang vs. industrial tribunal 1970 automobile karmachari sang vs. industrial tribunal 1970 retrenched employee entitled for bonus' east Asiatic company vs. industrial tribunal 1961 east Asiatic company vs. industrial tribunal 1961 probationer for bonus' bank of madura vs. employees union 1970 bank of madura vs. employees union 1970 True/False Question Only individuals can be appointed as directors of the company. Correct Answer True Your Answer False Multiple Choice Single Answer Question FEMA Norms are compatible with :Correct Answer FERA Your Answer FERA Multiple Choice Multiple Answer Question WOS are allowed to :Correct Answer Pay royalty , Offshore payment , By automatic route Your Answer Pay royalty , Offshore payment , By automatic route Multiple Choice Multiple Answer Question The register in respect of every investment or loan made, contains Correct Answer The name of body corporate , The amount, terms & conditions & purpose of investment or loan or security or guarantee , The date on which the investment or loan has been made Your Answer The name of body corporate , The amount, terms & conditions & purpose of investment or loan or security or guarantee , The date on which the investment or loan has been made True/False Question Deductions for income tax, payable by the employed person is permissible. Correct Answer True Your Answer True True/False Question Financial year and calendar year are one and the same thing. Correct Answer False Your Answer False Multiple Choice Single Answer Question How would you define salary or wage? Correct Answer All remuneration other than in respect of overtime work of the work done in such employment

Your Answer All remuneration including overtime Multiple Choice Single Answer Question In case of cost audit, the report of cost auditor has to be submitted to central government, within :Correct Answer 120 Days Your Answer 90 Days Multiple Choice Multiple Answer Question Books of account with respect to following are required to be kept :Correct Answer Money received & expended , Sales & purchases of goods , Assets & liabilities Your Answer Shares of the company bought & sold by the members , Money received & expended , Sales & purchases of goods Multiple Choice Multiple Answer Question Appointment of receiver under sec.137 containt Correct Answer Name , address and date of appointment of receiver , date on which the receiver ceased to act Your Answer Name , address and date of appointment of receiver , date on which the receiver ceased to act , Receivers Professional qualification Multiple Choice Single Answer Question In the case of prevention of operation and mismanagement application is to be made to company law board by Correct Answer Member Your Answer Member Multiple Choice Multiple Answer Question Retiring director shall be deemed to be reappointed unless :Correct Answer He has expressed his unwillingness to be re-appointed , He is disqualified for appointment , Resolution for reappointment has been put to vote & lost Your Answer He has expressed his unwillingness to be re-appointed , He is disqualified for appointment , Resolution for reappointment has been put to vote & lost Select The Blank Question If an employer derives profit in any of the first ________ years he has to pay bonus for that year. Correct Answer 5 Your Answer 5 True/False Question Every 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 Your Answer True

True/False Question Senior managers are members of management, one level below the executive director. Correct Answer True Your Answer True Multiple Choice Multiple Answer Question The penalties are levied for which offences done? Correct Answer Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order Your Answer Pay more than fixed wages , Pay less than minimum wages , Pay less than fixed wages True/False Question Board may appoint additional directors. Correct Answer True Your Answer True Multiple Choice Single Answer Question Which report is received by the shareholders annually ? Correct Answer Directors report Your Answer Directors report Select The Blank Question The recommendations of audit committee relating to financial management shall be ________. Correct Answer Binding Your Answer Recommendary Select The Blank Question Purchase of foreign securities by resident employee of Indian Software Company, should not exceed ________. Correct Answer US $ 50000 Your Answer US $ 50000 True/False Question Former director can take inspection of books of account for the years when he was director. Correct Answer False Your Answer False Multiple Choice Single Answer Question A director of a company can be removed by :Correct Answer Ordinary resolution Your Answer Special resolution Multiple Choice Single Answer

Question Compliance Report is signed by :Correct Answer Company Secretary in practice Your Answer Board of Directors Select The Blank Question Director has to vacate his office, if he has been ________ by a court of any offence involving moral turpitude. Correct Answer Convicted Your Answer Convicted True/False Question Any gratuity payable on termination of employment is included in wages. Correct Answer False Your Answer True Multiple Choice Single Answer Question A director has to vacate his office, if he is adjudged as :Correct Answer Insolvent Your Answer Solvent Match The Following Question Correct Answer Your Answer Notice Circulation for day, time of meeting Circulation for day, time of meeting Sole selling agent Have exclusive right to sale for company in specified area Have exclusive right to sale for company in specified area Audit committee Appointed for specific purpose related to audit Appointed for assistance to board of directors Quorum Minimum required persons for meeting Minimum required persons for meeting True/False Question Employee includes an out worker to whom any article or material are given out by another person for repair or cleaning. Correct Answer True Your Answer False Select The Blank Question The Postal ballot paper should be returned to the company within ________ from the dispatch of ballot paper. Correct Answer 30 days Your Answer 15 days Multiple Choice Multiple Answer

