The first auditor of a company appointed, holds office– (A) For a period of one year (B) For that period till new auditor is appointed (C) Till the conclusion of first Annual General Meeting (D) Till the holding of statutory meeting of the company

The first auditor of a company appointed, holds office– (A) For a period of one year (B) For that period till new auditor is appointed (C) Till the conclusion of first Annual General Meeting (D) Till the holding of statutory meeting of the company  
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Answer: Till the conclusion of first Annual General Meeting
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Internal Auditor is appointed by the– (A) Management (B) Shareholders (C) Government (D) Statutory Auditor

Description : Internal Auditor is appointed by the– (A) Management (B) Shareholders (C) Government (D) Statutory Auditor

Last Answer : Answer: Management

A company limited by shares has to call the statutory meeting within a period of not less than one month and not more than six months. This period is counted with reference to which one of the following ? (A) The date of incorporation (B) The date at which the company is entitled to commence business (C) The date of actual receipt of certificate of incorporation (D) The date of actual commencement of business

Description : A company limited by shares has to call the statutory meeting within a period of not less than one month and not more than six months. This period is counted with reference to which one of ... date of actual receipt of certificate of incorporation (D) The date of actual commencement of business

Last Answer : Answer: The date at which the company is entitled to commence business

A meeting of the shareholders held only once during the life time of the company is known as– (A) Meeting of the Directors (B) Meeting of the Creditors (C) Extraordinary General Meeting (D) Statutory Meeting

Description : A meeting of the shareholders held only once during the life time of the company is known as– (A) Meeting of the Directors (B) Meeting of the Creditors (C) Extraordinary General Meeting (D) Statutory Meeting

Last Answer : Answer: Statutory Meeting

Which of these must hold a Statutory Meeting ? (A) Public Limited Company (B) Private Company (C) Unlimited Company (D) All of these

Description : Which of these must hold a Statutory Meeting ? (A) Public Limited Company (B) Private Company (C) Unlimited Company (D) All of these

Last Answer : Answer: Public Limited Company

A vacancy caused by the resignation of the auditor is filled only by the– (A) Board of Directors of the Company (B) Central Government (C) General Meeting of the shareholders (D) Managing Director of the company

Description : A vacancy caused by the resignation of the auditor is filled only by the– (A) Board of Directors of the Company (B) Central Government (C) General Meeting of the shareholders (D) Managing Director of the company

Last Answer : Answer: General Meeting of the shareholders

An annual general meeting may be called after giving shorter notice instead of 21 clear days, if consent is accorded by– (A) All the directors of company (B) All the members entitled to vote there at (C) Majority of members entitled to vote there all (D) None of the above

Description : An annual general meeting may be called after giving shorter notice instead of 21 clear days, if consent is accorded by– (A) All the directors of company (B) All the members entitled to vote there at (C) Majority of members entitled to vote there all (D) None of the above

Last Answer : Answer: All the members entitled to vote there at

Minutes of the annual general meeting must be prepared and signed by the chairman within– (A) 14 days of the meeting (B) 21 days of the meeting (C) 30 days of the meeting (D) 45 days of the meeting

Description : Minutes of the annual general meeting must be prepared and signed by the chairman within– (A) 14 days of the meeting (B) 21 days of the meeting (C) 30 days of the meeting (D) 45 days of the meeting

Last Answer : Answer: 30 days of the meeting

Articles of Association can be altered by passing– (A) An ordinary resolution in Annual General Meeting (B) A special resolution in Annual General Meeting (C) A resolution with special notice (D) Without any resolution

Description : Articles of Association can be altered by passing– (A) An ordinary resolution in Annual General Meeting (B) A special resolution in Annual General Meeting (C) A resolution with special notice (D) Without any resolution

Last Answer : Answer: A special resolution in Annual General Meeting

Liability of a Company Secretary is– (A) Contractual only (B) Statutory only (C) Civil only (D) Both contractual and statutory

