Tag: business studies

Questions Related to business studies

A company may be-.

memorandum of understanding and articles of association company business studies

  1. An incorporated company

  2. A corporation

  3. An unincorporated company

  4. All of the above

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Correct Option: D

The corporate veil can be lifted____.

memorandum of understanding and articles of association company business studies

  1. Where it was found that the sole purpose for which the company was formed was to evade taxes

  2. Where the purpose of company formation was to evade labour welfare & other legislation

  3. To punish for contempt of court

  4. All of the above

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Correct Option: D

A corporate veil may be lifted when_____.

memorandum of understanding and articles of association company business studies

  1. the corporate veil has been used for commission of fraud or improper conduct

  2. where the doctrine conflicts with public policy

  3. where the veil has been used for evasion of taxes and duties

  4. all of the above

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Correct Option: A

Practicing Company Secretary has been authorized to appear as authorized representative before  the Securities Appellate Tribunal (SAT) under _____.

memorandum of understanding and articles of association company business studies

  1. SEBI Act, 1991

  2. Depositories Act, 1996

  3. Either (A) or (B)

  4. Both (A) and (B)

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Correct Option: D

The audit report, besides other things necessary in any particular case, need not to expressly state -

memorandum of understanding and articles of association company business studies

  1. Whether, in opinion of auditor, proper books of account as required by law have been kept by the company

  2. Whether the company's balance sheet and profit and loss account dealt with by the report are in agreement with the books of account and returns.

  3. Whether books of account gives true and fair view

  4. Whether fit and proper person are appointed in the board of the company.

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Correct Option: A

"Casual Vacancy" in relation to auditor means vacancy which arises due to -
1. Resignation
2. Death
3. Disqualification of auditor
Select the correct answer from the options given below -

memorandum of understanding and articles of association company business studies

  1. 1 and 2

  2. 1 and 3

  3. 2 and 3

  4. All 1, 2 and 3

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Correct Option: A

Which of the following shall be eligible for appointment as an auditor of a company as per Section 141(3) of the Companies Act, 2013?

memorandum of understanding and articles of association company business studies

  1. An officer or employee of the company

  2. A person who, or his relative or partner is indebted to the company, or its subsidiary, or its holding or associate company or a subsidiary of such holding company, in excess of Rs. 5 Lakhs

  3. A person whose relative hold security or interest in the company of face value not exceeding Rs. one lakh

  4. None of the above

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Correct Option: A

Which of the following services can be rendered by auditor of the company as per Section 144 of the Companies Act, 2013?

memorandum of understanding and articles of association company business studies

  1. Accounting and book keeping services

  2. Investment advisory services

  3. Investment banking services

  4. None of the above

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Correct Option: A

As per Section 141(1) of the Companies Act, 2013, a person shall be eligible for appointment as an auditor of a company only if he is a -

memorandum of understanding and articles of association company business studies

  1. Chartered Accountant

  2. Company Accountant

  3. Statuary Auditor

  4. Chartered Accountant & Company Secretary

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Correct Option: A

Which of the following shall NOT be eligible for appointment as an auditor of a company as per Section 141(3) of the Companies Act, 2013?
(I) A body corporate
(II) Limited liability partnership
(III) An officer of the company
(IV) An employee of the company
(V) A person who is a partner of an officer or employee of the company
(VI) A person who is in the employment of an officer or employee of the company
(VII) A person who is indebted to the company in excess of Rs. 2 Lakhs but below Rs. 5 Lakhs
The correct answer is -

memorandum of understanding and articles of association company business studies

  1. (I), (II), (III), (IV), (V) & (VI)

  2. (I), (II), (III), (IV) & (VII)

  3. (II), (III) & (VII)

  4. (I), (III), (IV), (V) & (VI)

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Correct Option: A