Question Debentures can be :Correct Answer Redeemable , Convertible , Party convertible and redeemable Your Answer Redeemable , Convertible , Party convertible and redeemable Multiple Choice Single Answer Question Single director can sign the annual accounts if :Correct Answer Only one director in India for the time being Your Answer He is authorised by the Board in this regard Select The Blank Question Copies of annual accounts are to be filed within ________ days from AGM with ROC. Correct Answer 30 days Your Answer 21 days ************* Legal Aspects of Finance

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Single Answer Question In 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 Question

Which person is responsible for he payment of wages act ? Correct Answer Managers Your Answer Managers

Multiple Choice Single Answer Question As per the provisions of Companies Act 1956, company can issue shares with :Correct Answer Differential voting rights Your Answer Differential voting rights

Multiple Choice Single Answer Question To whom does the payment of wages act apply to ? Correct Answer Persons employed in any factory Your Answer Persons employed in any factory

Multiple Choice Multiple Answer Question What sums are deductible from gross profit under section 8? Correct Answer Amount by way of depreciation , Employment rebate or investment allowance , Direct tax Your Answer Amount by way of depreciation , Employment rebate or investment allowance , Direct tax

Multiple Choice Multiple Answer

Question What do you mean by wages? Correct Answer Remuneration by way of salaries , Allowances , Expressed in terms of money Your Answer Remuneration by way of salaries , Allowances , Expressed in terms of money

Multiple Choice Multiple Answer Question What 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 Your Answer Tramway service or motor transport service engaged carrying passengers of hire or reward , Dock wharf jetty , Plantation

True/False Question A piece rated worker is entitled to bonus. Correct Answer True Your Answer True

Multiple Choice Single Answer Question s Correct Answer In 1936 Your Answer In 1936

Multiple Choice Single Answer Question No preference shares can be redeemed unless they are :Correct Answer Fully paid up Your Answer Fully paid up

Multiple Choice Single Answer Question What do you mean by establishment on private sector? Correct Answer Any establishment other than public sector Your Answer Any establishment other than public sector

Multiple Choice Multiple Answer Question Person permanently resident in India can return foreign exchange by :Correct Answer From AD , Travelling abroad , As a gift Your Answer From AD , Travelling abroad , As a gift

True/False Question Wages include any contribution paid by the employer to any pension fund or provided fund. Correct Answer False Your Answer False

Multiple Choice Single Answer Question ECB stands for :Correct Answer External Commercial Borrowings Your Answer External Commercial Borrowings

Multiple Choice Single Answer Question Deductions are authorized under which section? Correct Answer Section 7(2) Your Answer Section 7(2)

Select The Blank Question Payment of ________ requires registration from RBI. Correct Answer Royalty Your Answer Royalty

Multiple Choice Single Answer Question Define an employed person under section 2 of the act. Correct Answer Includes legal representative of a deceased employed person Your Answer Includes legal representative of a deceased employed person

Multiple Choice Multiple Answer Question Describe in brief what does the term wages include? Correct Answer Remuneration under any award , Settlement between the parties or order of court , Overtime Your Answer Remuneration under any award , Overtime , Travelling allowance

Multiple Choice Multiple Answer Question How can you compute available surplus under section 5? Correct Answer Gross 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 Your Answer Gross 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 Question Every 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 Your Answer True

Multiple Choice Single Answer Question FEMA Norms are compatible with :Correct Answer FERA

Your Answer FERA

Match The Following Question Correct Answer Your Answer

Section 2(vi) Wages Wages

Wages act 1936 1936

Factories act 1948 1948

Section 3 of wages act Every employer responsible for payment to employed persons Every employer responsible for payment to employed persons

Select The Blank Question The definition of ECB in India is partly in alignment with ________ Act. Correct Answer FERA Your Answer FERA

Select The Blank Question Articles of Association are rules for ________. Correct Answer Internal management Your Answer Internal management

Multiple Choice Multiple Answer Question Section 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 Your 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 Answer Less than Rs 1600

Select The Blank Question ________ of the company has a right to take inspection of the books of account. Correct Answer Any Director

Your Answer Any Director

True/False Question The minimum wages act came in force on 15 march 1968 Correct Answer False Your Answer False

Select The Blank Question The recommendations of audit committee relating to financial management shall be ________. Correct Answer Binding Your Answer Binding

Multiple Choice Multiple Answer Question Who are governed by the payment of wages act? Correct Answer Employed persons , Salary less than 1600 per month Your Answer Employed persons , Salary less than 1600 per month , Salary less than 1200 per month

