Legal Aspects of Finance - 2

Multiple Choice Single Answer
Question
Payment of wages act came into existence :-
Correct Answer
To ensure regular and timely payment of wages to employed persons
Your Answer
To ensure regular and timely payment of wages to employed persons

Multiple Choice Single Answer
Question
In which case did the Bombay high court observe the general purpose of the act?
Correct Answer
Arvind mills ltd case
Your Answer
Arvind mills ltd case

Select The Blank
Question
Any payment in respect on ________ can be deducted from the wages of an employed person.
Correct Answer
Fidelity guarantee bond
Your Answer
Railways ticket

True/False
Question
Deductions for income tax, payable by the employed person is permissible.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
The responsibility of placing the annual accounts before the AGM is on
Correct Answer
Board of Directors
Your Answer
Board of Directors

Multiple Choice Single Answer
Question
Accounting Standards are issued by :-
Correct Answer
Institute of Chartered Accountants
Your Answer
Institute of Chartered Accountants

Multiple Choice Single Answer
Question
Single director can sign the annual accounts if :-
Correct Answer
Only one director in India for the time being
Your Answer
Only one director in India for the time being

Multiple Choice Multiple Answer
Question
The annual accounts of the company are signed on behalf of the Board by :-
Correct Answer
Managing director , Two Directors , Company Secretary
Your Answer
Managing director , Two Directors , Company Secretary

Multiple Choice Multiple Answer
Question
Books of account with respect to following are required to be kept :-
Correct Answer
Money received & expended , Sales & purchases of goods , Assets & liabilities
Your Answer
Money received & expended , Sales & purchases of goods , Assets & liabilities

Multiple Choice Multiple Answer
Question
Following have the right to inspect books of account :-
Correct Answer
Any Director of the company , Officer of SEBI (if authorised) , Authorised officer of Government
Your Answer
Officer of SEBI (if authorised) , Authorised officer of Government

Multiple Choice Multiple Answer
Question
Directors' Responsibility Statement refers to :-
Correct Answer
Going concern , Accounting policies , Accounting standards
Your Answer
Going concern , Accounting policies , Accounting standards

Select The Blank
Question
It is advisable to close the financial year on ________.
Correct Answer
31st March
Your Answer
31st March

Select The Blank
Question
________ of the company has a right to take inspection of the books of account.
Correct Answer
Any Director
Your Answer
Any Director

Select The Blank
Question
Copies of annual accounts are to be filed within ________ days from AGM with ROC.
Correct Answer
30 days
Your Answer
30 days

Select The Blank
Question
________ of the company has absolute discretion in regard to inclusion or non inclusion of any matter in the minutes.
Correct Answer
Chairman
Your Answer
Chairman

True/False
Question
Statutory Meeting must be held on a working day.
Correct Answer
False
Your Answer
True

Multiple Choice Single Answer
Question
Any contract or arrangement in which director is interested has to be recorded in :-
Correct Answer
Register of contracts
Your Answer
Register of contracts

Multiple Choice Single Answer
Question
The notice of the meeting be sent to all the directors at their :-
Correct Answer
Usual residential address
Your Answer
Usual postal address

Multiple Choice Single Answer
Question
A person can not be appointed as managing or whole time director in more than :-
Correct Answer
Two companies
Your Answer
Five companies

Multiple Choice Multiple Answer
Question
Director can be appointed without counting the number in :-
Correct Answer
Private limited company , Unlimited company , Charitable association
Your Answer
Unlimited company , Charitable association , Government company

Select The Blank
Question
Director can cease to be a director, if he is absent himself from ________ consecutive meetings.
Correct Answer
Three
Your Answer
Three

Select The Blank
Question
Director has to vacate his office, if he has been ________ by a court of any offence involving moral turpitude.
Correct Answer
Convicted
Your Answer
Convicted

True/False
Question
Only individuals can be appointed as directors of the company.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
To safeguard the interest of the company or its shareholders or the public interest, the central government, may appoint such number of person as directors to hold office for a period not exceeding :-
Correct Answer
3 years
Your Answer
2 years

