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Question 1 of 36

1. Question
Financial statement is defined u/s ________________
- 2(30)
- 2(40)
- 2(20)
- 2(50)
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Question 2 of 36

2. Question
Financial statement includes ______________
i.             B/S
ii.           P/L
iii.          Cash Flow
iv.          Statement of changes in equity
v.            Any annexures
- (i), (ii), (iii)
- (i)
- (i), (ii)
- All of the above
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Question 3 of 36

3. Question
Books of accounts of any company must be prepared as per which basis?
- Cash
- Accrual
- any of the above
- both a and b
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Question 4 of 36

4. Question
Books of accounts of any company must be prepared as per which system?
- Single entry
- Double entry
- Triple entry
- Either a or b
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Question 5 of 36

5. Question
Books of accounts of any company must explain transactions effected at –
- Head office
- Branch office
- Both a and b
- Either a or b
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Question 6 of 36

6. Question
Company shall keep their books of accounts in ____________________
- Electronic form only
- Physical mode only
- electronically or physically
- none of the above
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Question 7 of 36

7. Question
registered office of ABC Ltd. Is situated at Ahmedabad, Branches of it is situated at Rajkot and Baroda. Board has decided to keep Rajkot branch’s Books of accounts at Baroda branch. Company can keep its books at __________
- Rajkot only
- Rajkot / Ahmedabad
- Ahmedabad only
- Rajkot / Baroda / Ahmedabad
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Question 8 of 36

8. Question
Registered office of ABC Ltd. Is situated at Rajkot. Board of directors wants to keep its books of accounts at branch office Ahmedabad, company can keep its books at________________
- Rajkot
- Ahmedabad
- Mumbai
- Rajkot/ Ahmedabad
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Question 9 of 36

9. Question
electronic records of books of accounts of the company, should not be disposed until ________________
- 8 years
- Permitted by law
- 5 years
- 10 years
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Question 10 of 36

10. Question
If a company maintains its books of accounts in electronic forms, then it shall intimate to the registrar ______________ on an annual basis.
- Name, location of the service provider
- Internet protocol address of service provider
- Where the books are maintained on cloud, such address as is provided by the service provider
- All of the above
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Question 11 of 36

11. Question
The books of accounts etc must be kept at __________
- Registered office
- Branch office
- Head office
- Office decided by CG
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Question 12 of 36

12. Question
If a company wants to keep books of accounts at any other places in India, then the company shall file a notice to registrar containing full address of such place. This notice shall be filed within ______________ days.
- 14 days
- 15 days
- 7 days
- 3 days
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Question 13 of 36

13. Question
If a company wants to keep books of accounts at any other places in India, then the company shall file a notice to registrar containing full address of such place. This notice shall file in form no. ________________
- AOC-4
- AOC-5
- AOC-2
- AOC-3
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Question 14 of 36

14. Question
For how much time the company shall preserve the Books of accounts of the company?
- 8 years
- 6 years
- 10 years
- 5 years
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Question 15 of 36

15. Question
Books of accounts maintained in India is open for inspection by Directors. This statement is ________________.
- Incorrect
- Correct
- Partially correct
- Depends on company
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Question 16 of 36

16. Question
If company is keeping its books of accounts outside India, then it shall be sent to registered office ______________.
- Annually
- Monthly
- Quarterly
- Any time during the year
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Question 17 of 36

17. Question
If company is keeping its books of accounts outside India, and any document is required by the directors, then they shall request for the same to the company. Company shall produce the same within __________from the date of ____________________.
- 10 days, receipt of written request
- 15 days, receipt of written request
- 25 days, receipt of written request
- 20 days, receipt of written request
Correct

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Question 18 of 36

18. Question
Inspection of books of accounts of subsidiary shall be made only by the person authorised by _______________-
- Article
- Memorandum
- Board resolution
- SR
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Question 19 of 36

19. Question
Who is liable in case of default in maintenance and inspection of books of accounts?
- Managing director
- Whole time director in charge of finance
- Chief finance officer
- All of the above
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Question 20 of 36

