Top of Form 1

	LIST OF ATTEMPTED QUESTIONS AND ANSWERS
		True/False
		Question	A probationer is an employee and as such is not entitled to business.
		Correct Answer	False
		Your Answer	True
		True/False
		Question	Charge includes Mortgage.
		Correct Answer	True
		Your Answer	False
		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 Single Answer
		Question	Which person is responsible for he payment of wages act ?
		Correct Answer	Managers
		Your Answer	Managers
		Multiple Choice Multiple Answer
		Question	FDI prohibited activities are :-
		Correct Answer	Retail trading , Gambling & betting , Housing & real estate
		Your Answer	Retail trading , Gambling & betting , Housing & real estate
		Multiple Choice Single Answer
		Question	What is computed by the competent authority at concessional rates?
		Correct Answer	Cost of living allowance and cash value
		Your Answer	Cost of living allowance and cash value
		True/False
		Question	Articles of Association is not required to be stamped if Memorandum is adequately stamped.
		Correct Answer	False
		Your Answer	False
		Multiple Choice Multiple Answer
		Question	The auditor shall inquire :-
		Correct Answer	Whether transactions of the company which are represented merely by book entries are not prejudicial to the interest of the company or members , Whether loans & advances made by the company have been shown as deposits , Whether personal expenses have been charged to revenue account
		Your Answer	Whether loans & advances made by the company have been shown as deposits , Whether personal expenses have been charged to revenue account
		Multiple Choice Multiple Answer
		Question	Remuneration to the director may be paid :-
		Correct Answer	Monthly , Quarterly , Annually
		Your Answer	Annually
		Multiple Choice Single Answer
		Question	If date of incorporation is 1.1.2005, first AGM must be held before :-
		Correct Answer	30.6.2006
		Your Answer	30.6.2006
		Multiple Choice Single Answer
		Question	Define an employed person under section 2 of the act.
		Correct Answer	Includes legal representative of a deceased employed person
		Your Answer	Includes legal representative of a deceased employed person
		True/False
		Question	Wages does not include any gratuity payable on discharge.
		Correct Answer	True
		Your Answer	True
		Multiple Choice Multiple Answer
		Question	Remittance completely prohibited on :-
		Correct Answer	Dividend balancing , Telephone expanses , Interest on funds
	Your Answer	Dividend balancing , Telephone expanses , Interest on funds
	Match The Following
	Question		Correct Answer	Your Answer
	Audit Report		Opinion on the examination of books of accounts	Opinion on the examination of books of accounts
	Auditor		A person who conducts the audits	A person who conducts the audits
	Qualified for audit		Eligible to conduct the audit	Eligible to conduct the audit
	Cost auditor		A cost accountant, who is suppose to conduct cost audit of the company.	A cost accountant, who is suppose to conduct cost audit of the company.
	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	WOS can make payment of royalty by ________ route.
	Correct Answer	Automatic route
	Your Answer	Authority route
	Multiple Choice Multiple Answer
	Question	What is the manner of fixation of minimum wages?
	Correct Answer	Time work known as minimum time rate , Piece work known as minimum piece rate , Guaranteed time rate for those employed in piece work for the purpose of securing to such employees a minimum rate of wages on time work basis
	Your Answer	Time work known as minimum time rate , Piece work known as minimum piece rate , Guaranteed time rate for those employed in piece work for the purpose of securing to such employees a minimum rate of wages on time work basis
	Multiple Choice Single Answer
	Question	How much percentage of block of voting shares does the independent director not own ?
	Correct Answer	0.02
	Your Answer	0.02
	True/False
	Question	An employee employed through contractors on building operations is entitled to bonus.
	Correct Answer	False
	Your Answer	True
	True/False
	Question	A non executive director is not a substantial shareholder of the company.
