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
Description : Auditing of accounts is compulsory for– (A) Sole proprietary business (B) Partnership firms (C) Joint Stock Companies (D) None of the above
Last Answer : Answer: Sole proprietory business
Description : According to the Partnership Act, the maximum number of partners in a banking firm may be– (A) 10 (B) 12 (C) 4 (D) 20
Last Answer : Answer: 10
Description : Indian Partnership Act was passed in the year– (A) 1956 (B) 1936 (C) 1932 (D) 1930
Last Answer : Answer: 1932
Description : The existence of a Partnership Firm is– (A) Separate from partners (B) Not separate from partners (C) Both (A) and (B) (D) None of the above
Last Answer : Answer: Not separate from partners
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
Description : Dissolution of Partnership takes place when– (A) A partner misbehaves (B) A partner becomes of unsound mind (C) Business is running at a loss (D) A partner dies
Last Answer : Answer: A partner dies
Description : The Agreement of Partnership– (A) Must be oral (B) Must be in writing (C) Can be either oral or in writing (D) Must be in writing on a stamp paper
Last Answer : Answer: Can be either oral or in writing
Description : Partnership may come into existence by– (A) The operation of law (B) An express agreement only (C) An express or implied agreement only (D) Inheritance of property
Last Answer : Answer: An express or implied agreement only
Description : Internal activity of a company is going to be performed according to established regulations. This assumption is provided as a right by– (A) Doctrine of Indoor Management (B) Doctrine of Constructive Notice (C) Doctrine of Ultravires (D) Doctrine of Intravires
Last Answer : Answer: Doctrine of Indoor Management
Description : While auditing the financial statements of non-corporate enterprises, the auditor's duties and scope of work would be governed by- (A) the statute passed by the Parliament (B) the Companies Act, 1956, and ... (C) the agreement with his client. (D) the provisions of the Income Tax Act, 1961
Last Answer : Answer: the agreement with his client.
Description : Under Section 275 of the Companies’ Act, 1956 a person can become director in public company of not more than– (A) 5 companies (B) 10 companies (C) 15 companies (D) 20 companies
Last Answer : Answer: 15 companies
Description : Under which one of the following is the term ‘Dominant Undertaking’ defined ? (A) MRTP Act (B) FEMA (C) Companies Act (D) SEBI
Last Answer : Answer: Companies Act
Description : As per Schedule VI of the Companies’ Act, 1956, Forfeited Share Account will be– (A) Added to paid up capital (B) Deducted from called up capital (C) Added to capital reserve (D) Shown as a revenue reserve
Last Answer : Answer: Deducted from called up capital
Description : Members of a company may apply to which one among the following for relief under the Companies Act, 1956 in cases of oppression ? (A) Central Government (B) High Court of Judicature (C) National Company Law Tribunal (D) National Company Law Appellate Tribunal
Last Answer : Answer: National Company Law Tribunal
Description : A public corporation is set up– (A) By a Special Act of Parliament (B) By a special order of the Government (C) Under Indian Companies Act, 1956 (D) By none of the above
Last Answer : Answer: By a Special Act of Parliament
Description : The matrix management model is based on a matrix of values between 0 and 9 for two primary variables. Which of the statements given above is/are correct ? (A) 1 only (B) 2 only (C) Both 1 and 2 (D) Neither 1 nor 2
Last Answer : Answer: Both 1 and 2
Description : The scheme allows the transfer of scrip once the export obligation is complete. Which of the statements given above is/are correct ? (A) 1 only (B) 2 only (C) Both 1 and 2 (D) Neither 1 nor 2
Description : Legitimate power is the right to manage derived from delegation based on ownership or property rights. Which of the statements given above is/are correct ? (A) 1 only (B) 2 only (C) Both 1 and 2 (D) Neither 1 nor 2
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
Description : Which audit is carried out during the accounting period with some interval, it is called– (A) periodic audit (B) partial audit (C) continuous audit (D) interim audit
Last Answer : Answer: continuous 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
Description : What is a systematic evaluation of a company's activities in a given area of social interest such as environmental protection, workplace safety or community involvement, called ? (A) Social responsibility (B) Social accounting (C) Social audit (D) Social forecasting
Last Answer : Answer: Social audit
Description : Which one of the following statements is correct ? (A) Audit of an educational institution is compulsory if it is run by a charitable trust (B) A club is treated as a commercial establishment ( ... who belongs to accountancy profession (D) Audit of a charitable trust is not compulsory under law
Last Answer : Answer: Audit of an educational institution is compulsory if it is run by a charitable trust Free
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
Description : What does management audit imply ? (A) Complete audit (B) Detailed audit (C) Efficiency audit (D) Interim audit
Last Answer : Answer: Efficiency audit
Description : Which audit is conducted only once in a while and that also when the client desires?