20. Question
What is the punishment for contravention in case of default in maintenance and inspection of books of accounts?
- Imprisonment upto 1 year
- Fine minimum 50k, maximum 5 lakhs
- Both
- A or b or c
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Question 21 of 36

21. Question
Financial statement shall comply with ________________
- Ind AS
- AS
- SA
- A or b, as applicable
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Question 22 of 36

22. Question
If financial statement of any company is not complying with AS, then it should disclose_______ in its FS
- Deviation from AS
- Reason for deviation
- Financial effects arising from such deviation
- All of the above
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Question 23 of 36

23. Question
Which section is giving understanding regarding financial statements?
- 128
- 129
- 130
- 131
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Question 24 of 36

24. Question
At every general meeting, board shall lay ___________ details.
- FS
- CFS
- Both a and b
- Either a or b
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Question 25 of 36

25. Question
Financial statements of the company shall be made as per schedule _____________
- Schedule – I
- Schedule – II
- Schedule – III
- Schedule – IV
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Question 26 of 36

26. Question
Preparation of CFS shall not be required for a company if
- It is a company whose securities are not listed and are not in the process of listing on any stock exchange, whether in India or outside India.
- A company which does not have any subsidiary but has one or more associate companies or joint venture or both, is not require to file CFS, in respect of associate and joint venture. However, this relaxation shall applicable only for the FY 2014-2015.
- A company which does not have any subsidiary company in India, but has one or more subsidiary incorporated outside India, is not require to prepare CFS in respect of subsidiary incorporated outside India. This relaxation shall available only for FY 2014-15
- Only if all the above conditions are fulfilled
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Question 27 of 36

27. Question
Company has to attach a separate statement containing salient features of the FS of its subsidiaries and associated company in form _______________
- AOC-1
- AOC_2
- AOC-3
- AOC-4
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Question 28 of 36

28. Question
The persons responsible to comply with sec – 129 (Financial Statements) are?
- Managing directors,
- Chief financial officer
- whole time director in charge of finance
- all of the above
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Question 29 of 36

29. Question
in case of absent of MD, CFO, whole time director in charge of finance, or any person charged this duty by board, who will be the person responsible for complying with section – 129?
- Members
- CG
- All directors
- Secretary
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Question 30 of 36

30. Question
In case of non-complying with section 129, all persons responsible shall be liable for _____________________
- Imprisonment upto 1 year
- Fine minimum 50K, maximum – 5 lakhs
- Both
- A or b or c
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Question 31 of 36

31. Question
Section – 129 shall not apply________
- To government company engaged in defence
- To the extent of application of AS – 17, segment reporting
- To the company not defaulted in filling with the registrar its FS, u/s 137 and return u/s 92
- Only to the company, who fulfil all the above conditions
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Question 32 of 36

32. Question
Provision of reopening of Accounts by court or tribunal order is given u/s __________
- 128
- 129
- 130
- 131
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Question 33 of 36

33. Question
An application shall be made to court or tribunal by whom, to reopen accounts u/s 130?
i.             CG
ii.           SEBI
iii.          Income tax authority
iv.          Any other statutory regulation body or authority v.            Any person concerned
- i, ii
- i, ii, iii
- i to iv
- all i to v
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Question 34 of 36

34. Question
no order shall be made by court or tribunal for opening of Accounts, for a period earlier than _______________
- 6 FYs
- 8 FYs
- 5 FYs
- 10 FYs
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Question 35 of 36

35. Question
If the company had been given order by CG u/s – 128 to keep books of accounts for more than 8 FYs, then court or tribunal can give order to open such books. This statement is ______________
- Correct
- Incorrect
- Partially correct
- Depends on company
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Question 36 of 36

36. Question
ABC Ltd. has revised the Accounts by reopening it u/s 130. Which accounts shall be final, Choose the correct option
- Accounts made earlier
- Revised accounts
- Accounts decided by Board
- Accounts decided by CG
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Corporate and Other Laws

CA Inter Law – Accounts of Companies MCQs Set I

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