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

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  
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Answer: 2 members and 5 members respectively
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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

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

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

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

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

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

Description : 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

Last Answer : Answer: 15 months

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

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 a public limited company, the minimum number of directors are– (A) 2 (B) 3 (C) 5 (D) None of the above

Description : In a public limited company, the minimum number of directors are– (A) 2 (B) 3 (C) 5 (D) None of the above

Last Answer : Answer: 3

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

The liability of the shareholders of a public limited company is limited to the extent of– (A) Par value of the share (B) Paid up value of the shares (C) Market price of the shares (D) Intrinsic value of the shares

Description : The liability of the shareholders of a public limited company is limited to the extent of– (A) Par value of the share (B) Paid up value of the shares (C) Market price of the shares (D) Intrinsic value of the shares

Last Answer : Answer: Paid up value of the shares

‘Profit objective’ is of least priority in case of– (A) Private enterprise (B) Public enterprise (C) Department undertaking (D) Cooperative society

Description : ‘Profit objective’ is of least priority in case of– (A) Private enterprise (B) Public enterprise (C) Department undertaking (D) Cooperative society

Last Answer : Answer: Cooperative society

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

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

What is the minimum number of members in a public company?

Description : What is the minimum number of members in a public company?

Last Answer : Seven

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

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

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)

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)

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

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

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

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

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

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

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

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

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

The Quorum for the Annual General Meeting of a public company depends upon the number of shareholders.

Description : The Quorum for the Annual General Meeting of a public company depends upon the number of shareholders.

Last Answer : Justify the following statement: The Quorum for the Annual General Meeting of a public company depends upon the number of shareholders.

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

A public company can start business– (A) After incorporation (B) After promotion (C) After registration (D) After getting certificate of commencement of business

Description : A public company can start business– (A) After incorporation (B) After promotion (C) After registration (D) After getting certificate of commencement of business

Last Answer : Answer: After getting certificate of commencement of business

What is the minimum number of directors in a Public Company?

Description : What is the minimum number of directors in a Public Company?

Last Answer : Atleast two directors

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

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

In India private sector entered into the Life Insurance business in the year– (A) 1995 (B) 1998 (C) 2000 (D) 2001

Description : In India private sector entered into the Life Insurance business in the year– (A) 1995 (B) 1998 (C) 2000 (D) 2001

Last Answer : Answer: 2000

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

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

SHCIL was established in 1986 under the Government of India as __________ A. Private Ltd B. Public Ltd C. Limited Liability Partnership D. Unlimited company E. None of the Above

Description : SHCIL was established in 1986 under the Government of India as __________ A. Private Ltd B. Public Ltd C. Limited Liability Partnership D. Unlimited company E. None of the Above

Last Answer : B. Public Ltd Explanation: Stock Holding Corporation of India Limited(SHCIL) was established in 1986 under the Government of India as public limited company.

Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus on providing assurance on the assertions contained in the financial statements of a public company. c. Review engagements focus on providing advice in a three-party contract. d. Review engagements focus on providing limited assurance on financial statements of a private company

Description : Which of the following statements best describes review services? a. Review engagements focus on providing assurance on the internal controls of a public company. b. Review engagements focus ... d. Review engagements focus on providing limited assurance on financial statements of a private company

Last Answer : Review engagements focus on providing limited assurance on financial statements of a private company

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

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

One of the major disadvantages of the Matrix form of organization structure is that– (A) it does not pinpoint product profit responsibility (B) it is not oriented towards results (C) there is possibility of disunity of command (D) it generates rivalry between line and staff members

Description : One of the major disadvantages of the Matrix form of organization structure is that– (A) it does not pinpoint product profit responsibility (B) it is not oriented towards results (C) there is possibility of disunity of command (D) it generates rivalry between line and staff members

Last Answer : Answer: there is possibility of disunity of command

Consumers cooperative store is set up by the– (A) Central Government (B) State Government (C) Registrar of Cooperative Societies (D) Members

Description : Consumers cooperative store is set up by the– (A) Central Government (B) State Government (C) Registrar of Cooperative Societies (D) Members

Last Answer : Answer: Members

The minimum number of members required for registration of a cooperative society are– (A) Two (B) Seven (C) Ten (D) Twenty

Description : The minimum number of members required for registration of a cooperative society are– (A) Two (B) Seven (C) Ten (D) Twenty

Last Answer : Answer: Ten

In which form the co-operative society, distributes its surplus dividends to its members?

Description : In which form the co-operative society, distributes its surplus dividends to its members?

Last Answer : In the form of bonus

The quorum for Joint Sitting of the Indian Parliament is - (1) One- twelveth of the total number of members of the House (2) One-sixth of the total numbers of members of the House (3) One-tenth of the total number of members of the House (4) Two-third of the total number of members of the House

Description : The quorum for Joint Sitting of the Indian Parliament is - (1) One- twelveth of the total number of members of the House (2) One-sixth of the total numbers of members of the House (3) One-tenth of the total number of members of the House (4) Two-third of the total number of members of the House

Last Answer : (3) One-tenth of the total number of members of the House Explanation: The quorum to constitute a joint sitting shall be one-tenth of the total number of members of the Houses.

“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

Maximum number of members in public limited company is ---------------. A. 10 B. 20 C. 50 D. unlimited

Description : Maximum number of members in public limited company is ---------------. A. 10 B. 20 C. 50 D. unlimited

Last Answer : D. unlimited

Minimum number of members in case of public company is---------. A. 4 B. 5 C. 6 D. 7

Description : Minimum number of members in case of public company is---------. A. 4 B. 5 C. 6 D. 7

Last Answer : D. 7

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 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