Description : Liability of a Company Secretary is– (A) Contractual only (B) Statutory only (C) Civil only (D) Both contractual and statutory

Last Answer : Answer: Both contractual and statutory

Reserve Bank of India is a– (A) Government Company (B) Departmental Organisation (C) Statutory Corporation (D) None of the above

Description : Reserve Bank of India is a– (A) Government Company (B) Departmental Organisation (C) Statutory Corporation (D) None of the above

Last Answer : Answer: Government Company

Which one of the following statements is correct ? (A) Internal audit and Management audit are the same (B) Internal audit and statutory audit are the same (C) Internal audit is compulsory in all cases (D) Statutory audit of company accounts is compulsory

Description : Which one of the following statements is correct ? (A) Internal audit and Management audit are the same (B) Internal audit and statutory audit are the same (C) Internal audit is compulsory in all cases (D) Statutory audit of company accounts is compulsory

Last Answer : Answer: Statutory audit of company accounts is compulsory

The first Secretary of the company is appointed by– (A) Shareholders (B) Promoters (C) Government (D) Directors

Description : The first Secretary of the company is appointed by– (A) Shareholders (B) Promoters (C) Government (D) Directors

Last Answer : Answer: Promoters

The first directors of a company are appointed by– (A) Promoters (B) Government (C) Shareholders (D) Company Law Board

Description : The first directors of a company are appointed by– (A) Promoters (B) Government (C) Shareholders (D) Company Law Board

Last Answer : Answer: Promoters

Who can be appointed as a Company Secretary under the Companies Act, 1956 ? (A) An individual (B) A partnership firm (C) A company (D) None of the above

Description : Who can be appointed as a Company Secretary under the Companies Act, 1956 ? (A) An individual (B) A partnership firm (C) A company (D) None of the above

Last Answer : Answer: An individual

Disinvestment of shares means– (A) To sale the shares of private company to public (B) To sale the shares of public company to the public (C) To sale the shares of Government company to the public (D) To sale of shares by holding company to its subsidiary company

Description : Disinvestment of shares means– (A) To sale the shares of private company to public (B) To sale the shares of public company to the public (C) To sale the shares of Government company to the public (D) To sale of shares by holding company to its subsidiary company

Last Answer : Answer: To sale the shares of public company to the public

The Secretary of a Company should file copies of Special Resolution passed at Extraordinary General Meeting to the Registrar of Companies within– (A) 7 days (B) 14 days (C) 21 days (D) 30 days

Description : The Secretary of a Company should file copies of Special Resolution passed at Extraordinary General Meeting to the Registrar of Companies within– (A) 7 days (B) 14 days (C) 21 days (D) 30 days

Last Answer : Answer: 30 days

The Chief Election Commissioner of India holds office for a period of - (1) six years (2) during the pleasure of the President (3) for 6 years or till the age of 65 years, whichever is earlier (4) for 5 years or till the age of 60 years, whichever is earlier

Description : The Chief Election Commissioner of India holds office for a period of - (1) six years (2) during the pleasure of the President (3) for 6 years or till the age of 65 years, whichever is earlier (4) for 5 years or till the age of 60 years, whichever is earlier

Last Answer : (3) for 6 years or till the age of 65 years, whichever is earlier Explanation: The Chief Election Commissioner holds office for a term of six years or until they attain the age of 65 years, whichever is earlier.

The object of ‘Agenda’ is to inform– (A) About the profitability and activity (B) About the progress of company (C) About the matter in sequence to be discussed in the meeting (D) About the routine matters

Description : The object of ‘Agenda’ is to inform– (A) About the profitability and activity (B) About the progress of company (C) About the matter in sequence to be discussed in the meeting (D) About the routine matters

Last Answer : Answer: About the matter in sequence to be discussed in the meeting

A special resolution is passed in a company meeting by– (A) Simple majority (B) 2/3 majority (C) 3/4 majority (D) None of the above

Description : A special resolution is passed in a company meeting by– (A) Simple majority (B) 2/3 majority (C) 3/4 majority (D) None of the above

Last Answer : Answer: 3/4 majority

What is the maximum limit of remuneration for a whole time manager in a company ? (A) 3% of net annual profit (B) 5% of net annual profit (C) 7% of net annual profit (D) None of the above

Description : What is the maximum limit of remuneration for a whole time manager in a company ? (A) 3% of net annual profit (B) 5% of net annual profit (C) 7% of net annual profit (D) None of the above

Last Answer : Answer: 5% of net annual profit

Prepare an agenda for a meeting to discuss holding of Annual Day.