Multiple Choice Single Answer Question What do you mean by accounting year? Correct Answer

Day on which books of accounts of the corporation are closed Your Answer Day on which books of accounts are open

True/False Question Directors' Report may contain details/ state of affairs of its subsidiaries. Correct Answer True Your Answer True

True/False Question A part time worker as sweeper engaged in regular business is entitled bonus. Correct Answer True Your Answer True

Multiple Choice Single Answer Question In which case did the Bombay high court observe the general purpose of the act? Correct Answer Arvind mills ltd case Your Answer Arvind mills ltd case

Select The Blank Question First AGM should be held within ________ from closure of financial

year. Correct Answer 9 months Your Answer 18 months

Multiple Choice Single Answer Question Quorum required to hold a valid meeting can be prescribed in :Correct Answer Articles of Association Your Answer Articles of Association

Select The Blank Question Private Company prohibits public to ________ for any shares. Correct Answer Subscribe Your Answer Subscribe

Multiple Choice Single Answer Question Payment of wages act came into existence :Correct Answer To ensure regular and timely payment of wages to employed persons Your Answer To ensure regular and timely payment of wages to employed persons

Match The Following Question Correct Answer

Your Answer

Interim Dividend Board of Directors Board of Directors

Reduction of capital Special Resolution Special Resolution

Appointment of Managing Director Ordinary Resolution ROC

Accounting Standards National Advisory Committee National Advisory Committee

Select The Blank Question For making alterations before ROC, ________ is required. Correct Answer Power of Attorney Your Answer Resolution authorising alteration

Multiple Choice Multiple Answer Question What is the main purpose of the payment of wages act 1936? Correct Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines Your Answer Ensure payment of wages to the employed , Prevent unauthorised deductions , Prevent arbitrary fines

True/False Question Company can not issue shares with differential voting/ dividend rights. Correct Answer False Your Answer False

True/False Question The Board has power to alter Articles of Association being internal document. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question What is the board procedure ? Correct Answer Meeting 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 made available Your Answer Meeting 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 made available

Multiple Choice Single Answer Question When was the factories act passed?

Correct Answer In 1948 Your Answer In 1948

True/False Question No additional fees is payable on increased authorised capital since already paid on original authorised capital. Correct Answer False Your Answer False

LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer Question Director can be appointed without counting the number in :Correct Answer Private limited company , Unlimited company , Charitable association Your Answer Unlimited company , Charitable association

Multiple Choice Multiple Answer Question Who is entitled to bonus? Correct Answer Temporary workmen , Part time employee , Retrenched employee Your Answer Temporary workmen , Part time employee , Retrenched employee

True/False Question Payment to a scheme of insurance of a post office is not a deduction. Correct Answer False Your Answer True

True/False Question Deductions for income tax, payable by the employed person is permissible. Correct Answer True Your Answer True

Select The Blank Question RBI in consultation with ________ regulates the capital transactions. Correct Answer Central govt. Your Answer Central govt.

Multiple Choice Multiple Answer Question Company can take loan from :Correct Answer Banks , Financial Institutions , Debenture Holders Your Answer Banks , Financial Institutions , Debenture Holders

Multiple Choice Single Answer Question Who is empowered to specify the Foreign Exchange transactions limits under FEMA? Correct Answer Reserve Bank of India Your Answer Exchange Control Board

Select The Blank Question The minimum wages act came in force in the year________. Correct Answer 1948 Your Answer 1948

Select The Blank Question Under section ________ period in respect of which wages would be paid would be determined. Correct Answer 3 Your Answer 5

Select The Blank Question ________ includes legal representative of deceased employer. Correct Answer

Employer Your Answer Employer

Multiple Choice Single Answer Question For which activity FDI is not prohibited? Correct Answer Insurance Your Answer Insurance

Multiple Choice Multiple Answer Question Following Resolutions must be passed by Postal Ballot :Correct Answer Alteration in Object Clause , Buy-back of own shares , Variation in rights attached to class of shares Your Answer Alteration in Object Clause , Buy-back of own shares

Select The Blank Question It is the primary ________ of the company to file the documets of creation of charge. Correct Answer Responsibility Your Answer Responsibility

Select The Blank

Question It is advisable to close the financial year on ________. Correct Answer 31st March Your Answer 31st March

Multiple Choice Single Answer Question If an auditor after his appointment becomes subject to any of the disqualifications, it is treated that the office is :Correct Answer Vacated Your Answer Vacated

Multiple Choice Multiple Answer Question Board's Report shall include :Correct Answer Dividend recommended , Financial position of the company , Amounts transferred to Reserves Your Answer Dividend recommended , Taxes paid , Financial position of the company

