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Company Accounts What is the minimum number of members required to form a private company?a) 1b) 2c) 7d) 10Answer: b) 2 What is the minimum number of members required to form a public company?a) 2b) 7c) 10d) 50Answer: b) 7 Which document contains the fundamental rules of a company?a) Prospectusb) Articles of Associationc) Memorandum of […]
Partnership and LLP Accounts Which document is created to outline the rights and duties of partners?a) Memorandum of Associationb) Articles of Associationc) Partnership Deed d) LLP Agreement In the absence of a partnership deed, partners share profits and losses:a) Equally b) In capital ratioc) Based on aged) Based on experience Which account is not prepared […]
Rectification of Errors – Questions & Answers Q1. What are accounting errors?A: Accounting errors are mistakes in recording, classifying, or summarizing financial transactions. They may be clerical or procedural in nature. Q2. What is the difference between an error of omission and an error of commission?A: Error of Omission: A transaction is completely or partially […]
Companies Act, 2013 – CA Foundation Business Law Study Material Question 1.What is meant by the lifting of the corporate veil? What are the instances in which the corporate veil may be lifted?ORThere are cases where company law disregards the principle of corporate personality or the principle that the company is a legal entity distinct […]
Registration of a Firm & Dissolution of a Firm – CA Foundation Business Law Study Material Question 1.What is the procedure of registration of the firm? Explain.Answer:The registration of a partnership is not compulsory. Therefore an unregistered firm is not an illegal association. But an unregistered firm suffers from certain disabilities and therefore registration is […]
Linear Inequalities mcqs Question 1 If ∣∣3x−44∣∣≤512, the solution set is:(a) {x: 1918 ≤ x ≤ 2918}(b) {x: 79 ≤ x ≤ 179}(c) {x: −2918 ≤ x ≤ −1918}(d) None of these [1 Mark, Feb. 2007]Answer:(b) is correct Question 2 On solving the inequalities 6x + y ≥ 18; x + 4y ≥ 12; 2x + y ≥ 10, we get the following situation: (а) (0, […]
Matrices mcqs Question 1.The value of k for which the points (k, 1)., (5, 5) and (10, 7) may be collinear if: (a) k = -5(b) k = 7(c) k = 9(d) k = 1Answer:FormulaPoints (x1; y1) ; (x2; y2) and (x3; y3) are collinear; if∣∣∣∣x1x2x3y1y2y3111∣∣∣∣ = 0 ⇒ ∣∣∣∣K510157111∣∣∣∣ = 0or; K(5 – 7) – 1(5 – 10) […]
Equations mcq Question 1.A man went to the Reserve Bank of India with ₹ 1,000. He asked the cashier to give him ₹ 5 and ₹ 10 notes only in return. The man got 175 notes in all. Find how many notes of ₹ 5 and ₹ 10 did he receive? (a) (25,150)(b) (40,110)(c) (150,25)(d) NoneAnswer:Tricks […]
Measures of Dispersion MCQS Question 1.A student obtained the mean and standard deviation of 100 observations as 40 and 5.1 respectively. It was later discovered that he had wrongly copied down an observation as 50 instead of 40. The correct standard deviation is _______ (a) 5(b) 6(c) 3(d) 7Solution:N = 100, In correct X¯¯¯¯ = 40 & σ […]
Measures of Central Tendency MCQS Question 1.If X and Y are related by X – Y – 10 = 0 and mode of X is known to be 23, then the mode of Y is : (a) 20(b) 13(c) 3(d) 23Solution:(b) 13(b) is correctGiven Relation is x – y – 10 = 0XM0 = 23 (given)∴ 23 […]