Description : Prepare an agenda for a meeting to discuss holding of Annual Day.

Last Answer : Prepare an agenda for a meeting to discuss holding of Annual Day.

“Auditor is a watchdog and not a blood hound” was a remark made in the case of– (A) The London Oil Storage Co. Ltd. 1904 (B) Kingston Cotton Mills Ltd. 1896 (C) London and General Bank 1895 (D) Delightful Cigarette Co. Ltd. 1943

Description : “Auditor is a watchdog and not a blood hound” was a remark made in the case of– (A) The London Oil Storage Co. Ltd. 1904 (B) Kingston Cotton Mills Ltd. 1896 (C) London and General Bank 1895 (D) Delightful Cigarette Co. Ltd. 1943

Last Answer : Answer: Kingston Cotton Mills Ltd. 1896

“A body of persons elected or appointed to meet on an organised basis for the discussion and dealing of matters brought before it.” It is called– (A) Functional organisation (B) Formal organisation (C) Committee organisation (D) Informal organisation

Description : “A body of persons elected or appointed to meet on an organised basis for the discussion and dealing of matters brought before it.” It is called– (A) Functional organisation (B) Formal organisation (C) Committee organisation (D) Informal organisation

Last Answer : Answer: Committee organisation

On 1st April, 2013, Y Ltd. Issued 1000, 12% debentures of Rs. 100 each at a discount of 6%. These debentures are redeemable in five equal annual instalments at the end of each year. What is the amount of discount to be written off in the first year i.e. on 31st March, 2007, through P & L A/c ? (A) Rs. 2000 (B) Rs. 1800 (C) Rs. 1200 (D) Rs. 600

Description : On 1st April, 2013, Y Ltd. Issued 1000, 12% debentures of Rs. 100 each at a discount of 6%. These debentures are redeemable in five equal annual instalments at the end of each year. What is the amount of discount to be written off ... & L A/c ? (A) Rs. 2000 (B) Rs. 1800 (C) Rs. 1200 (D) Rs. 600

Last Answer : Answer: Rs. 1200

Which one of the following is not an objective of the introduction of Primary Dealer System ? (A) To encourage a voluntary holding of govt. securities amongst a wider investor base (B) To make Primary Dealer System an effective conduct of open market operations (C) To strengthen the private equity infrastructure (D) To strengthen the govt. securities infrastructure

Description : Which one of the following is not an objective of the introduction of Primary Dealer System ? (A) To encourage a voluntary holding of govt. securities amongst a wider investor base (B) To ... (C) To strengthen the private equity infrastructure (D) To strengthen the govt. securities infrastructure

Last Answer : Answer: To strengthen the private equity infrastructure

For calling the Extraordinary General Meeting a clear notice of ……… days must be given to all the members. (A) 7 (B) 15 (C) 21 (D) 30

Description : For calling the Extraordinary General Meeting a clear notice of ……… days must be given to all the members. (A) 7 (B) 15 (C) 21 (D) 30

Last Answer : Answer: 21

i. Within what period should the company hold its 1st Annual General Meeting? ii. At which place should the Annual General Meeting be held?

Description : i. Within what period should the company hold its 1st Annual General Meeting? ii. At which place should the Annual General Meeting be held?

Last Answer : Study the following case situation and express your opinion: Platinum Limited Company was incorporated on ... notice and agenda be sent to members?