Last Answer : Occasional audit
Description : What is Audit?
Last Answer : An audit may be said to be such an examination of books, accounts and vouchers of a business, whether it is in a proper manner for the financial period.
Description : Name the authority which administers the Companies Act and Partnership Act.
Last Answer : Name the authority which administers the Companies Act and Partnership Act.
Description : GSTN comes under which Act? (A) Banking Regulation Act 1949 (B) RBI Act 1934 (C) Indian Partnership Act, 1932 (D) Companies Act, 2013 (Ans : D) 45. Combined Stake of Central and State Government in GSTN is– (A) 20% (B) 25% (C) 49% (D) 51%
Last Answer : (C) 49%
Description : LLP is governed by a) Partnership Act , 1932 b) Companies Act , 1956 c) Limited Liability Partnership Act , 2008 d) Companies Act , 2013
Last Answer : c) Limited Liability Partnership Act , 2008
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
Description : When the existing companies raise additional funds by issue of shares to the existing shareholders in proportion to their existing shareholdings, it is called– (A) Buyback of shares (B) Issue of shares at premium (C) Issue of shares at discount (D) Right shares issue
Last Answer : Answer: Right shares issue
Description : The capital issues of public limited companies are subject to guidelines issued by– (A) Reserve Bank of India (B) Central Government (C) Central Bank of India (D) Securities & Exchange Board of India (SEBI)
Last Answer : Answer: Securities amp; Exchange Board of India (SEBI)
Description : Appointment of full time Company Secretary is compulsory in all those companies, whose paidup share capital is– (A) Rs. 50 lakhs or more (B) Rs. 1 crore or more (C) Rs. 2 crores or more (D) Rs. 3 crores of more
Last Answer : Answer: Rs. 2 crores or more
Description : What is the theory of social responsibility that focuses on how companies respond to issues, rather than trying to determine their ultimate social responsibility, called ? (A) Corporate social performance (B) Corporate social responsiveness (C) Stewardship principle (D) Enlightened self-interest
Last Answer : Answer: Corporate social performance
Description : Which one of the following statements is not correct ? (A) Business firms combine to avoid wasteful competition (B) Business combination is possible only among joint stock companies (C) Business ... firms (D) During economic depression, small firms are absorbed by financially sound large firms
Last Answer : Answer: Business combination is possible only among joint stock companies
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
Description : ‘Object Clause’ of a Memorandum of Association can be altered by– (A) Ordinary resolution (B) Special resolution (C) Special resolution and confirmation by Registrar of Companies (D) Special resolution and confirmation by Company Law Board
Last Answer : Answer: Special resolution and confirmation by Company Law Board
Description : Which of the following companies do not have the obligation to get its Articles of Association registered along with the Memorandum of Association ? (A) Public Company limited by shares (B) Unlimited companies (C) Private companies limited by shares (D) Companies limited by guarantee
Last Answer : Answer: Public Company limited by shares
Description : In the aspect of banking business what is the term used of giving loans to companies on a large scale?
Last Answer : Wholesale banking
Description : Which of the following is called Backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal checks (D) Internal control
Last Answer : Answer: Vouching
Description : Which one of the following is not included in the internal check as regards purchases ? (A) Assessment of requirements (B) Placing orders (C) Despatch of goods (D) Recording and making payments
Last Answer : Answer: Despatch of goods
Description : Organisational change is necessitated by– (A) External environmental pressure (B) Internal strengths and weaknesses (C) Sequential changes (D) All the above
Last Answer : Answer: All the above
Description : Which one of the following is called backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal check (D) Internal control
Description : Internal Auditor is appointed by the– (A) Management (B) Shareholders (C) Government (D) Statutory Auditor
Last Answer : Answer: Management
Description : Which is a document containing a rules and regulations for the internal management of the company?
Last Answer : The article of association
Description : A operational audit is primarily oriented toward a. Future improvements to accomplish management’s goals. b. Past protection provided by existing internal control. c. Operational information is in accordance with generally accepted accounting principles. d. Financial statements are fairly presented.
Last Answer : Future improvements to accomplish management’s goals.
Description : Which of the following actions would be an appropriate response by companies to improve the public's perception of their financial reporting? a. Requiring internal auditors to report all significant ... external and internal auditing work separated to maintain independence. d. None of the above.
Last Answer : Increased adoption of audit committees.
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