Accounts of Companies Nov'23 Full MCQs

For FY commencing after 1st April 2023, the following is NOT the required features of accounting software used for maintaining books of accounts in e-records

• Recording audit trail

• Ensuring audit trail cannot be disabled

• creating edit log of each change and the date of such changes

• ability to auto-lock itself at the end of session

In case of branch office, the books of accounts can be maintained at ____ and periodical summarised returns is to be sent to the company at ______​

• RO; RO

• Branch office; RO or any other place where BoA is kept

• any place in India, RO

• None of the above

Answer explanation

Please remember - Even if the branch is outside India, the BoA can be maintained at such place outside India. Only condition is that periodical summarized returns is sent at Registered office or the place where BoA is kept in India :)

Generally speaking, BoA shall be preserved ___

• Permanently

• For the 8 FY immediately preceding a FY

• For as long as the company deems fit

• for as long as the CG may prescribe

Which of the following is not responsible for compliance of Sec 129 i.e., Financial Statement

• MD

• WTD in charge of finance

• CFO

• Whole time company secretary

Application for reopening the BoA and recasting the FS may be made by:

• CG

• SEBI

• Income Tax Authority

• Any of the above

NFRA may undertake inestigation of auditors of unlisted company having:

• PUSC >= 500 crores

• Turnover >= 1000 crores

• Outstanding Loans, Debentures >= 500 crores

• All of the above

Financial statement shall be signed by:

• Chairperson

• CEO

• CFO

• All of the above

A Limited is a private company having net worth of Rs. 600 crores. Is the provision of CSR committee applicable to it?

• No, CSR committee does not apply to private ocmpany.

• Yes, any company having net worth not less than 500 crores is required to have CSR committee

• CSR committee is not dependent on networth

• None of the above

Answer explanation

Dekho! CSR committee is applicable to EVERY company having:

NW >= 500 crore, or

T/O >= 1000 crore, or

Net profit >= 5 crores

Unspent amount of CSR pertaining to any on-going project shall be transferred to Unspent CSR account within ___ of the end of FY

• 30 days

• 6 months

• 3 months

• 12 months

Net Profit shall mean profit before tax but shall not include:

• (a) Profits from overseas subsidiaries or branches

• (b) Dividend from companies in India complying with Sec 135

• (c) Both (a) and (b)

• (d) Neither (a) nor (b)