MCQs on Indian Year Book 2017 – Corporate Affairs

MCQs on Indian Year Book 2017 – Corporate Affairs

Alongwith Solutions & Explanations

(UPSC CIVIL SERVICES EXAMINATION & OTHER COMPETITIVE EXAMINATIONS)

Q1. Which of following acts are administered by Ministry of Corporate Affairs:

  1. Companies Act,2013
  2. Limited Liability Partnership Act,2008
  3. Competition Act.2002
  4. Insolvency & Bankruptcy Code,2016

Identify the correct statements:

a) 1, 2 & 3 only

b) 2, 3 & 4 only

c) All are correct

d) 1 & 4 only

Q2. Consider the following Statements regarding New Companies Act, 2013:

  1. It replaced the Companies Act, 1956
  2. It has introduced concept of One Person Company.
  3. It mandates Corporate Social Responsibility for select class of companies.

Identify the correct statements:

a) 1 & 2 only

b) 2 & 3 only

c) All are correct

d) 1 & 3 only

Q3. Consider the following Statements regarding Limited Liability Partnership (LLP):

  1. It provides an alternative to the traditional partnership with unlimited personal liability on the one hand, and the statute-based company on the other.
  2. Unlike Company, It does not allow individual partners to be protected from the joint and several liabilities of partners in a partnership firm.

Identify the correct statements:

a) 1 only

b) 2 only

c) All are correct

d) None

Q4. Which project of MCA allows companies to complete registry related formalities online without being physically present at ROC’s office?

a) MCA 21 e-governance

b) ROC 24*7 e-governance

c) Companies 21 e-governance

d) MCA at your doorstep

Q5. Consider the following Statements regarding Investor Education and Protection Fund (IEPF):

  1. It is maintained outside the Consolidated fund of India.
  2. The amount of dividend, matured deposits  etc., which remained unpaid/unclaimed for a certain period are transferred to IEPF.

Identify the correct statements:

a) 1 only

b) 2 only

c) All are correct

d) None

Q6. Consider the following Statements regarding Serious Fraud Investigation Office (SFIO):

  1. Companies Act,2013 has accorded statutory status to it.
  2. The main function of SFIO is to investigate corporate frauds of serious and complex nature.

Identify the correct statements:

a) 1 only

b) 2 only

c) All are correct

d) None

Q7. Consider the following Statements regarding Competition Commission of India (CCI):

  1. It is a constitutional body.
  2. It has objective of eliminating practices having an adverse effect on competition, promoting and sustaining competition, protecting the interest of consumers and ensuring freedom of trade in India.

Identify the correct statements:

a) 1 only

b) 2 only

c) All are correct

d) None

Solutions:

Ques.Sol.Explanation
1c
2c
3a It allows individual partners to be protected from the joint and several liabilities of partners in a partnership firm. This is the feature that makes it Limited Liability Partnership
4a
5bIt is maintained under Consolidated fund of India.
6c
7bIt is a statutory body under Competition Act,2002

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