Tag: elements of business

Questions Related to elements of business

State the following Statement are True or False:

Annual Return must be filed with the Registrar of Companies within 60 days from the Annual General Meeting.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. True

  2. False

Show answer
Correct Option: A
Explanation:
This Statements is True because of the following reasons:-

(i) It is a document that must be filed with the Registrar of Companies at the end of each financial year. 
(ii) The secretary has to file Annual Return along with the audited Balance Sheet, Profit and Loss account and Auditor's Report with the Registrar within 60 days from the date of holding the Annual General Meeting.
The contents of the Annual Return of a company as given in Part I of Schedule of the Companies Act, 1956 are as under: 
(a) The address of the registered office of the company. 
(b) The name and address of any place outside India where any part of the register of members or register of debenture holders is kept under the provisions of the Companies Act.
(c) The details of the breakup of the share capital and debentures of the company as existed on the date of the last Annual General Meeting. 
(d) Particulars of the total amount of indebtedness of the company as existed on the date of the last Annual General Meeting of the company. 
(e) Particulars of directors, managers and secretaries. 
(f) The list of the past and present members and debenture holders. 
(g) The Annual Return is to be filled in the prescribed form as given in part II of the schedule mentioned above. 

Now, Companies Act ,2013 deals with provisions relating to General Meeting.

State the following Statement is True or False:

The power of granting extension of time for holding the Annual General Meeting is vested in the Registrar of Companies.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This Statement is True because of the following reasons:

(i) As per section 166 of the Companies Act, 1956, the company is required to hold its Annual. General Meeting for the financial year ending on 31st march on or before 30th September.
(ii) If for any reason, the company is unable to conduct the meeting, the, company secretary has to write to the Registrar of Companies requesting for extension in time for holding the Annual General Meeting. 
(iii) The company secretary while corresponding to the Registrar of companies has to assure the Registrar of Companies that all necessary formalities would be completed and the meeting would be conducted in the extended time.
(iv) The company secretary gives an undertaking on behalf of the company, of course, to pay the penalty for the delay. 

Provisions relating to this are now dealt by the Companies Act ,2013.

Select the correct option given below:

Return of allotment must be filed with the Registrar of companies within____ days from the date of allotment.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. 10

  2. 20

  3. 30

  4. 40

Show answer
Correct Option: C
Explanation:

According to section 39 of companies act 2013 :if the minimum amount has not been subscribed and the sum payable is not received within 30 days from the date of issue of the prospects or such other period as may be specified by the securities and exchange, the amount received under sub section (1)shall be returned within such time and manner as may be prescribed   

State the following statements is True or False:
The Registrar is a statutory authority under the Companies Act, 1956.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statement is True, due to the following reasons :

(i) Through the Ministry of Corporate the Registrar of Companies is appointed by the Central Government to have statutory control over the companies.
(ii) The Registrar of an Companies  is an official, appointed by the Central Government to co-ordinate ordinate d supervise the promotion, registration and matters relating to companies registered under the Companies Act 1956. (iii) As per law, no company can commence business unless it is registered with the Registrar of Companies. 
(iv) He is responsible for the administration of company law in the state. 
(v) The Registrar is a recognised statutory authority under the Companies Act. (vi) He has to see that companies operate within the legal limits and comply to various legal formalities as laid down by the Companies Act. 
(vii) The Registrar has powers to take action against the companies which do no comply with legal provisions.
Hence the Registrar is a statutory authority under the Companies Act, 1956. 

Provisions relating to this are now dealt by the Companies Act ,2013.

State the following statement is True or False:

The Registrar of Companies is appointed by the State Government.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. True

  2. False

Show answer
Correct Option: B
Explanation:

This statement is False, due to the following reason:

(i) The Registrar of companies is an officer appointed by the Central Government for each state.
(ii) He is being appointed to register, supervise and co-ordinate to the matter relating to the companies registered under the Companies Act,1956.
(iii) He has control over the various activities carried by the companies in his state.
(iv) The Registrar is a recognised statutory authority under the Companies Act.
(v) He has to see that companies,operate within the legal limits and comply to various legal formalities.
(vi) Every company has to submit certain documents with Registrar to obtain incorporation certificate and business commencement certificate.

Provisions relating to registrar are now dealt by the Companies Act ,2013.

State the following statement is True or False:

Company secretary has to file copy of special resolution with the Registrar of Companies.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

This statement is True due to the following reasons :

(i) Registrar of companies is appointed by the Central Government to have statutory control over the Companies.
(ii) Every company has to submit certain documents with Registrar to obtain incorporation and business commencement certificate.
(iii) The Registrar of Companies has to perform function like, Incorporation of Companies, Registration of Documents, etc.
(v) The Secretary has to make correspondence with the Registrar of Companies for filing various documents. 
(v) The Secretary has to write letters to the Registrar, on various issues, one such is 'Filing Special Resolution'. 
(vi) Under Section 192 of the Companies Act 1956; whenever a special resolution is adopted at a general meeting, a copy of the resolution is to be-filed by the Secretary with the Registrar of Companies. If default is made in Complying with the filling of special resolution, the company and defaulting officer shall be punishable with fine. 
(vii) It should be filed within 30 days of it being adopted.
(viii) He also has to enclose the requisite filing fees.

Provisions relating to this are now dealt by the Companies Act ,2013.

The Registrar of Companies may grant an extension of time up to a maximum period of ______for holding Annual General Meeting.
elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. 1 month

  2. 3 month

  3. 6 month

  4. 8 month

Show answer
Correct Option: B
Explanation:

If the company does not hold annual general meeting within time, on the applicationmade by the company before the due date,the registrar may, for any special reason may extend the time within which any annual general meeting shall be held a period of period not exceeding 3 months 

State the following statements is True or False:
The Registrar of Companies can impose fine or penalty on companies when irregularities are noticed.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. True

  2. False

Show answer
Correct Option: A
Explanation:

Committee is of the view that in tune with legal developments in the country, guided by recent pronouncements of the Apex court it would be appropriate for the law to provide a regime of penalties for companies. These would be monetary in nature since it would not be feasible to imprison an artificial person such as a company. Such penalties should also be relatable to the size of the company in addition to the nature of the offence.

_________ in any organization must have characteristics like skills, quality, high morale, commitment towards the work, attitude, etc.

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. Marketing Resources

  2. Financial Factors

  3. Human resource

  4. All of above

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Correct Option: C
Explanation:

Human resource are the people who make up the work force of an organisation. They must have characteristics like skills, quality, high morale, commitment towards the work, attitude etc which are essentials for reaching the organisational goals.

Which of the following statements best describe economic activities?

elements of business classification of human activities characteristics of business activities economic and non-economic activities human activities - commercial and non-commercial activities

  1. These activities are undertaken to earn money

  2. These activities provide pleasure

  3. These activities involve no risk

  4. These activities involve working outside the house

Show answer
Correct Option: A
Explanation:

Economic activities are those activities which are undertaken to earn money and done to earn a living. For example a person selling vegetables in your locality is a type of an economic activity as he earn money by this activity.