T.Y B.COM
SEMESTER - 6
COMPANY AUDIT
(CA)
MCQS - 2019
1. The company shall within a period of __________ of making transfer of amount to __________ dividend account, prepare a statement containing names, addresses and pending dividend amount for website disclosure.
a. 60 days, declared
b. 60 days, unpaid
c. 90 days, unpaid
d. 90 days, declared
2. Which of the following statement is not true
a. Investigation may cover several years depending upon the purpose for which the investigation is carried out.
b. Investigator need not be a Chartered Accountant
c. Investigation of books of accounts and records is compulsory
d. Results of Investigation are useful only to the client.
3. Where dividend has been declared by a company but has not been paid or claimed within _______ days from the date of declaration, shall within _________ days from expiry of said period shall be transferred to unpaid dividend account.
a. 30, 7
b. 5, 7
c. 45, 5
d. 60, 5
4. In case of misstatement in prospectus, Auditor's liability will be
a. Civil
b. Criminal
c. Both (a) & (b)
d. None of the above
5. In case the company has incurred loss during the current financial year, interim dividend shall not be declared at the rate higher than the average dividends declared by the company during the immediately preceding __________ financial years.
a. 2
b. 5
c. 4
d. 3
6. An auditor, whether individual or firm, against whom final order has been passed by the Tribunal u/s 140(5) shall not be eligible for Appointment as an auditor of any Company for a period of _________
a. 10 years
b. 5 years
c. 8 years
d. 7 years
7. Investigation is a systematic and critical examination and an in-depth inquiry into the accounts and records of an organization for a _________
a. limited audit
b. general purpose
c. legal obligation
d. special purpose
8. As per The Companies Act, 2013, no company limited by shares shall issue any preference shares which are _______
a. Differential and compound
b. Irredeemable
c. partly redeemable
d. None of the above
9. Appointment of subsequent auditors of Government Companies shall be made by ________ within ________ days from the commencement of Financial year
.
a. Board of Directors, 60
b. Comptroller and Auditor General, 30
c. Comptroller and Auditor General, 180
d. Comptroller and Auditor General, 60
10. Dividend payable u/s 123 can be paid by ______.
a. cheque
b. warrant
c. Cash
d. All of the above
11. A 'Trust Deed is created to safeguard the interest of the ________
a. Shareholders
b. General Public
c. Debenture holders
d. Members of audit committee
12. Match the following:
|
List -I |
List - II |
|
i. Qualifications of Auditor |
a. Section 141 of Companies Act, 2013 |
|
ii. Appointment of Auditor by CAG |
b. Section 139 of Companies Act, 2013 |
|
iii. Non-Audit Services |
c. Section.123 of Companies Act, 2013 |
|
iv. Dividend to shareholders |
d Section 144 of Companies Act, 2013 |
a. (i) - c, (ii) - a, (iii) - b, (iv) - d
b. (i) - a, (ii) - b, (iii) - d, (iv) - c
c. (i) - a, (ii) - b, (iii) - c, (iv) - d
d. (i) - d, (ii) - c, (iii) - b, (iv) - a
13. Mr. A the relative of CA.B, is holding 40000 shares of rupees 10 each in XYZ Ltd. having market value of ₹ 80,000.
a. CA. B is not eligible to be appointed as an auditor of XYZ Ltd.
b. CA. B is eligible to be appointed as an auditor of XYZ Ltd.
c. CA. B is eligible to be appointed as an auditor provided Mr. A takes corrective action to maintain the limit specified within 50 days of such acquisition of shares.
d. CA.B is eligible if Mr. A surrenders his shares of ₹ 200000.
14. A Company which fails to comply provisions of Section 73 (Prohibition on acceptance of deposits from public) and 74 (Repayment of Deposits) of the Companies Act 2013, ________ on equity shares.
a. Can declare dividend after passing special resolution
b. Can declare dividend after approval of audit committee
c. Cannot declare dividend
d. Can declare dividend
15. CA. Aakash is providing Internal audit services to PQR Ltd., he is offered to appointed as a statutory auditor for the current financial year tor the same company.
a. CA. Aakash can accept the Appointment as per section 139 of Companies Act, 2013.
b. CA. Aakash cannot accept the Appointment as per section 140 of companies Act, 2013.
c. CA. Aakash cannot accept the Appointment as per section 144 of Companies Act, 2013.
d. CA. Aakash cannot accept the Appointment as per Section 143 of Companies Act, 2013.
16. The first auditor of PQR LId., a government company was appointed by the Board of Directors.
a. Appointment has to be approved by government
b. Appointment is valid
c. Appointment is Null and Void
d. Appointment has to be approved by shareholders
17. Company shall create Debenture Redemption Reserve equivalent to at least _______ percent of the amount raised through the debenture issue before debenture redemption commences.
a. 25
b. 20
c. 30
d. 10
18. In case of default in transferring the amount of dividend to Unpaid Dividend Account, the company shall pay interest on such amount at the rate of ________.
a. 8% p.a.
b. 15% p.a.
c. 10% p. a.
d. 12% p.a.
19. After deceleration of dividend it should be deposited in separate bank account in a schedule bank within ________.
a. 7
b. 30
c. 25
d. 5
20. ________ are equity shares issued by a company to its directors or employees at a discount or for consideration, other than cash for providing their know how or making available rights in the nature of intellectual property rights or value addition, by whatever name called
a. Special right Shares
b. Sweat equity
c. Right shares
d. Bonus Shares
21. As per section 53, a company, ______ issue shares at discount except in the case of an issue of sweat equity shares under section 54 of Companies Act, 2013.
a. can
b. can always
c. cannot
c. none of the above
22. Ceiling on number of Audits of not accepting more than 20 companies on date of Appointment is not applicable to
a. one person company
b. small companies
c. Dormant companies
d. All of the above
23. First auditor of a company other than government company shall hold the office till the conclusion of the
a. 6th AGM
b. 5th AGM
c. 1th AGM
d. 4th AGM
24. Any casual vacancy in the office of an auditor of a non-government company shall be filled by ________ within _______ days.
a. shareholders, 60
b. shareholders, 30
c. BOD, 30
d. BOD, 60
25. Dividend is declared by
a. Board of directors
b. Shareholders
c. Chief financial Officer
d. Auditors
26. Securities Premium Account cannot be applied for
a. Buy back of its own shares
b. Writing off preliminary expenses of the company
c. Issue of Right shares
d. issue of bonus shares
27. Return of allotment for shares has to be filled with _______.
a. State Government
b. Central Government
c. Registrar of Companies
d. None of the above
28. The auditor who has resigned from the company shall file within a period of _______ days from the date of resignation, a statement in the prescribed form with the company and ROC indicating the reasons and other fact as may be relevant.
a. 30
b. 120
c. 90
d. 60
29. The companies where mandatory rotation of Auditor is required, can appoint or reappoint Audit firm including LLP for not more than ________ terms of ________ consecutive years.
a. 2, 5
b. 1, 5
c. 2, 10
d. 5, 10
30. No dividend shall be declared or paid by a company for any financial year except out of profits of the company _______ providing for depreciation as per ________.
a. before, Schedule ll of Companies Act 2013
b. after, Schedule Il of Companies Act 2013
c. after, Income Tax Act, 1961
d. before, Income Tax Act, 1961
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