	Correct Answer	True
	Your Answer	True
	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
	Multiple Choice Multiple Answer
	Question	Following are the Forms to be submitted to ROC for incorporation of company :-
	Correct Answer	Form 32 , Form 29 , Form 1
	Your Answer	Form 32 , Form 1 , Form 5
	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	Authentication of Annual Accounts means :-
	Correct Answer	Correctness of the accounts
	Your Answer	Presentation as per Act
	Multiple Choice Multiple Answer
	Question	For registering certain resolutions, following documents are submitted :-
	Correct Answer	Form 23 , Certified copy of resolution , Copy of explanatory statement
	Your Answer	Form 23 , Certified copy of resolution , Copy of explanatory statement
	Multiple Choice Single Answer
	Question	If an auditor after his appointment becomes subject to any of the disqualifications, it is treated that the office is :-
	Correct Answer	Vacated
	Your Answer	Vacant
	Select The Blank
	Question	________ shall lay before the AGM, the statement of Income & Expenditure in place of Profit & Loss a/c.
	Correct Answer	Charitable Trust
	Your Answer	Government company
	True/False
	Question	An independent Director is not an executive director of a Company.
	Correct Answer	False
	Your Answer	False
	Select The Blank
	Question	The ________ issue shall be by way of public issue.
	Correct Answer	NCD
	Your Answer	NCD
	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	Private limited company , Unlimited company , Charitable association
	Multiple Choice Single Answer
	Question	It should be noted that the company has to pay on loan document the :-
	Correct Answer	Stamp duty
	Your Answer	Bank charges
	Multiple Choice Single Answer
	Question	Which period results for the company are required to be made available to the board in the meeting of board of directors?
	Correct Answer	Quarterly results
	Your Answer	Quarterly results
	Multiple Choice Single Answer
	Question	Venture capital Funds are regulated as per the Norms of :-
	Correct Answer	SEBI
	Your Answer	SEBI
	True/False
	Question	FEMA is also applicable to agencies outside India that are controlled by residents in India.
	Correct Answer	True
	Your Answer	False
	True/False
	Question	Wages include any contribution paid by the employer to any pension fund or provided fund.
	Correct Answer	False
	Your Answer	False
	Select The Blank
	Question	The Postal ballot paper should be returned to the company within ________ from the dispatch of ballot paper.
	Correct Answer	30 days
	Your Answer	30 days
	Select The Blank
	Question	The recommendations of audit committee relating to financial management shall be ________.
	Correct Answer	Binding
	Your Answer	Binding
	Multiple Choice Multiple Answer
	Question	Company can take loan from :-
	Correct Answer	Banks , Financial Institutions , Debenture Holders
	Your Answer	Banks , Financial Institutions , Debenture Holders
	Select The Blank
	Question	The management should clearly disclose ________ in auditors report
	Correct Answer	Contingent liabilities
	Your Answer	Current liabilities
	Match The Following
	Question		Correct Answer	Your Answer
	Capital Account		Guarantee by a person resident	Capital Account
	Living Expenses		Current Account	Personal Account
	Deposits		Capital Account	Current Account
	The Adjudicating Authority		Power of Classification	Accounting Authority
	Select The Blank
	Question	Sweeping powers such as search and arrest contained in Foreign Exchange ________ Act.
	Correct Answer	Control
	Your Answer	Control
	Select The Blank
	Question	For making alterations before ROC, ________ is required.
	Correct Answer	Power of Attorney
	Your Answer	Power of Attorney
	Select The Blank
	Question	Preference shareholders have ________ to get dividend over equity share holders.
	Correct Answer	Preferential right
	Your Answer	Preferential right
	Select The Blank
	Question	For private company, number of members do not include ________.
	Correct Answer	Employees of company
	Your Answer	Directors of company
	Multiple Choice Single Answer
	Question	Who is empowered to specify the Foreign Exchange transactions limits under FEMA?
	Correct Answer	Reserve Bank of India
	Your Answer	Reserve Bank of India
	Multiple Choice Single Answer
	Question	Long - term borrowings schemes have which maturity period?
	Correct Answer	Eight years
	Your Answer	Five years
	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

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