New Companies Act Online Test

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New Companies Act

Description: Easy way to understand new Companies Act,2013.
Number of Questions: 15
Created by: Gauri Chanda
Tags: Companies Act Company Law

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What is the maximum number of members in a private company, as per new Companies Act, 2013?

Who has the authority to decide the remuneration of the first auditors?

The members at the general meeting
The Central Government
The auditors themselves
The board
The CAG

Which of the following classes of companies is covered under rotation scheme of auditors?

Unlisted public companies having paid up capital of Rs. 5 crore or more
Private companies having paid up capital of Rs. 20 crore or more
All companies having public borrowing from financial institution, banks or public deposits of Rs. 20 crore or more
All private companies
Only for public companies

If any relative of the auditor holding interest on security whose face value exceeds ________, then the auditor is disqualified from being appointed as auditor.

Rs. 10
Rs. 100
Rs. 1,000
Rs. 10,000
Rs. 1,00,000

Who has to appoint the first auditor of a Government company?

The Central Government
The State Government
The Board of Directors
The members
The Comptroller and Auditor General of India

What is the time limit prescribed under the New Companies Act for appointment of subsequent auditor of a Government company?

Within 180 days from the commencement of financial year
Within 6 months from the commencement of the financial year
Within 180 days from the end of the previous financial year
Within 6 months from the end of the previous financial year
Within 1 year from the end of the previous financial year

Who has to appoint the subsequent auditors of a Govt. Company?

Board
Members at AGM
Central Government
State Government
CAG

Mr. A (practicing CA) is a partner in XYZ Associates as well as ABC Associates. XYZ Associates retired under rotation as per section 139 (2). The company decides to appoint ABC Associates as the next auditor. Can the company do so?

Yes
No
Yes but Mr. A can not sign the audit report
Yes and Mr. A can sign the audit report
Company can appoint other partners in ABC Associates except Mr. A

What is the time limit within which any existing listed company is required to comply with mandatory requirement of rotating their auditor?

Within 3 years from the commencement of Companies Act, 2013
Within 2 years from the commencement of Companies Act, 2013
Within 1 year from the commencement of Companies Act, 2013
Within 4 years from the commencement of Companies Act, 2013
Immediate compliance is required

What is the time limit within which CAG shall appoint auditor in case of casual vacancy in a Govt. Company?

30 days
31 days
1 month
60 days
90 days

What is the section under which the meaning of Accounting Standards is prescribed under New Companies Act, 2013?

Section 211(3B)
Section 211(3C)
Section 132
Section 133
Section 127

What is the rotation period prescribed under the New Companies Act for auditors?

Individual & firm - 5 years
Individual - 5 years & firm - 10 years
Individual & firm - 10 years
Individual - 10 years & firm - 15 years
Individual & firm - 15 years

What is the penalty for not filing statement showing reason for resignation as auditor with ROC or CAG within 30 days?

Rs. 50,000
Rs. 5,00,000
Rs. 50,000 to Rs. 5,00,000
Rs. 10,00,000
Rs. 50,000 to Rs. 10,00,000

In case of Govt. Companies, what is the period within which the auditor is required to file a statement specifying the reasons and fact of resignation with ROC and company or CAG?

30 days
31 days
1 month
150 days
180 days

Financial year as defined by New Companies Act, 2013 is from ______________________.

April to March
January to December
Any 12 months
Any 15 months
March to February

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New Companies Act

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