Legal_Aspects_of_Finance_9

							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 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