Legal Aspects of Finance SCDL Solved Paper - 50

This solved paper of SCDL Legal Aspects of Finance of SCDL Pune has been contributed by Saroj

Thanks to : Saroj

True/False
Question	Only individuals can be appointed as directors of the company.
Answer	True
Multiple Choice Single Answer
Question	FEMA Norms are compatible with :-
Answer	FERA
Multiple Choice Multiple Answer
Question	WOS are allowed to :-
Answer	Pay royalty , Offshore payment , By automatic route
Multiple Choice Multiple Answer
Question	The register in respect of every investment or loan made, contains
Answer	The name of body corporate , The amount, terms & conditions & purpose of investment or loan or security or guarantee , The date on which the investment or loan has been made
True/False
Question	Deductions for income tax, payable by the employed person is permissible.
Answer	TRUE
True/False
Question	Financial year and calendar year are one and the same thing.
Answer	False
Multiple Choice Single Answer
Question	How would you define salary or wage?
Answer	All remuneration other than in respect of overtime work of the work done in such employment
Multiple Choice Single Answer
Question	In case of cost audit, the report of cost auditor has to be submitted to central government, within :-
Answer	120 Days
Multiple Choice Multiple Answer
Question	Books of account with respect to following are required to be kept :-
Answer	Money received & expended , Sales & purchases of goods , Assets & liabilities
Multiple Choice Multiple Answer
Question	Appointment of receiver under sec.137 containt
Answer	Name , address and date of appointment of receiver , date on which the receiver ceased to act
Multiple Choice Single Answer
Question	In the case of prevention of operation and mismanagement application is to be made to company law board by
Answer	Member
Multiple Choice Multiple Answer
Question	Retiring director shall be deemed to be reappointed unless :-
Answer	He has expressed his unwillingness to be re-appointed , He is disqualified for appointment , Resolution for reappointment has been put to vote & lost
Select The Blank
Question	If an employer derives profit in any of the first ________ years he has to pay bonus for that year.
Answer	5
True/False
Question	Every company has to appoint an auditor to audit the accounts of the company and has to fix remuneration to be paid to the auditor.
Answer	True
True/False
Question	Senior managers are members of management, one level below the executive director.
Answer	True
Multiple Choice Multiple Answer
Question	The penalties are levied for which offences done?
Answer	Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order
True/False
Question	Board may appoint additional directors.
Answer	True
Multiple Choice Single Answer
Question	Which report is received by the shareholders annually ?
Answer	Directors report

Note: Please tally the answers and verify them from SCDL textbooks as all answers might not be correct.