Match The Following Question Correct Answer Your Answer

Internal auditor Employee of the company Doing legal things

Insolvent A person who is not in a position to pay his dues A person who is not in a position to pay his dues

Moral turpitude Doing immoral things Doing immoral things

Call on share Demand of remaining part of share capital value Demand of remaining part of share capital value

Select The Blank Question For Special Resolution, votes cast in favour of the resolution should be ________ times more than votes cast against the resolution. Correct Answer 3 3

Your Answer

True/False Question Every company shall have a qualified and independent audit committee. Correct Answer True Your Answer True

Multiple Choice Single Answer

Question Who issues a certificate of compliance of conditions of corporate governance? Correct Answer Auditors or company secretaries Your Answer Registrar of companies

True/False Question Wages includes the value of any house accommodation or supply of light and water. Correct Answer False Your Answer False

True/False Question A temporary workman is not entitled to bonus though he works for a few days in the organisation. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question Public limited company's directors have following conditions :Correct Answer Minimum number is three , Should be individuals , Have sound mind Your Answer Minimum number is three , Should be individuals , Have sound mind

True/False Question Debenture holders are creditors of the company. Correct Answer True Your Answer True

True/False Question Any gratuity payable on termination of employment is included in wages. Correct Answer False Your Answer False

Multiple Choice Single Answer Question What is the optimum combination of Board of Directors? Correct Answer Managing Directors and Secretary Your Answer Executive and non executive Directors

Multiple Choice Single Answer Question If date of incorporation is 1.1.2005, first AGM must be held before :Correct Answer 30.6.2006 Your Answer

30.6.2006

Match The Following Question Correct Answer Your Answer

Interim Dividend Board of Directors Board of Directors

Shorter notice for AGM Private Limited Company ROC

Books of Account Form 23AA Registered Office

Accounting Standards National Advisory Committee Form 23AA

True/False Question Wages includes any remuneration payable under any award or settlement between the parties or order of court. Correct Answer True Your Answer True

Multiple Choice Single Answer Question Present limit for giving details of employees in Directors' Report is :Correct Answer Rs. 2 lac p.m. Your Answer Rs. 5 lac p.m.

Multiple Choice Multiple Answer Question What is the role of the audit committee? Correct Answer Review the annual financial statements , Recommending and appointment of external auditors , Reviewing the company's financial and risk management policies Your Answer Review the annual financial statements , Recommending and appointment of external auditors , Reviewing the company's financial and risk management policies

Multiple Choice Single Answer Question What has the national labour omission described about passing of the act? Correct Answer Landmark in the history of labour legislation in the country Your Answer Landmark in the history of labour legislation in the country

Select The Blank Question As per section ________ it is obligatory on every person responsible for payment.

Correct Answer 4 Your Answer 2

True/False Question Financial year and calendar year are one and the same thing. Correct Answer False Your Answer False

Multiple Choice Single Answer Question For public company, quorum for general meeting is :Correct Answer 5 members in person Your Answer 5 members in person

True/False Question Only individuals can be appointed as directors of the company. Correct Answer True Your Answer True

Multiple Choice Multiple Answer Question

FDI prohibited activities are :Correct Answer Retail trading , Gambling & betting , Housing & real estate Your Answer Retail trading , Gambling & betting , Housing & real estate

Select The Blank Question Preference shareholders have ________ to get dividend over equity share holders. Correct Answer Preferential right Your Answer Preferential right

True/False Question No person can be appointed as an auditor of the company who is in full time employment. Correct Answer True Your Answer True

True/False Question Authorized dealer is required to avail license under the exim policy in force. Correct Answer True Your Answer True

Select The Blank Question As per section 5 in case of railways if the persons employed is less than ________ the wages shall be paid before the expiry of 7th day. Correct Answer 1000 Your Answer 1000

Multiple Choice Single Answer Question As per section 3 who fixes the minimum rate of wages to be paid to the employees ? Correct Answer Appropriate government Your Answer Appropriate government

Multiple Choice Multiple Answer Question Remittance completely prohibited on :Correct Answer Dividend balancing , Telephone expanses , Interest on funds Your Answer Dividend balancing , Telephone expanses , Interest on funds

True/False Question Default in placing annual accounts before AGM may result in imprisonment. Correct Answer True

Your Answer True

Multiple Choice Single Answer Question A director of a company can be removed by :Correct Answer Ordinary resolution Your Answer Ordinary resolution

True/False Question After completion of Ordinary business other business is transacted at Extra ordinary General Meeting. Correct Answer False Your Answer True

True/False Question Wages includes any travelling allowance for travel concession. Correct Answer False Your Answer False