The gap between two General Meetings of the Company should not be more than– (A) 12 months (B) 18 months (C) 15 months (D) 20 months

The gap between two General Meetings of the Company should not be more than– (A) 12 months (B) 18 months (C) 15 months (D) 20 months  
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What is the quorum of general meetings in the case of private limited company and public limited company ? (A) 2 members and 5 members respectively (B) 3 members and 5 members respectively (C) 5 members in each type of company (D) 5 members and 7 members respectively

Description : What is the quorum of general meetings in the case of private limited company and public limited company ? (A) 2 members and 5 members respectively (B) 3 members and 5 members respectively (C) 5 members in each type of company (D) 5 members and 7 members respectively

Last Answer : Answer: 2 members and 5 members respectively

Convening meetings of a company is the responsibility of the– (A) Chairman, Board of Directors (B) Managing Director (C) Company Secretary (D) General Manager

Description : Convening meetings of a company is the responsibility of the– (A) Chairman, Board of Directors (B) Managing Director (C) Company Secretary (D) General Manager

Last Answer : Answer: Company Secretary

What is the quorum of General Meetings in the case of a Private Company ? (A) 2 members (B) 3 members (C) 4 members (D) 5 members

Description : What is the quorum of General Meetings in the case of a Private Company ? (A) 2 members (B) 3 members (C) 4 members (D) 5 members

Last Answer : Answer: 2 members

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

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

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

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

Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, 10% debentures of Rs. 100 each at par and 15,000 equity shares of Rs. 10 each. How much was the flow of funds in the above transaction ? (A) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Description : Alfa Company Limited acquired the business of M/s Bharat Traders. The valuation of the items acquired was-building Rs. 1,20,000; machinery Rs. 80,000 and stock-in-trade Rs. 30,000. The company issued in lieu of the above items 800, ... ) Rs. 2,30,000 (B) Rs. 1,00,000 (C) Rs. 50,000 (D) Rs. 30,000

Last Answer : Answer: Rs. 30,000

Sundry Debtors – Rs.15,000 Bills Receivable (B/R) – Rs.12,500 Cash at Bank – Rs.17,500 Stock – Rs.15,000 Profit – Rs.20,000 Creditors – Rs.25,000 Bills Payable (B/P) – Rs.15,000 Sales – Rs.1,00,000 What is the Acid Test Ratio ? (A) 1•5 : 1 (B) 1•125 : 1 (C) 16 2/3% (D) 50%

Description : Sundry Debtors – Rs.15,000 Bills Receivable (B/R) – Rs.12,500 Cash at Bank – Rs.17,500 Stock – Rs.15,000 Profit – Rs.20,000 Creditors – Rs.25,000 Bills Payable (B/P) – Rs.15,000 Sales – Rs.1,00,000 What is the Acid Test Ratio ? (A) 1•5 : 1 (B) 1•125 : 1 (C) 16 2/3% (D) 50%

Last Answer : Answer: 1•125 : 1

A company has issued a 20-year bond at Rs. 1000 par value with a coupon rate of 10 per cent. The required rate of return on similar bonds is 12 per cent. What is the current value of the bond ? (A) Rs. 905•33 (B) Rs. 850•45 (C) Rs. 833•33 (D) Rs. 820•20

Description : A company has issued a 20-year bond at Rs. 1000 par value with a coupon rate of 10 per cent. The required rate of return on similar bonds is 12 per cent. What is the current value of the bond ? (A) Rs. 905•33 (B) Rs. 850•45 (C) Rs. 833•33 (D) Rs. 820•20

Last Answer : Answer: Rs. 905•33

If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which one of the following represents the figure of gross profit for the year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Description : If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which ... year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Last Answer : Answer: Rs. 12,500

If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Last Answer : Answer: Rs. 10,500

On an equity share of Rs. 100, the minimum amount payable on application under the law should be– (A) Rs. 20 (B) Rs. 15 (C) Rs. 10 (D) Rs. 5

Description : On an equity share of Rs. 100, the minimum amount payable on application under the law should be– (A) Rs. 20 (B) Rs. 15 (C) Rs. 10 (D) Rs. 5

Last Answer : Answer: Rs. 5

X Limited forfeited Ram’s 20 shares of Rs. 10 each on which Rs. 7 is called up. Ram had paid application and allotment money of Rs. 5 per share. Of these forfeited shares 15 shares were reissued to Hari as fully paid up for Rs. 6 per share. What amount should be transferred to Capital Reserve account ? (A) Rs. 15 (B) Rs. 20 (C) Rs. 75 (D) Rs. 100