To emphasize auditor independence from management, many corporations follow the practice of a. Appointing a partner of the CPA firm conducting the examination to the corporation's audit committee. b. Establishing a policy of discouraging social contact between employees of the corporation and the staff of the independent auditor. c. Requesting that a representative of the independent auditor be on hand at the annual stockholders' meeting. d. Having the independent auditor report to an audit committee of outside members of the board of directors

Description : To emphasize auditor independence from management, many corporations follow the practice of a. Appointing a partner of the CPA firm conducting the examination to the corporation's audit committee. b ... the independent auditor report to an audit committee of outside members of the board of directors

Last Answer : Having the independent auditor report to an audit committee of outside members of the board of directors

The tool used by auditor to monitor and control the progress of audit work is– (A) Engagement diary (B) Audit programme (C) Audit working papers (D) Audit notes.

Description : The tool used by auditor to monitor and control the progress of audit work is– (A) Engagement diary (B) Audit programme (C) Audit working papers (D) Audit notes.

Last Answer : Answer: Audit programme

Sometimes an auditor is called upon to review the operations of an enterprise for evaluating their cost-effectiveness. What is this kind of audit generally known as ? (A) Cost Audit (B) Operations Audit (C) Tax Audit (D) Independent Financial Audit

Description : Sometimes an auditor is called upon to review the operations of an enterprise for evaluating their cost-effectiveness. What is this kind of audit generally known as ? (A) Cost Audit (B) Operations Audit (C) Tax Audit (D) Independent Financial Audit

Last Answer : Answer: Cost Audit

Where does an auditor of a cooperative society submit the audit report ? (A) To the managing committee of the society only (B) To the Registrar of Cooperative Societies of the State concerned only (C) To the State Assembly concerned (D) To the Registrar of Cooperative Societies of the State concerned and a copy to the society

Description : Where does an auditor of a cooperative society submit the audit report ? (A) To the managing committee of the society only (B) To the Registrar of Cooperative Societies of the State concerned only (C ... (D) To the Registrar of Cooperative Societies of the State concerned and a copy to the society

Last Answer : Answer: To the Registrar of Cooperative Societies of the State concerned only

What is the main distinction between an Auditor and an Accountant?

Description : What is the main distinction between an Auditor and an Accountant?

Last Answer : It is the duty of the auditor to prepare the accounts, The accounts has to be prepared by the accountant where as the auditor is concerned with the detailed and critical examination of the account book

Dividend paid between two Annual General Meetings is known as– (A) Final dividend (B) Interim dividend (C) Special dividend (D) None of the above

Description : Dividend paid between two Annual General Meetings is known as– (A) Final dividend (B) Interim dividend (C) Special dividend (D) None of the above

Last Answer : Answer: Interim dividend

Job Evaluation is carried on mainly for– (A) identifying geographical locational factors of business enterprise (B) promoting job satisfaction (C) simplifying wage administration (D) meeting competition effectively

Description : Job Evaluation is carried on mainly for– (A) identifying geographical locational factors of business enterprise (B) promoting job satisfaction (C) simplifying wage administration (D) meeting competition effectively

Last Answer : Answer: simplifying wage administration

Statement containing details of items to be considered in a meeting is called– (A) Agenda (B) Minutes (C) Resolution (D) Notice

Description : Statement containing details of items to be considered in a meeting is called– (A) Agenda (B) Minutes (C) Resolution (D) Notice

Last Answer : Answer: Agenda

The Meeting of Board of Directors must be called at least once– (A) In four months (B) In three months (C) In two months (D) In one month

Description : The Meeting of Board of Directors must be called at least once– (A) In four months (B) In three months (C) In two months (D) In one month

Last Answer : Answer: In three months

Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Description : Share premium account can be used for– (A) Paying tax liability (B) Meeting the cost of issue of shares or debentures (C) Paying Dividend on shares (D) Meeting the loss on sale of old asset

