MCQOPTIONS
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MCQOPTIONS
This section includes 175 Mcqs, each offering curated multiple-choice questions to sharpen your Bachelor of Commerce (B Com) knowledge and support exam preparation. Choose a topic below to get started.
| 151. |
The word Philanthropy has been derived from Greek word Philanthropia which means |
| A. | Love for mankind |
| B. | Love for environment |
| C. | Love for animals |
| D. | None of the above |
| Answer» B. Love for environment | |
| 152. |
Forming an opinion on the financial statements the auditor s report shall be in |
| A. | Writing |
| B. | Verbal |
| C. | Instruction to assistant |
| D. | None of the above |
| Answer» B. Verbal | |
| 153. |
Which of the following statement is not correct regarding basic features/ elements/ form of an Audit Report |
| A. | Title, Addressee and opening paragraph |
| B. | Management s responsibility and auditor s responsibility |
| C. | Opinion paragraph, date, address, signature of the auditor |
| D. | None of these |
| Answer» E. | |
| 154. |
The Management Auditor has to submit the audit report to |
| A. | Shareholders |
| B. | Company Law Board |
| C. | Management |
| D. | State Government |
| Answer» D. State Government | |
| 155. |
The term Audit is derived from the Latin word Audire which means |
| A. | To listen |
| B. | To hear |
| C. | To know |
| D. | To audit. |
| Answer» C. To know | |
| 156. |
Report issued when the auditor on the basis of sufficient appropriate audit evidence, concludes that misstatements are both material and pervasive to the financial statement |
| A. | Unqualified report |
| B. | Disclaimer of opinion report |
| C. | Qualified report |
| D. | Adverse report |
| Answer» E. | |
| 157. |
The audit fees and expenses incidental to audit shall be determined by |
| A. | The Chief Commissioner |
| B. | The State Government |
| C. | The Central Government |
| D. | None |
| Answer» B. The State Government | |
| 158. |
EDP audit means when an audit is conducted in a computer information systems (CIS) environment. According to SA-401 |
| A. | ASS-29 |
| B. | AAS-29 |
| C. | ASS-28 |
| D. | AAS-28 |
| Answer» B. AAS-29 | |
| 159. |
Which of the following CSR provision is not applicable as per sec 135 of the Companies Act 2013? |
| A. | Companies having net worth of rupees 500 hundred crore or more |
| B. | Companies having turnover of rupees 1000 crore or more |
| C. | Companies having net profit of rupees 5 crore or more |
| D. | None of the above |
| Answer» E. | |
| 160. |
Section ---- of the companies Act governs the audit of branch offices. |
| A. | 228(1) |
| B. | 228(2) |
| C. | (a) and (b) |
| D. | 228 |
| Answer» E. | |
| 161. |
In case of first auditor appointed by the board of directors, who would fix remuneration |
| A. | Board of directors |
| B. | Shareholders |
| C. | Debenture holders |
| D. | Creditors |
| Answer» B. Shareholders | |
| 162. |
The Companies Act, 2013 provisions relating to independent directors |
| A. | At least two-third of the board of the company shall consist of independent directors |
| B. | No stock options can be made to independent directors |
| C. | Audit committee should have independent directors as members |
| D. | Both (a) & (b) |
| Answer» E. | |
| 163. |
The first auditor of a company, other than a Government company, shall be appointed by |
| A. | Shareholders |
| B. | CEO |
| C. | AGM |
| D. | Board of Directors. |
| Answer» E. | |
| 164. |
Section 138 of the Companies Act, 2013 made internal audit compulsory for |
| A. | Every listed company |
| B. | Every unlisted public company having paid-up share capital of 50 crores or more during the preceding financial year |
| C. | Both (a) & (b) |
| D. | Neither (a) nor (b) |
| Answer» D. Neither (a) nor (b) | |
| 165. |
The section which contains provisions regarding remuneration of the auditor is |
| A. | Section 140(1) |
| B. | Section 142 |
| C. | Section 139 |
| D. | Section 141 |
| Answer» C. Section 139 | |
| 166. |
Sub-section (1A) of section 227 of the Companies Act specifies -----matters, which are required to be looked into by a company auditor. |
| A. | 6 |
| B. | 7 |
| C. | 2 |
| D. | 4 |
| Answer» B. 7 | |
| 167. |
Which of the following is not related to corporate governance reforms in India? |
| A. | Enacting the Companies Act, 2013 |
| B. | Setting up of Securities Exchange Board of India |
| C. | Scrapping of the Capital Issues Control Act, 1947 |
| D. | Banking Regulation Act, 1949. |
| Answer» E. | |
| 168. |
Select which one is not under the right of an Auditor |
| A. | Right to obtain information and explanation |
| B. | Right to visit branch office |
| C. | Right to sign the audit report |
| D. | Right to select the next auditor |
| Answer» E. | |
| 169. |
Which of the following committee is appointed under the initiative of Government of India on corporate governance? |
| A. | Kumar Mangalam Birla Committee |
| B. | Naresh Chandra Committee |
| C. | Narayana Murthy Committee |
| D. | None of the Above |
| Answer» C. Narayana Murthy Committee | |
| 170. |
Which of the following statement is most appropriate regarding common governance problems in corporate failures |
| A. | Failure of Board of Directors |
| B. | Failure of Internal Control |
| C. | Inadequate Regulatory Mechanisms |
| D. | All of the Above |
| Answer» E. | |
| 171. |
Giving back to host communities is under the notions of |
| A. | Corporate Social Responsibility |
| B. | Business ethics |
| C. | Management audit |
| D. | Electronic Data Processing |
| Answer» B. Business ethics | |
| 172. |
Common governance problems of corporate failures in India arei. Accounting frauds carried out in collusion with statutory auditorsii. Insider tradingiii. Fiduciary failure by the boardiv. Disproportionate compensation paid to executive board members andsenior management. |
| A. | i, ii, iii |
| B. | ii, iii, iv |
| C. | i, iii, iv |
| D. | i, ii, iii, iv |
| Answer» E. | |
| 173. |
In which of the following countries German Model of corporate governance is not prevalent |
| A. | Switzerland |
| B. | Austria |
| C. | Poland |
| D. | Netherland |
| Answer» D. Netherland | |
| 174. |
Which of the following is not a model of corporate governance? |
| A. | American model |
| B. | English model |
| C. | Indian model |
| D. | Japanese model |
| Answer» C. Indian model | |
| 175. |
Good corporate governance helps to minimize: |
| A. | Wastages |
| B. | Corruption |
| C. | Risks and mismanagement |
| D. | All of the above |
| Answer» E. | |