Financial Questions and Answers

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Q91
Auditor shall be punished with imprisonment for a maximum period of ……… under Section 539 for falsification in the books of accounts.
  • A 3 years
  • B 5 years
  • C 7 years
  • D 9 years
Answer: Option C
Q92
"Auditor is not an insurer." In which of the following cases, the decision has been given ?
  • A The Kingston Cotton Mills Co. Ltd. (1986)
  • B London & General Bank (1895)
  • C Allen Craig & Co. Ltd. (1934)
  • D Irish Woollen Co. Ltd.
Answer: Option B
Q93
The Section 80A of the Companies’ Act is related with the redemption of-
  • A Debentures
  • B Redeemable preference shares
  • C Irredeemable preference shares
  • D None of the above
Answer: Option C
Q94
Company Auditor is responsible-
  • A For directors
  • B For shareholders
  • C For public
  • D For creditors
Answer: Option B
Q95
In Balance Sheet, Audit Accounts are audited-
  • A Monthly
  • B Bi-monthly
  • C Annually or half yearly
  • D Quarterly
Answer: Option C
Q96
Audit adopted by banking company is-
  • A Continuous Audit
  • B Periodical Audit
  • C Internal Audit
  • D Balance Sheet Audit
Answer: Option A
Q97
Which of the following have lien of Company Auditor ?
  • A Books of Accounts of the Company
  • B Vouchers of the Company
  • C Auditor’s working paper
  • D All of the above
Answer: Option C
Q98
To appoint new auditor in place of retiring auditor, to adopt the procedure, which section of Companies’ Act, 1956 is applicable ?
  • A 223
  • B 224
  • C 225
  • D 226
Answer: Option B
Q99
"A company has a separate legal existence from its members." This principle was first laid down in case of-
  • A Saloman Vs. Saloman & Co. Ltd. (1897)
  • B Daimler Co. Ltd. Vs. Continental Tyre & Rubber Co. (1916)
  • C State of U. P. Vs. Renu Sagar Power Co. (1991)
  • D Santunu Roy Vs. Union of India (1989)
Answer: Option A
Q100
According to ownership, Government Company means ……… share.
  • A Whose paid-up share capital’s 48%, shares are owned by Governmen
  • B Whose paid-up share capital’s 49% shares are owned by Government
  • C Whose paid-up share capital’s 50% shares are owned by Government
  • D Whose paid-up share capital’s 51% shares are owned by Government
Answer: Option D

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