Tag: company

Quizzes (10) Questions (165)

Questions Related to company

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

Which of the following is a correct statement?

  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
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

GST consolidated various indirect taxes, the Central Government levies excise and service tax (pre-GST context), and VAT was historically a state-level tax. All these statements are accurate descriptions of the Indian tax landscape.

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

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?

  1. 1 and 2

  2. 2 and 3

  3. Only 2

  4. Only 3
Reveal answer Fill a bubble to check yourself
D Correct answer
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.

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

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

  1. Vehicles

  2. Computer Software

  3. Mining Rights

  4. Goodwill
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Tangible assets are physical assets that have a material existence. Vehicles are physical items, whereas software, mining rights, and goodwill are intangible assets.

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

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

  1. Company Secretary

  2. Chartered Accountant

  3. Civil Engineer

  4. Promoter
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Section 203 of the Companies Act, 2013 explicitly lists the Company Secretary as a Key Managerial Personnel (KMP) for certain classes of companies.

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

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?

  1. 10 percent

  2. 8 percent

  3. 3 percent

  4. 2 percent
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Section 135 of the Companies Act, 2013 requires companies meeting certain criteria to spend at least 2 percent of their average net profits made during the three immediately preceding financial years on Corporate Social Responsibility (CSR) activities.

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

Memorandum of association contains which of the following?

  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.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Memorandum of Association (MOA) is the charter of the company and must contain the name, registered office, objects, liability, and capital clauses.

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

The seal of a company acts as its signature.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
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

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

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

  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
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

According to the Schedule III of the Companies Act, 2013, long-term borrowings like bonds should be disclosed in the notes to accounts in descending order of maturity or conversion.

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

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

  1. consideration

  2. law

  3. emotion

  4. affection
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Under the Indian Contract Act, an agency relationship requires consideration to be a binding contract, although the law of agency itself has specific provisions regarding the authority of an agent.