Last Answer : Answer: Meeting the cost of issue of shares or debentures

The Chief Election Commissioner of India holds office – (1) for six years (2) during the pleasure of the President (3) for six years or till the age of 65 whichever is earlier (4) for five years or till the age of 60 whichever is earlier

Description : The Chief Election Commissioner of India holds office – (1) for six years (2) during the pleasure of the President (3) for six years or till the age of 65 whichever is earlier (4) for five years or till the age of 60 whichever is earlier

Last Answer : (3) for six years or till the age of 65 whichever is earlier Explanation: The President of India (based on a recommendatioill from incumbent Government of India) appoints the Chief Election Commissioner who ... Court of India. Note : Dr. Nasim Zaidi is thepresent (2017) chief election of India.

Any person aggrieved by any decision or order of the National Company Law Appellate Tribunal can appeal to which one of the following and within how much period ? (A) High Court, within 30 days (B) Supreme Court within 60 days (C) SEBI within 90 days (D) Department of Companies Affairs within 60 days

Description : Any person aggrieved by any decision or order of the National Company Law Appellate Tribunal can appeal to which one of the following and within how much period ? (A) High Court, within 30 days (B) ... Court within 60 days (C) SEBI within 90 days (D) Department of Companies Affairs within 60 days

Last Answer : Answer: Supreme Court within 60 days

The comptroller and Auditor General of India - (1) Can be appointed as a member of UPSC after his retirement (2) Can be appointed as the Chairman of State Public Service commission (3) Is not eligible for any further office either under the Central government or the state government after his retirement (4) Can be appointed to any office after his retirement

Description : The comptroller and Auditor General of India - (1) Can be appointed as a member of UPSC after his retirement (2) Can be appointed as the Chairman of State Public Service commission (3) Is ... or the state government after his retirement (4) Can be appointed to any office after his retirement

Last Answer : (3) Is not eligible for any further office either under the Central government or the state government after his retirement Explanation: The Comptroller and Auditor General of India is not ... the central government or state government after his retirement current CAG of India - Rajiv Mehrishi.

Is it obvious or not obvious why some stores charge customers (annual for eg.) a fee in order to sell them their products?

Description : Is it obvious or not obvious why some stores charge customers (annual for eg.) a fee in order to sell them their products?

Last Answer : I worked in a grocery store that was a Franchise and that company charges a fee to have the ideal placement on the shelves, or near the cash register , knowing that some people (or most) buy on impulse. That is why adverting of a product with colorful and eye catching themes becomes very important .

Who among the following holds office during the pleasure of the President of India? (1) Chief Election Commissioner (2) Comptroller and Auditor General of India (3) Chairman of the Union Public Service Commission (4) Governor of a State

Description : Who among the following holds office during the pleasure of the President of India? (1) Chief Election Commissioner (2) Comptroller and Auditor General of India (3) Chairman of the Union Public Service Commission (4) Governor of a State

Last Answer : (2) Comptroller and Auditor General of India Explanation: The appointment to all constitutional posts is made by the President of India. This includes the Chief justice, the Election Commissioner, ... of the Union Public Service Commission holds office during the pleasure of the President of India.

Who among the following holds his office at the pleasure of the President? (1) Chairman of the Union Public Service Commission (2) Attorney General of India (3) Speaker of the Lok Sabha (4) Comptroller and Auditor General of India

Description : Who among the following holds his office at the pleasure of the President? (1) Chairman of the Union Public Service Commission (2) Attorney General of India (3) Speaker of the Lok Sabha (4) Comptroller and Auditor General of India

Last Answer : (2) Attorney General of India Explanation: The term of Office of the AG is not fixed by the constitution. Further the Constitution does not contain the procedure and grounds for his removal. He holds office during the pleasure of the president.

