NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 17 of 99)
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- Which one of the following is the correct explanation of the Principle of Constructive Notice?
- The company will have to deliberately inform everybody about what it is for and what it is doing
- The company will canvass about its Articles of Association and Memorandum of Association time and again
- The Articles of Association and Memorandum of Association are considered to be public documents and accessible to all
- Every one dealing with the company is not supposed to know the contents of the Articles of Association
- Memorandum of Association
- In case of a cultural club subscriptions received during a particular accounting period as per Receipt and Payment Account amount to ₹ 57,360. Subscription outstanding (Opening and Closing) were ₹ 4,800 and ₹ 6,000 respectively. Subscription received in advance (Opening and Closing) were ₹ 3,600 and ₹ 2,160 respectively. The amount to be credited to Income and Expenditure account would be
- ₹ 57,360
- ₹ 54,000
- ₹ 60,000
- ₹ 63,360
- Receipts and Payments account records transaction of
- Revenue receipts and payments only
- Capital receipts and payments only
- All receipts and payments relating to the current year only
- All receipts and payments relating to the current year, succeeding year as well as preceding year
- X and Y are sharing profits in the ratio of 2: 1. They admit Z into the firm with shares in profits for which he brings ₹ 12,000 as his share of capital. The partners decide to have their capitals according to the new profit sharing ratio. As a result, the adjusted capital of Y will be
- ₹ 10,000
- ₹ 12,000
- ₹ 16,000
- ₹ 24,000
- Which of the following will not be the source for buying back of share by a company?
- Company՚s free reserves
- Company՚s securities premium account
- Proceeds of any shares or other specified securities as per Section 77 A (1) (iii)
- Company՚s borrowings from financial institutions
- Any person aggrieved by any decision or order of the National Company Law Appellate Tribunal can appeal to which one of the following and within how much period?
- High Court, within 30 days
- Supreme Court, within 60 days
- SEBI, within 90 days
- Department of Companies Affairs, within 60 days
- When an incoming partner purchases his share from any one of the existing partners, then
- Total assets of the firm do not change
- Total assets of the firm will be augmented to the extent of payment received from the new partner
- Total assets of the firm will be reduced to the extent of payment received from the new partner
- Change in total assets of the firm will depend upon the new profit sharing ratio of the partners
- If the goodwill raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaining partners are debited in
- New profit sharing ratio
- Capital ratio
- Old profit sharing ratio
- Sacrificing ratio
- Consider the following statements regarding proceedings at general meetings of a company
- The chairman, if any, of the Board shall preside as chairman at every general meeting of the company
- The chairman may adjourn the meeting
- When a meeting is adjourned for 15 days or more, notice of the adjourned meeting shall be given as in the case of an original meeting
- Which of the above statements is/are correct?
- 1 only
- 2 and 3
- 3 only
- 1 and 2
- Consider the following statements:
- Audit programme is the management՚s plan of action
- The primary basis of preparing an audit programme is the system of internal control
- The idea implied in the preparation of an audit programme is to ensure to the auditor a complete grip over his staff
- Which of the statements given above is/are correct?
- 3 only
- 1,2 and 3
- 1 and 2
- 2 and 3
- Match List I with List II and select the correct answer using the codes given below the Lists
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 17 of 99) List-I List-II - Partners current accounts
- Goodwill account
- Partners drawings account
- Realization account
- Dissolution of partnership
- Admission of a partner
- Fixed capital of partners
- Goods taken by partner for self consumption
- A
- B
- C
- D
- 1
- 4
- 2
- 3
- 3
- 2
- 4
- 1
- 1
- 2
- 4
- 3
- 3
- 4
- 2
- 1
- Identify the correct sequence of the following steps with regard to delegation of authority
- Creation of obligation
- Authorization for actions
- Determination of the expected results
- Assignment of duties
- Select the correct answer using the codes given. Below
- 3 − 2 − 4 − 1
- 1 − 2 − 4 − 3
- 1 − 4 − 2 − 3
- 3 − 4 − 2 − 1
- Which one of the following securities cannot be issued by a Public limited company in India?
- Participating preference shares
- Redeemable preference shares
- Deferred shares
- Debentures
- Which of the following are included in auditor՚s working papers?
- Audit manuals
- Audit programme
- Audit procedures
- Audit note-book
- Select the correct answer using the codes given below
- 1 and 2
- 3 and 4
- 1,2 and 3
- 2 and 4
- Match List (Theories of Wages) with List II (Theorists Who Developed) and select the correct answer using the codes given below:
Table Supporting: NET, IAS, State-SET (KSET, WBSET, MPSET, Etc.) , GATE, CUET, Olympiads Etc. : Commerce MCQs (Practice_Test 17 of 99) List-I List-II - Subsistence theory
- The surplus value theory of wage
- Residual claimant theory
- Marginal productivity theory
- Philip Henry and John Bats
- Francis A Walker
- David Ricardo
- Karl Marx
- A
- B
- C
- D
- 3
- 1
- 2
- 4
- 2
- 4
- 3
- 1
- 3
- 4
- 2
- 1
- 2
- 1
- 3
- 4
- The tool used by auditor to monitor and control the progress of audit work is
- Engagement diary
- Audit programme
- Audit working papers
- Audit notes