Description : X Limited forfeited Ram's 20 shares of Rs. 10 each on which Rs. 7 is called up. Ram had paid application and allotment money of Rs. 5 per share. Of these forfeited shares 15 shares were reissued to Hari as fully paid up ... to Capital Reserve account ? (A) Rs. 15 (B) Rs. 20 (C) Rs. 75 (D) Rs. 100

Last Answer : Answer: Rs. 15

A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of machinery. What are the funds from operation ? (A) Rs. 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

Description : A limited company makes a net profit of Rs. 2,00,000 after writing off preliminary expenses amounting to Rs. 20,000 and providing for depreciation on assets amounting to Rs. 40,000 and gain of Rs. 10,000 on sale of a piece of ... 2,00,000 (B) Rs. 2,40,000 (C) Rs. 2,50,000 (D) Rs. 2,60,000

Last Answer : Answer: Rs. 2,50,000

The minimum and maximum number of members in a Private Company is– (A) 2 and 50 (B) 2 and 20 (C) 2 and 10 (D) None of the above

Description : The minimum and maximum number of members in a Private Company is– (A) 2 and 50 (B) 2 and 20 (C) 2 and 10 (D) None of the above

Last Answer : Answer: 2 and 50

The profit of a company (whose capital is divided into 25‚000 shares of Rs. 10 each) for the last three years are : Rs. 50‚000; Rs. 60‚000 and Rs. 40‚000. The fair return on investment is taken at 10% p.a. The value of company’s share will be– (A) Rs. 10 (B) Rs. 20 (C) Rs. 30 (D) Rs. 40

Description : The profit of a company (whose capital is divided into 25‚000 shares of Rs. 10 each) for the last three years are : Rs. 50‚000; Rs. 60‚000 and Rs. 40‚000. The fair return on investment is taken at 10% p.a. The value of company’s share will be– (A) Rs. 10 (B) Rs. 20 (C) Rs. 30 (D) Rs. 40

Last Answer : Answer: Rs. 20

R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000

Description : R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000

Last Answer : Answer: Rs. 4,00,000

The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of Bonus Share will be– (A) Rs. 50,000 (B) Rs. 55,000 (C) Rs. 45,000 (D) Rs. 57,000

Description : The balance appearing in the books of a company at the end of year were CRR A/c Rs. 50,000, Security Premium Rs. 5,000, Revaluation Reserve Rs. 20,000, P & L A/c (Dr) Rs. 10,000. Maximum amount available for distribution of ... will be- (A) Rs. 50,000 (B) Rs. 55,000 (C) Rs. 45,000 (D) Rs. 57,000

Last Answer : Answer: Rs. 55,000

According to the Partnership Act, the maximum number of partners in a banking firm may be– (A) 10 (B) 12 (C) 4 (D) 20

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

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

Adsali Sugarcane take —- months for harvesting. a. 10 to 12 b. 12 to 15 c. 15 to 18d. 18 to 20

Description : Adsali Sugarcane take —- months for harvesting. a. 10 to 12 b. 12 to 15 c. 15 to 18 d. 18 to 20

Last Answer : c. 15 to 18

What should be the gap between two Board Meetings?

Description : What should be the gap between two Board Meetings?

Last Answer : What should be the gap between two Board Meetings?

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

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

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

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 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

Description : 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

Last Answer : Answer: Till the conclusion of first Annual General Meeting

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

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

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

Which one of the following securities cannot be issued by a Public Limited Company in India ? (A) Participating preference shares (B) Redeemable preference shares (C) Deferred shares (D) Debentures.

Description : Which one of the following securities cannot be issued by a Public Limited Company in India ? (A) Participating preference shares (B) Redeemable preference shares (C) Deferred shares (D) Debentures.

