Tag: company

Questions Related to company

Which of the following is a correct statement?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Goods and Service Tax (GST) is a consolidation of many indirect taxes already levied in India

  2. In India, Excise duty and Service tax are levied by the Central Government

  3. VAT is levied by the State Governments

  4. All of the above

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Correct Option: D

Consider the following statements :
1.Neither the Companies Act, 1956 not the Companies Act, 2013 defines the term 'Person' i.e. the one member of OPC
2. The one member of OPC can be either a natural person or a Juridical person.
3. An OPC cannot be converted into any other class of company.
Which of the above statement/s is/are not true?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. 1 and 2

  2. 2 and 3

  3. Only 2

  4. Only 3

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Correct Option: D
Explanation:

The conversion of a private limited into an OPC (One Person Company) is allowed as per the Companies Act, 2013, which provides a mechanism to convert one class of company into another.That the annual turnover of the company must be less than Rs. 2 crores during the past three consecutive financial years.

Which of the following is considered as a 'tangible asset'?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Vehicles

  2. Computer Software

  3. Mining Rights

  4. Goodwill

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Correct Option: A

According to the Section 203 of the Companies Act, 2013 which of the following persons has been covered under term 'Whole-time KMP'?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Company Secretary

  2. Chartered Accountant

  3. Civil Engineer

  4. Promoter

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Correct Option: A

According to the provisions of Companies Act, 2013 atleast what percent of the average net profits of the company shall be spend in pursuance of CSR activities?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. 10 percent

  2. 8 percent

  3. 3 percent

  4. 2 percent

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Correct Option: D

Secretary has a power to give casting vote.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. True

  2. False

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Correct Option: B
Explanation:

Secretary does not have a power to cast a vote. He/she is not included in the voting power in the board meeting. 

Memorandum of association contains which of the following?

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. Place of registered office of the company

  2. Objective of the company

  3. Amount of registered share capital

  4. All of the given options.

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Correct Option: D

The seal of a company acts as its signature.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. True

  2. False

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Correct Option: A
Explanation:

Common Seal is the official signature of the company and each company shall have only one seal, on its incorporation.

 Common Seal is the signature of the company to any document on which it is affixed and binds the company for all obligations undertaken in the document

According to the Companies Act, 2013 the term 'Bonds' are treated as long term borrowings, but these shall be stated in ____________.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. ascending order of maturity or conversion

  2. descending order of maturity or conversion

  3. either ascending or descending order of maturity

  4. on the basis of LIFO method

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Correct Option: B

If any _______ is present while forming the agency then the relationship of agency becomes contractual.

business organisation and correspondence companies act, 2013 - introduction and characteristics introduction to companies companies act, 2013 company

  1. consideration

  2. law

  3. emotion

  4. affection

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Correct Option: A