Forwarded from Divya Agarwal Mam (AIR 3)
FOUNDATION LEVEL QUIZ
A agrees to pay B ₹10,000 if B refrains from filing a legitimate lawsuit against A for 6 months. B refrains but later sues. Can B recover the ₹10,000?
A agrees to pay B ₹10,000 if B refrains from filing a legitimate lawsuit against A for 6 months. B refrains but later sues. Can B recover the ₹10,000?
Anonymous Quiz
38%
A. No, as consideration for restraint
30%
B. Yes, as it involves valid consideration
18%
C. No, as the lawsuit was filed later. .
15%
D. Yes, but only if approved by a court
👍2
Forwarded from Divya Agarwal Mam (AIR 3)
INTER LEVEL QUIZ
An auditor identifies transactions between the company and its subsidiaries not disclosed in the financial statements. These are considered:
An auditor identifies transactions between the company and its subsidiaries not disclosed in the financial statements. These are considered:
Anonymous Quiz
33%
A. Related party transactions requiring specific disclosures
12%
B. Significant deficiencies in internal control
7%
C. Misstatements due to fraud
49%
D. All of the above
👍2
Forwarded from Divya Agarwal Mam (AIR 3)
FINAL LEVEL QUIZ
The Board of Directors of ABC Ltd. wants to declare a dividend out of capital profits. This is permissible if:
The Board of Directors of ABC Ltd. wants to declare a dividend out of capital profits. This is permissible if:
Anonymous Quiz
19%
A. Authorized by the Articles of Association
12%
B. Capital profits are realized in cash and available for distribution
10%
C. The company complies with provisions for reserves
59%
D. Both A and B
👍1
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Forwarded from Mohit Agarwal - Divya Agarwal MEPL Students Community
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Forwarded from Divya Agarwal Mam (AIR 3)
FOUNDATION LEVEL QUIZ
A minor enters into a contract to supply goods to a trader. The trader pays an advance of ₹5,000, which the minor uses to purchase non-essential items. Can the trader recover the money?
A minor enters into a contract to supply goods to a trader. The trader pays an advance of ₹5,000, which the minor uses to purchase non-essential items. Can the trader recover the money?
Anonymous Quiz
12%
A. Yes, as the minor must refund the amount
75%
B. No, as contracts with minors are void
10%
C. Yes, only if the minor has misrepresented his age
3%
D. No, as the advance has already been spent
👎3
Forwarded from Divya Agarwal Mam (AIR 3)
INTER LEVEL QUIZ
While auditing a company, the auditor discovers that material entries in the financial records have been backdated. What should the auditor do first?
While auditing a company, the auditor discovers that material entries in the financial records have been backdated. What should the auditor do first?
Anonymous Quiz
41%
A. Notify the audit committee and seek clarification
24%
B. Issue an adverse opinion in the audit report.
19%
C. Perform additional procedures to determine the impact
15%
D. Report the matter to regulatory authorities immediately
👍2
Forwarded from Divya Agarwal Mam (AIR 3)
FINAL LEVEL QUIZ
XYZ Ltd. declares a dividend but fails to transfer the required percentage of profits to reserves. What is the consequence?
XYZ Ltd. declares a dividend but fails to transfer the required percentage of profits to reserves. What is the consequence?
Anonymous Quiz
14%
A. The declaration is void
44%
B. The company must rectify the error within 6 months
27%
C. The directors are personally liable
15%
D. No consequence if shareholders approve it.
👍2
Forwarded from Mohit Agarwal - Divya Agarwal MEPL Students Community
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CMA INTER - Strategic Management Complete Revision Marathon By One & Only
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CMA INTER - Operations Management Complete Revision Marathon By One & Only
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