NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 4 of 99)
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- Which one of the following pairs is not correctly matched?
- Match Item 1: Internal check
- Match Item 2: Staff of the concern
- Match Item 1: Internal Audit
- Match Item 2: Chartered Accountant
- Match Item 1: Cost Audit
- Match Item 2: Cost Accountant or Chartered Accountant
- Match Item 1: Propriety Audit
- Match Item 2: Comptroller
- Auditor General of India
- Consider the following statements:
- Audit working papers enable the auditor to know the weaknesses of the internal check system.
- Audit programme assures adherence to the principles of auditing and accounting.
- Manipulation of accounts is done by under valuation of assets.
- Internal check maximizes the possibilities of errors and frauds.
- Which of the above statements are correct?
- 1,2 and 3
- 2,3 and 4
- 1,2 and 4
- 1,2, 3 and 4
- Consider the following duties of the auditor:
- He should see that the provisions of Sec. 78 have been complied with:
- He should see that the sum available has been utilized in the manner as laid down by the Articles.
- He should examine the Prospectus, the
- Articles and the Minutes of the
- Directors meeting to see whether the issue of shares at a premium is duly authorized or not.
- The correct sequence of these duties in case of audit of issue of shares at a premium, is
- 1,2, 3
- 2,1, 3
- 3,1, 2
- 3,2 1
- Consider the following with regard to furniture and fixtures
- Valuation with reference to bills and invoices.
- Authorization of expenditure and its capitalization.
- Adequate provision of depreciation.
- Whether furniture is mortgaged or free from any mortgage.
- The correct sequence to be adopted by the auditor during the course of analytical review, vouching and examination of document would be
- 1,2, 3,4
- 2,3, 1,4
- 3,4, 2,1
- 4,1, 2,3
- Match List I with List II and select the correct answer:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 4 of 99) List-I List-II - Public limited company
- Partnership firm
- Cooperative society
- Private limited company
- One man one vote
- Can make public issue
- Restricted membership
- Unlimited liability
- Direct supervision
- A
- B
- C
- D
- 5
- 4
- 2
- 3
- 2
- 4
- 1
- 3
- 5
- 3
- 2
- 1
- 2
- 3
- 1
- 4
- The account of a company shall be audited by the company auditor, or by a person qualified to be appointed as auditor, if the company has to
- wind up
- amalgamate
- finalize branch office accounts
- declare interim dividend
- Which one of the following is NOT included under the rights and powers of an Auditor in the Companies Act 1956?
- Right of access to books of Accounts
- Right to call for a General Meeting
- Right to receive notice of and attend the General Meeting
- Right to make statement at the General
- Meeting
- Consider the following rights:
- The right of a partner to sue for dissolution of the firm or for accounts thereof.
- The power of the receiver to realize the properties of an insolvent partner.
- The right of the firm to sue any partner.
- The right of a partner to file a suit against the firm for enforcing his rights.
- Which of the above rights are NOT affected due to on registration of. a partnership firm?
- 1 and 2
- 2 and 3
- 1,2 and 3
- 2,3 and 4
- The most suitable form of business organization for the people of weaker sections is
- partnership firm
- cooperative society
- sole-trading business
- joint stock company
- Which one of the following is NOT a feature of sole-proprietorship business?
- Undivided risk
- No government regulation
- Separate entity of the firm
- Unlimited liability
- A partner under his ‘Implied Authority’ can
- enter into partnership with others on behalf of the firm
- submit a dispute relating to the business of the form for arbitration
- defend any suit filed against the firm
- withdraw any suit or proceedings filed on behalf of the firm
- Which one of the following firm is considered to be illegal to do trading business?
- A firm with 11 partners
- A firm with 18 partners
- A firm with 20 partners
- A firm with 22 partners
- Match list I with List II and select the correct answer
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 4 of 99) List-I List-II - The Indian Partnership Act
- SEBI
- The Cooperative Societies Act
- Stock exchange
- listing of company shares
- Members mutual benefit
- Brokers deal with their customers
- Listed companies are supervised
- No compulsory registration:
- A
- B
- C
- D
- 3
- 2
- 4
- 5
- 5
- 4
- 2
- 1
- 5
- 2
- 4
- 1
- 3
- 4
- 2
- 5
- The fund available with a company after paying all claims including tax and dividend is called
- net profit
- net operating profit
- capital profit
- retained earnings
- The capital of a public limited company can be reduced with the confirmation of the
- Registrar of Companies
- Company Law Board
- Securities and Exchange Board of India
- High Court