Last Answer : Answer: Deferred shares

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

A company forfeited 30 equity shares of Rs. 10 each fully called-up, for non-payment of allotment money of Rs. 3 and call-money of Rs. 4 per share. If these shares are reissued at Rs. 8 per share fully paid, the amount transferable to capital reserve will be– (A) Rs. 300 (B) Rs. 60 (C) Rs. 90 (D) Rs. 30

Description : A company forfeited 30 equity shares of Rs. 10 each fully called-up, for non-payment of allotment money of Rs. 3 and call-money of Rs. 4 per share. If these shares are reissued at Rs. 8 per share fully paid, the amount ... to capital reserve will be- (A) Rs. 300 (B) Rs. 60 (C) Rs. 90 (D) Rs. 30

Last Answer : Answer: Rs. 30

A company can forfeit shares if the– (A) shareholder fails to pay the amount of the call during the stipulated time (B) shareholder pays calls in advance (C) shareholder does not pay the application money (D) shares have been issued at par

Description : A company can forfeit shares if the– (A) shareholder fails to pay the amount of the call during the stipulated time (B) shareholder pays calls in advance (C) shareholder does not pay the application money (D) shares have been issued at par

Last Answer : Answer: shareholder fails to pay the amount of the call during the stipulated time

Appointment of a Company Secretary is made by– (A) Promoters (B) Board of Directors (C) Debenture holders (D) Government

Description : Appointment of a Company Secretary is made by– (A) Promoters (B) Board of Directors (C) Debenture holders (D) Government

Last Answer : Answer: Board of Directors

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

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

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

Share Premium received by a Company may be used for– (A) Payment of dividend (B) Payment of remuneration to management (C) Issue of Bonus shares (D) None of these

Description : Share Premium received by a Company may be used for– (A) Payment of dividend (B) Payment of remuneration to management (C) Issue of Bonus shares (D) None of these

Last Answer : Answer: Issue of Bonus shares

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

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

A public company can start its business operations after getting– (A) Certificate of Incorporation (B) Minimum Subscription (C) Certificate of Commencement of Business (D) Permission of the Controller of Capital Issue

Description : A public company can start its business operations after getting– (A) Certificate of Incorporation (B) Minimum Subscription (C) Certificate of Commencement of Business (D) Permission of the Controller of Capital Issue

Last Answer : Answer: Certificate of Commencement of Business

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 about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis of accounting only (B) Financial statements should be prepared according to the accrual basis of accounting only (C) Financial statements should be prepared according to either the cash basis or accrual basis of accounting (D) Financial statements should be prepared according to both the accrual and cash basis of accounting

Description : Which one of the following statements about preparation of financial statements of a limited liability company is correct ? (A) Financial statements should be prepared according to the cash basis ... Financial statements should be prepared according to both the accrual and cash basis of accounting

Last Answer : Answer: Financial statements should be prepared according to the accrual basis of accounting only

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 position of a Company Secretary is like that of a hub in a bicycle wheel.” This statement shows the– (A) Importance of Company Secretary (B) Rights of Company Secretary (C) Duties of Company Secretary (D) Liabilities of Company Secretary

Description : “The position of a Company Secretary is like that of a hub in a bicycle wheel.” This statement shows the– (A) Importance of Company Secretary (B) Rights of Company Secretary (C) Duties of Company Secretary (D) Liabilities of Company Secretary

Last Answer : Answer: Importance of Company Secretary

Appointment of a person who is a Director, as a Secretary in the Company would require approval of the company by– (A) Special Resolution (B) Ordinary Resolution (C) Resolution by circulation (D) None of the above

Description : Appointment of a person who is a Director, as a Secretary in the Company would require approval of the company by– (A) Special Resolution (B) Ordinary Resolution (C) Resolution by circulation (D) None of the above

Last Answer : Answer: Special Resolution

In a Private Company there are restrictions regarding– (A) Transfer of shares (B) Issue of prospectus (C) Number of members (D) All of the above

Description : In a Private Company there are restrictions regarding– (A) Transfer of shares (B) Issue of prospectus (C) Number of members (D) All of the above

Last Answer : Answer: All of the above

In case of a company, “Buy Back” is related to– (A) Prospectus (B) Shares (C) Debentures (D) Cheques

Description : In case of a company, “Buy Back” is related to– (A) Prospectus (B) Shares (C) Debentures (D) Cheques

Last Answer : Answer: Shares

Which among the following documents defines the relationship between a company and outsiders ? (A) Memorandum of Association (B) Articles of Association (C) Prospectus (D) None of the above

Description : Which among the following documents defines the relationship between a company and outsiders ? (A) Memorandum of Association (B) Articles of Association (C) Prospectus (D) None of the above

Last Answer : Answer: Memorandum of Association

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

The portion of share capital which can be called up only on the winding up of a company is known as– (A) Called up capital (B) Paid up capital (C) Authorised capital (D) Reserve capital

Description : The portion of share capital which can be called up only on the winding up of a company is known as– (A) Called up capital (B) Paid up capital (C) Authorised capital (D) Reserve capital

Last Answer : Answer: Reserve capital