Who among the following holds office during the pleasure of the President of India? (A) Chief Election Commissioner (B) Comptroller and Auditor General of India (C) Chairman of the Union Public Service Commission (D) Governor of a State

Description : Who among the following holds office during the pleasure of the President of India? (A) Chief Election Commissioner (B) Comptroller and Auditor General of India (C) Chairman of the Union Public Service Commission (D) Governor of a State

Last Answer : (D) Governor of a State

Which of the following statement(s) is/are correct about a Judge of the Supreme Court of India? 1. A Judge of the Supreme Court is appointed by the President of India. 2. He holds office during the pleasure of the President. 3. He can be suspended, pending an inquiry. 4. He can be removed for proven misbehavior or incapacity. Select the correct answer from the codes given below: Codes: (A) 1, 2 and 3 (B) 1, 3 and 4 (C) 1 and 3 (D) 1 and 4

Description : Which of the following statement(s) is/are correct about a Judge of the Supreme Court of India? 1. A Judge of the Supreme Court is appointed by the President of India. 2. He holds office during the pleasure of the President. 3. He ... A) 1, 2 and 3 (B) 1, 3 and 4 (C) 1 and 3 (D) 1 and 4

Last Answer : (D) 1 and 4

Vote-on-account means – (1) Statutory acceptance of planning bill (2) Statutory acceptance of money bill (3) Statutory acceptance of report of account checking and documents produced by CAG (4) Statutory acceptance of expenditure related to demands of grants till the passage of planning bill

Description : Vote-on-account means – (1) Statutory acceptance of planning bill (2) Statutory acceptance of money bill (3) Statutory acceptance of report of account checking and documents produced by CAG (4) Statutory acceptance of expenditure related to demands of grants till the passage of planning bill

Last Answer : (4) Statutory acceptance of expenditure related to demands of grants till the passage of planning bill Explanation: When the government needs to withdraw any money from the Consolidated Fund of India to ... Fund of India to meet the government's expenses is generally known as a vote-on-account.

Warning signs that cause the auditor to question management integrity must be taken seriously and pursued vigorously. Which of the following may lead the auditor to suspect management dishonesty? a. The client has been named as a defendant in a product liability suit. b. The client has experienced a decrease in revenue from increased import competition. c. A new statutory regulation making customer licenses more difficult to obtain may adversely affect the client's operations. d. The president and chief executive officer of the client corporation has held numerous meetings with the controller for the purpose of discussing accounting practices that will maximize reported profits

Description : Warning signs that cause the auditor to question management integrity must be taken seriously and pursued vigorously. Which of the following may lead the auditor to suspect management ... with the controller for the purpose of discussing accounting practices that will maximize reported profits

Last Answer : The president and chief executive officer of the client corporation has held numerous meetings with the controller for the purpose of discussing accounting practices that will maximize reported profits

Shauna has recently been appointed as a project manager for Project SkyNorth, which is regarded as an important project in her organization. During the project planning meeting, Shauna is capable of allocating key resources and personnel that she needs for this project. Which organizational structure is best for Shauna’s company? Select one: a. Balanced md. Projectized organization e. Hierarchical organizationatrix organization b. Matrix organization c. Functional organization

Description : Shauna has recently been appointed as a project manager for Project SkyNorth,  which is regarded as an important project in her organization. During the project  planning meeting, ... b. Matrix organization c. Functional organization d. Projectized organization e. Hierarchical organization

Last Answer : d. Projectized organization

The following data, relates to manufacturing company for the year 2006-07– Net Profit as per P & L A/c–Rs. 2,40,000; Depreciation–Rs. 80,000; Goodwill written-off– Rs. 40,000, Profit on Sale of Fixed Assets–Rs. 16,000, Proposed Dividend–Rs. 96,000. The fund from operation would be– (A) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Description : The following data, relates to manufacturing company for the year 2006-07- Net Profit as per P & L A/c-Rs. 2,40,000; Depreciation-Rs. 80,000; Goodwill written-off- Rs. 40,000, Profit on Sale of Fixed Assets-Rs. 16,000, ... ) Rs. 4,40,000 (B) Rs. 4,00,000 (C) Rs. 6,40,000 (D) None of the above

Last Answer : Answer: None of the above