Legal_Aspects_of_Finance_1

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					LIST OF ATTEMPTED QUESTIONS AND ANSW ERS Multiple Choice Multip le Answer Question Sect ion 24 provides bar to entertain suits by the court for recovery of wages in so far as the sum claimed falls within wh ich of the fo llo wing categories :Correct Answer A mount adjudged is not due to penalty , For wh ich any application claim has already been presented , Direct ion of claim already given' Your Answer For wh ich any application claim has already been presented , Direction of claim already given' , A mount 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 Multip le Answer Question Du ring 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 , Reg ister of creditors True/False Question The national labour co mmission 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 co mpany can be removed by :Correct Answer Ordinary resolution Your Answer Ordinary resolution Select The Blank Question Every ________ Co mpany 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 o f the company. Correct Answer False Your Answer False Multiple Choice Multip le Answer Question SIA/FIPB approval is necessary in :-

Correct Answer 13 specified activit ies , Sector limits sought exceeded , Small scale sector items Your Answer 13 specified activ ities , Sector limits sought exceeded , Small scale sector items True/False Question On ly 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 Multip le 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 o f payment of bonus as per the prescribed formula , To provide payment for minimu m and maximu m 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 pay ment of bonus as per the prescribed formu la , To provide pay ment for min imu m and maximu m bonus and link the scheme for set off and set on Select The Blank Question Articles of Association are ru les 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 o f :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 Multip le Answer Question Debentures can be :Correct Answer Redeemab le , 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 Follo wing Question Correct Answer Your Answer Indian company borrowings Redemption more than 3 y ears Redemption more than 3 years Borro wing by NRE Loan less than 3 years Regulated ROI

Borro wings in Rupees Regulated ROI Loan less than 3 years NCD issue Public issue Public issue

Multiple Choice Multip le Answer Question Ob ject Clauses are divided into :Correct Answer Main Object , Ob ject incidental or ancillary to Main , Other Objects Your Answer Main Object , Object incidental or ancillary to Main , Other Ob jects Multiple Choice Single Answer Question The notice of the meet ing 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 t ransactions with the related parties including the basis shall be placed before the ________. Correct Answer Audit committee Your Answer Audit co mmittee Select The Blank Question First A GM 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 Co mpany has to make application to central government, in case of app ointment 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 Multip le Answer Question Preference shares can be :Correct Answer Cu mu lative redeemab le , Non- cu mu lative redeemable , Part icipatory Your Answer Cu mulat ive redeemable , Non- cu mulative redeemable , Participatory Multiple Choice Multip le Answer Question What is the main purpose of the payment of wages act 193 6? 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 Multip le Answer Question Fo llo wing Resolutions must be passed by Postal Ballot :Correct Answer Alteration in Ob ject Clause , Buy-back of o wn shares , Variation in rights attached to class of shares Your Answer Alterat ion in Object Clause , Buy-back o f own shares , Variat ion in rights attached to class of shares

Multiple Choice Multip le Answer Question In calculating the limit of all the co mpanies which co mpanies are excluded? Correct Answer Foreign companies , Private Co mpanies , Non Profit making co mpanies Your Answer Foreign co mpanies , Non Profit making companies , Public limited co mpanies Multiple Choice Multip le Answer Question Borro wings 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 t imes in a year. Correct Answer True Your Answer True Select The Blank Question Pay ment 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 minimu m wages by notification in the official gazette are considered by :Correct Answer Advisory board Your Answer Advisory board Multiple Choice Single Answer Question Nu mber of shareholders entitled to requisition a meeting shall be carry ing 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 co mpany, 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 Co mpany may have alternate director. Correct Answer True Your Answer False

Multiple Choice Single Answer Question The minimu m wages act falls under wh ich 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 Declarat ion of Co mpliance with requirements of the Co mpanies Act Correct Answer Form 1 Your Answer Form 32 Multiple Choice Single Answer Question Co mpany can increase its maximu m nu mber of directors, for which application is required to be made in :Correct Answer Form no 24 Your Answer Form no 24 Multiple Choice Multip le Answer Question Board may by resolution passed at the meeting delegate the powers to :Correct Answer Co mmittee of directors , Managing director , Manager Your Answer Co mmittee 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 cred it Your Answer Letter of credit Select The Blank Question To avoid conflicts of interest, ________ committee would determine the remunerat ion packages of the executive directors. Correct Answer Remunerat ion Your Answer Remuneration


				
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