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Legal_Aspects_of_Finance_6

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					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 True/False Question Ordinary resolution

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Multiple Choice Single Answer Question The earlier "Fast Track" investments route has been replaced by?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 True/False Question Form 32 , Form 29 , Form 1

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 Section 2(vi) Wages act Factories act Section 3 of wages act

Correct Answer Wages 1936 1948

Your Answer Wages 1936 1948

Every employer Every employer responsible for payment to responsible for payment to employed persons 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 True/False Question Arvind mills ltd case

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 Qualification share

Correct Answer

Your Answer

Minimum number of Minimum number of shares shares that every director that every director has to has to take take Employee of the company Promoter of company Created due to resignation Created due to resignation of director of director Specific time interval Specific time interval

Director Vacancy Rotation

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 True/False Question Cost of living allowance and cash value

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. Correct Answer 3 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


				
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