NET, IAS, State-SET (KSET, WBSET, MPSET, etc.), GATE, CUET, Olympiads etc.: Commerce MCQs (Practice_Test 25 of 99)
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- Which one of the following is a contract for the purchase or sale of securities for the performance of which no time is specified, and which is to be performed immediately or within a reasonable time?
- Spot delivery contract
- Ready delivery contract
- Forward contract
- Option in securities
- 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 25 of 99) List-I (Types of Mutual Fund) List-II (Explanation) - Open-ended mutual fund
- Interval fund
- Close ended mutual fund
- Balanced fund
- They are open for sale or redemption during pre determined intervals at NAV related prices
- The fund is open for subscription only during a specified period
- Provides both growth and regular income
- One that is available for subscription all throughout the year
- A
- B
- C
- D
- 2
- 1
- 4
- 3
- 4
- 3
- 2
- 1
- 2
- 3
- 4
- 1
- 4
- 1
- 2
- 3
- Following are the information pertaining to X Company Ltd. Right to buy one share@ ₹ . 17 per share for every five shares of ₹ 10 each held in the company. Market value of the shares on the date of such offer is ₹ 35 per share. Which one of the following is the value of the right?
- ₹ 8.67
- ₹ 3.00
- ₹ 4.50
- ₹ 13.00
- Which one of the following statements regarding forfeiture of shares is not correct?
- Forfeited shares may be re-issued at a discount or at a premium
- The title of the new purchaser is not affected by any irregularity in the forfeiture or sale of the shares
- Return of allotment of re-issue of forfeited shares is filed with the Registrar of Companies
- Board may. Consider the request from the defaulting ex-shareholder for the cancellation of forfeiture before the disposal of forfeited shares
- For which of the following purposes can the share premium of the company be used in case the company issues share at premium?
- For the cost of underwriting and distributing the share capital.
- For the issues of fully paid bonus shares to the members of the company.
- For writing off preliminary expenses of the company. For providing premium payable on the redemption of any redeemable preference shares or debentures of the company.
- Select the correct answer using the code given below
- 1,2 and 3
- 1,2 and 4
- 1 and 4
- 2,3 and 4
- Which one of the following is correct for cooperative organizations?
- There is a cap on the maximum number of members
- There is a cap on the dividend payment
- There are restrictions on their business growth
- There is a ceiling on the salaries paid to employees of cooperative organizations.
- Which of the following tate9ents regarding a private company are correct?
- A private company can proceed to allot shares without having to wait for minimum subscription.
- There are restrictions on the powers of Board of Directors of a private company as to the selling of whole or part of the undertaking.
- A private company can keep its affairs secret.
- Right of pre-emption does not apply to a private company.
- Select the correct answer using the code given below:
- 1,2, 3 and 4
- 1,3 and 4
- 2 and 3
- 1,2 and 4
- Consider the following statement A company can be compared with a river which retains its identity though the parts which compose it are constantly changing. Which one of the following characteristic of a company is implied from the above statement?
- Limited liability
- Artificial legal person
- Perpetual succession
- Separate property
- Which one of the following describes the correct effect when a registered partnership firm is dissolved?
- All the partners will be relieved from the debt obligations of the firm
- The partners cannot start any other business within one year of dissolution
- One or two of the old partners can continue the business of the firm with a new name
- The partners will not be entitled to any personal loans from banks
- When does a retiring partner of a partnership firm continue to be liable for obligations incurred after his retirement?
- When he does not give public notice
- When unpaid amount is not transferred to him
- When he had left the firm within 3 months of joining it
- All the above
- 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 25 of 99) List-I (Provisions) List-II (Matters) - Interest must be allowed at the rate of 6% p. a.
- No interest shall be paid
- No interest shall be charged
- Must be shared equally by all the partners unless otherwise agreed
- Drawings of partners
- Net loss of the firm for an accounting year
- Capital contributed by the partners
- Loan given by a partner to the firm
- A
- B
- C
- D
- 1
- 3
- 4
- 2
- 4
- 2
- 1
- 3
- 1
- 2
- 4
- 3
- 4
- 3
- 1
- 2
- What is⟋are the effect (s) of non registration of a partnership firm?
- The partners cannot sue outsiders.
- Outsiders cannot sue the firm.
- A partner cannot sue for the dissolution of the firm.
- A partner cannot sue the firm or any other partner of the firm.
- Select the correct answer using the code given below
- 2,3 and 4
- 3 and 4
- 4 only
- 1 and 2
- Consider the following statements:
- Management, auditor makes the audit of planning and policies of the company.
- Statutory auditor makes the comments on the financial position statements of the company.
- The work of statutory auditor begins with the end of management auditor՚s work.
- Statutory auditor comments on the operational areas of the concern.
- Which of the statements given above are correct?
- 1 and 2
- 3 and 4
- 1,2 and 3
- 2,3 and 4
- Match List-I with List-Il 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 25 of 99) List-I (Type of Audit) List-II (Function) - Management audit
- Statutory audit
- Audit of non-Corporate enterprise
- Internal control and audit
- Report to the shareholders
- A future oriented, independent and systematic evaluation of activities at all levels
- Both accounting and operational controls
- Voluntary
- Report to Company Law Board
- A
- B
- C
- D
- 2
- 3
- 4
- 1
- 4
- 1
- 5
- 3
- 2
- 1
- 4
- 3
- 4
- 3
- 5
- 1
- Which one of the following is correct regarding management audit? It is a method
- to evaluate the efficiency of management at all levels throughout the organization from the highest to lower levels
- to evaluate the efficiency of accounts departments throughout the organization from the highest to lower levels
- to determine the efficiency of Management Information System (MIS)
- to determine the compliance with accounting standards by the management