McqMate
Chapters
| 1. |
Voluntary winding up: |
| A. | If period fixed for the company is expired. |
| B. | If company passes a special resolution the company wound up voluntarily. |
| C. | Members voluntary winding up is applicable to solvent companies only. |
| D. | All of the above |
| Answer» D. All of the above | |
| 2. |
Compulsory winding up: |
| A. | If a company unable to pay its debt |
| B. | If the number of members of company reduced below statutory limit. |
| C. | If a company does commence its business within a year from its incorporation. |
| D. | All of the above. |
| Answer» D. All of the above. | |
| 3. |
The first item in order of payment to be made by liquidator is: |
| A. | Secured creditors |
| B. | Preferential creditors |
| C. | Liquidation expenses |
| D. | Preferential creditors |
| Answer» C. Liquidation expenses | |
| 4. |
Liquidator’s statement of receipts and payment is know as: |
| A. | Cash flow statement |
| B. | Cash book |
| C. | Liquidator’s final statement of account |
| D. | Deficiency accounts. |
| Answer» C. Liquidator’s final statement of account | |
| 5. |
A contributory is: |
| A. | Creditor |
| B. | A shareholder |
| C. | A debenture holder |
| D. | A convertible debenture holder |
| Answer» B. A shareholder | |
| 6. |
A past member is not liable to contribute: |
| A. | In respect of any liability contracted after he ceased to be member of the company. |
| B. | One year passed since he ceased to be a member. |
| C. | In case of company limited by shares, no liability arises if shares are fully paid up. |
| D. | All of the above |
| Answer» D. All of the above | |
| 7. |
Which of the following is not a preferential creditors: |
| A. | All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee. |
| B. | Compensation under workmen’s compensation act. |
| C. | Amount due under employees state insurance act for 12 months previous to the winding up |
| D. | Amount due to employee under amalgamation or reconstruction |
| Answer» D. Amount due to employee under amalgamation or reconstruction | |
| 8. |
Salaries due to clerk is preferential for a period not exceeding: |
| A. | Two months |
| B. | Three months |
| C. | Four months |
| D. | Nine months |
| Answer» C. Four months | |
| 9. |
B” List of contributories are not liable: |
| A. | If shares are fully paid up |
| B. | For liabilities after they are ceases to be member of the company. |
| C. | If present shareholders paid the unpaid amount of the shares transferred by them. |
| D. | All of the above |
| Answer» D. All of the above | |
| 10. |
Which of the following is not a preferential creditors: |
| A. | All sum due to employee from a provident fund, pension fund, gratuity fund or any other fund maintain for welfare of employee. |
| B. | Compensation under workmen’s compensation act. |
| C. | Amount due under employee’s state insurance act for 12 months previous to the winding up |
| D. | Amount due to employee under amalgamation or reconstruction |
| Answer» D. Amount due to employee under amalgamation or reconstruction | |
| 11. |
Preference shareholders are legally entitled to the repayment of capital in the event of liquidation of the company. |
| A. | True |
| B. | False |
| C. | none |
| D. | none |
| Answer» B. False | |
| 12. |
The …………..has a legal right of forfeiting the shares of those who fail to pay the amount due. |
| A. | Liquidator |
| B. | Company |
| C. | Government |
| D. | directors |
| Answer» A. Liquidator | |
| 13. |
………………….on shares have priority over payment of paid up share capital of that class. |
| A. | Calls in advance |
| B. | Calls in arrears |
| C. | Partially paid up shares. |
| D. | Debentures |
| Answer» A. Calls in advance | |
| 14. |
All revenue, taxes due to government within ………..before the date of commencement of winding up is preferential. |
| A. | 12 months |
| B. | 24 months |
| C. | 30 months |
| D. | 180days |
| Answer» C. 30 months | |
| 15. |
Salaries due to director, manager, secretary etc. are preferential. |
| A. | True |
| B. | False |
| C. | none |
| D. | none |
| Answer» B. False | |
| 16. |
Amount due to workman is rank with ……………….in the event of liquidation of the company. |
| A. | Government Dues |
| B. | Secured creditors |
| C. | Unsecured creditors |
| D. | Preferential liabilities |
| Answer» B. Secured creditors | |
| 17. |
………………… means any person employed in any skilled or unskilled, manual, supervisory (wages less than 1600 p.m.), technical work. |
| A. | Workman |
| B. | Creditors |
| C. | Trade receivable |
| D. | Directors |
| Answer» A. Workman | |
| 18. |
A company being a creation of law cannot die a natural death. It comes to an end by law through the process of liquidation |
| A. | True |
| B. | False |
| C. | none |
| D. | none |
| Answer» A. True | |
| 19. |
If a company makes a default in delivering the to the registrar or n holding the statutory meeting, then company is compulsorily wound up by the court. |
| A. | Audit report |
| B. | Income tax report |
| C. | Statutory report |
| D. | Financial Statement |
| Answer» C. Statutory report | |
| 20. |
Creditors voluntary winding up applies to ………………. Companies |
| A. | Solvent |
| B. | Insolvent |
| C. | Textile |
| D. | Automoblie |
| Answer» B. Insolvent | |
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