Multiple Choice Multiple Answer
Question
In calculating the limit of all the companies which companies are excluded?
Correct Answer
Foreign companies , Private Companies , Non Profit making companies
Your Answer
Foreign companies , Private Companies , Non Profit making companies

Multiple Choice Multiple Answer
Question
Which committees are considered for calculating the limit of the companies
Correct Answer
Audit committees , Remuneration Committee , Shareholders Grievance Committee
Your Answer
Audit committees , Remuneration Committee , Shareholders Grievance Committee

Multiple Choice Multiple Answer
Question
What are the powers of the audit committee?
Correct Answer
To investigate any activity within its terms of reference , To seek information from any employee , To obtain outside legal or professional advice
Your Answer
To investigate any activity within its terms of reference , To seek information from any employee , To obtain outside legal or professional advice

Select The Blank
Question
The management should clearly disclose ________ in auditors report
Correct Answer
Contingent liabilities
Your Answer
Contingent liabilities

Select The Blank
Question
When a money is raised through ________ it shall disclose to the audit committee.
Correct Answer
Initial public offering
Your Answer
Inter corporate deposits

True/False
Question
Meeting of the board of Directors shall be held at least 4 times in a year.
Correct Answer
True
Your Answer
True

True/False
Question
Every company shall have a qualified and independent audit committee.
Correct Answer
True
Your Answer
False

True/False
Question
Debenture holders are creditors of the company.
Correct Answer
True
Your Answer
True

Multiple Choice Multiple Answer
Question
The penalties are levied for which offences done?
Correct Answer
Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order
Your Answer
Pay less than minimum wages , Pay less than fixed wages , Contravenes any rule or order

Select The Blank
Question
________means all remuneration expressed in terms of money.
Correct Answer
Wages
Your Answer
Wages

Select The Blank
Question
The minimum wages act came in force in the year________.
Correct Answer
1948
Your Answer
1948

True/False
Question
The act is undoubtedly a welfare legislation in favour of workers and more than an essential measure for economic upliftment of the workers in the sweated industries.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
Cap on investment by person resident outside India, for Housing & Real Estate Sector is :-
Correct Answer
1
Your Answer
1

True/False
Question
Sectoral cap on investment by person resident outside India on Mass rapid Transport is 50%.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
Long - term borrowings schemes have which maturity period?
Correct Answer
Eight years
Your Answer
Eight years

Multiple Choice Multiple Answer
Question
Conditions on borrowings by PIO are :-
Correct Answer
Non-repatriation basis , Loan by inward remittance , Account by lender in India
Your Answer
Non-repatriation basis , Loan by inward remittance , Account by lender in India

True/False
Question
Owned foreign exchange is not permitted.
Correct Answer
False
Your Answer
True

Match The Following
Question
Correct Answer
Your Answer
WOS
Royalty payment
Royalty payment
Technical collaboration
Foreign companies
Foreign companies
Automatic route
RBI
RBI
Royalty continuation
Share holding
Share holding

Multiple Choice Single Answer
Question
In which of the companies the bonus act is applicable?
Correct Answer
More than 20 persons employed
Your Answer
More than 20 persons employed

Match The Following
Question
Correct Answer
Your Answer
salary
does not include travelling concession
does not include travelling concession
public sector establishment
establishment owned by government
establishment owned by government
interim and final determination of an industrial dispute
award
award
allocable surplus
67% surplus in the accounting year
67% surplus in the accounting year

True/False
Question
Company can not issue shares with differential voting/ dividend rights.
Correct Answer
False
Your Answer
False

Multiple Choice Single Answer
Question
If there is any delay in filing Form- 8 &13 beyond 60 days from the execution of documents for the creation of charge, the company has to make petition to :-
Correct Answer
Company Law Board
Your Answer
Company Law Board

Multiple Choice Multiple Answer
Question
Company can take loan from :-
Correct Answer
Banks , Financial Institutions , Debenture Holders
Your Answer
Banks , Financial Institutions , Debenture Holders