1. Match the following: Minimum number of members in
a)
Private Company
|
2 members
|
b)
Public Company
|
7 members
|
2. Match the following: Maximum number of members in:
a)
Private Company
|
50 members
|
b)
Public Company
|
Any number of members
|
c)
Partnership Firm
|
10 in case of banking business, 20 in case of trading business.
|
3. Match the following: Minimum Capital:
a)
Private Company
|
1 lac
|
b)
Public Company
|
5 lacs
|
4. Match the following:
a)
Interest on calls in advance
|
6% p.a.
|
b)
Interest on calls in arrear
|
5% p.a.
|
c)
Minimum subscription in case of public company
|
90% of the entire issue
|
d)
Minimum application money in case of public
limited company
|
5% of the nominal face value
|
e)
Maximum Rate of discount
|
10% of the nominal value of share
|
5. Match the following with relevant sections:
a)
Definition of company
|
Section 3(1)(i)
|
b)
Issue of share at a premium
|
Section 78
|
c)
Issue of share at a discount
|
Section 79
|
d)
Books of accounts
|
Section 209
|
6. Which of the following statement is false:
a)
A company is a legal entity quite distinct from
its members.
b)
A company can buy its own share
c)
A shareholder is the agent of the company
d)
Same person can agent and creditor of the
company
7. Which of the following are the charactersitics of a
company
a)
Liability of the members is limited upto the
face value of shares held by them
b)
It is a voluntary association of persons.
c)
A company is a separte body can sue and be sued
in its own name
d)
Perpectual succession
e)
All of the above
8. The term Company and Body corporate denote the same
thing. False
9. Body corporate does not include Co- operative society. True
10. Match the following:
a)
Statutory Company
|
Formed by special act of the legislature or parliament.
|
b)
Guarantee company
|
Liability of the member is limited upto the amount he guaranteed to
contribute in the event of winding up.
|
c)
Deemed public company
|
Holds 25% of paid up capital of a pulic company
|
d)
Chartered companies
|
Incorporated under special charter by the king or sovereign
|
11. The quorum for a meeting in private company is two and
for a public limited company is five. True
12. Minimum number of directors is two for a Pvt. Ltd
company and three for a Limited company. True
13. Which of the following capital is not shown in company’s
balance sheet:
a)
Authorised capital
b)
Issued and Subscribed capital
c)
Called and paid up capital
d)
Reserve Capital
14. Permission from central government to issue share
capital is required if Nominal capital exceeds Rs. 1 crore. True
15. A company is said to be Deemed Public company if its Annual
Turnover exceeds Rs. 25 crores. True
16. Share application and allotment account is a:
a)
Personal account
b)
Real account
c)
Nominal account
17. Discount of issue of share shows debit balance and hence
shown on the assets side of the balance sheet under the head miscellaneous
expenditure. True
18. Securities premium account is shown on the liabilities
side of the balance sheet under the head:
a)
Share capital
b)
Reserves and surplus
c)
Current liabilities
19. As per section 78 of the companies act, amount collected
as premium on securities cannot be utilised for:
a)
Issuing fully paid bonus shares to the members
b)
Purchase of fixed assets
c)
Writing off preliminary expenses
d)
Buy back of its own shares
e)
Premium payable on redemption of preference
shares
20. The portion of the authorised capital which can be
called-up only on the liquidation of the company is called
a)
Authorised capital
b)
Reserve capital
c)
Issued capital
d)
Called up capital
21. Penalty for delay in refunding application money
a)
6%
b)
5%
c)
15%
d)
20%
22. Payment of interest on calls-in-advance is at the
discretion of the company. False
23. Which of the following statement is false?
a)
Declared dividend should be classified in the
balance sheet as a current liability.
b)
Dividends are usually paid as a percentage of
paid-up-capital.
c)
A company can raise funds beyond its
Authorised capital.
d)
As per the companies act, only preference shares
which are redeemable within 20 years can be issued.
24. Which of the following statements are correct?
a)
Subscribed capital is that part of capital which
is offered to the public for subscription.
b)
Called-up-capital is that part of the
subscribed capital, that has been called up.
c)
Paid-up-capital = called-up-capital - calls
in arrear
d)
Issued capital is that part of authorised
capital which is applied by the public and allotted by company.
25. Which of the following statements are incorrect ?
a)
A company registered in india issues only Equity
and Preference shares.
b)
The preference share is that part of share
capital which enjoys preferential rights regarding repayment of Capital and
payment of Dividend.
c)
A Public limited company can commence
business as soon as it is incorporated.
d)
A private company can commence business after
getting the certificate of incorporation.
26. Securities premium once received cannot be cancelled. True
27. Which of the following is not a statistical book of a
company?
a)
Share application and allotment book
b)
Register of share warrants
c)
Register of shares and debentures transferred
d)
Register of debenture holders
28. Which of the following is not a statutory book of a
company?
a)
Annual returns
b)
Minutes book
c)
Register of fixed deposits
d)
Agenda book
29. Technique used for marketing a public offer of equity
shares of a company is called book building process. True
30. Free pricing mechanism is used in pricing issue of
share. True
31. Match the following:
a)
Rematerialization
|
Conversion of electronic securities into physical form
|
b)
Dematerialization
|
Coversion of physical shares into electronic securities
|
c)
Sweat equity shares
|
Shares issued at a discount or consideration other than cash for
providing know how or rights or value addition.
|
d)
Employess stock option schemes
|
Option given to the whole time directors, officers and employees to
purchase securities.
|
32. Share capital suspense account is opened when:
a)
Balance sheet is not tallied
b)
When dividend is declared but not paid
c)
When shares are forfeited
d)
When application money is received but
balance sheet is prepared before allotment of shares.
33. As per SEBI guidelines, A new company without any track
record can issue share at a premium. False
34. A new company set up by existing companies with five
year track record can issue share at premium provided:
a)
Participation of existing companies are not less
that 50%
b)
Prospectus contains justification for issue
price
c)
The issue price is made applicable to all new
investors uniformly.
d)
All of the above
35. Issue of share at a discount must be authorised by a
resolution passed by the company in general meeting and duly santioned by the
central government. True
36. A company can issue share at a discount if
a)
One year have been elapsed since the date at
which the company was allowed to commence business
b)
Shares issued at a discount must belong to a
class of shares already issued
c)
Issue must take place within two must after the
date of sanction by the court or within extended time.
d)
All of the above
Thank you very much Sir.
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