Practice Test

Q1) A company can be liquidated in any of three ways Show Answer

Q2) List H shows _____ Account. Show Answer

Q3) When a company is wound-up, all persons who ceased to be shareholders within a year before the winding-up are placed in the Show Answer

Q4) If default is made in delivering the statutory report to the Registrar, the company is likely to face _______ . Show Answer

Q5) Board of directors have to make a declaration of solvency in case of Show Answer

Q6) The official liquidator is appointed in case of Show Answer

Q7) In case of voluntary winding-up by creditors, the liquidation is carried by the members Show Answer

Q8) Statement of Affairs should be prepared in the format prescribed Show Answer

Q9) Following is treated as over-riding preferential creditor Show Answer

Q10) Remuneration to investigator upon investigation of the affairs of company is treated as Show Answer

Q11) Amount of Govt. dues that arose within 12 months before the date of winding up is treated as Show Answer

Q12) Amount of Retirement benefits of employees exceeding Rs. 20,000 per employees is treated as Show Answer

Q13) Preference dividend in arrears on the date of winding up is Show Answer

Q14) Amount of calls in advance is treated as Show Answer

Q15) Interest on debentures and unsecured loan is payable upto the date of actual payment Show Answer

Q16) Accrued holiday remuneration becoming payable to any workman is treated as Show Answer

Q17) Liability for compensation under Workmen Compensation Act is treated as Show Answer

Q18) If the remuneration to liquidator is payable as a percentage of collection Show Answer

Q19) If the remuneration to liquidator is payable on distribution Show Answer

Q20) All contributions payable during the 12 months next under the Employees State Insurance Act, 1948 Show Answer

Q21) Liquidators Final Statement of Account is prepared in the format Show Answer

Q22) Only an insolvent company can be liquidated Show Answer

Q23) A company may voluntarily wind by passing a special resolution, where limit for which company was formed, has expired. Show Answer

Q24) In the Statement of Affairs, unpaid calls are to be included under Assets. Show Answer

Q25) In the Statement of Affairs, uncalled capital is to be included under Assets. Show Answer

Q26) A past member is not liable to make a contribution if the shares were transferred by operation of law or by death. Show Answer

Q27) A past member is not liable to make a contribution if the liabilities were contracted after he ceased to be a member. Show Answer

Q28) A past member is not liable to make a contribution if the present members are able to contribute sufficient amount to pay off all the dues. Show Answer

Q29) If the company is insolvent, interest on debentures is payable up to the date of actual payment. Show Answer

Q30) Amounts due to any workman from a provident fund maintained by the company are treated as overriding is excluded. Show Answer

Q31) If the remuneration to liquidator is payable as a percentage of collection, opening cash and bank balance is excluded. Show Answer

Q32) If the remuneration to liquidator is payable on distribution, distribution to preferential creditors is included. Show Answer

Q33) If the remuneration to liquidator is payable on distribution, distribution to unsecured creditors is excluded. Show Answer

Q34) If the remuneration to liquidator is payable on distribution, distribution to contributories is included. Show Answer

Q35) A company is created by ________. Show Answer

Q36) Winding up by NCLT is called as _______. Show Answer

Q37) The petition for winding up is presented by _______. Show Answer

Q38) Equity shareholders are _______. Show Answer

Q39) Pref. creditors are _______. Show Answer

Q40) Voluntary transfer is made up by the company within _______. Show Answer

Q41) Liquidator’s statement is prepared under section _______. Show Answer

Q42) Compulsory winding up takes place if ______. Show Answer

Q43) In case of compulsory winding up, Official liquidator is appointed by _______. Show Answer

Q44) In the case of members voluntary winding up, official liquidator is appointed by________. Show Answer

Q45) In a statement of affairs secured creditors are shown in ______. Show Answer

Q46) In case of compulsory winding up Statement of Affairs is sent to _______. Show Answer

Q47) Deficiency or surplus A/c is prepared as per list ______. Show Answer

Q48) Preferential creditors are included in list _______. Show Answer

Q49) Government dues that arose within 12 months before the date of winding up is treated as _______. Show Answer

Q50) Retirement benefit of employees exceeds Rs. 20,000 per employee is considered as _______. Show Answer

Q51) Arrears of Preferential dividend on the date of winding up is ______. Show Answer

Q52) Calls receive in advance is considered as _______. Show Answer

Q53) A contributory is a ______. Show Answer

Q54) Amount due to an employee out of P.F. is _______. Show Answer

Q55) A company may be wound up by NCLT when ______. Show Answer

Q56) Petition of winding up can be filed by _____. Show Answer

Q57) Central Government can present a petition to NCLT for winding of the company if the company has acted against _________. Show Answer

Q58) Wages and salaries are preferential creditors. Show Answer

Q59) In compulsory winding up, liquidator’s final statement of A/c is submitted to the court. Show Answer

Q60) In voluntary winding up, liquidator’s final statement of A/c is submitted to the Central Government. Show Answer

Q61) In compulsory winding up, remuneration of the liquidator is fixed by the court. Show Answer

Q62) Liquidator’s statement of account is an extract of liquidator’s A/c Show Answer

Q63) Debenture interest is to be paid upto the date of winding up. Show Answer

Q64) Arrears of dividend on preference share capital are payable after the repayment of equity share capital. Show Answer

Q65) If liquidator’s commission is based on realization of assets, unless otherwise specified, liquidator is not entitled to a commission on cash in hand. Show Answer

Q66) Amount due to any employee on A/c of provident fund is not a preferential creditor. Show Answer

Q67) List F shows preference shareholders including unclaimed dividend. Show Answer

Q68) Assets not specifically pledged are shown in list C. Show Answer

Q69) Deficiency A/c is shown in list B. Show Answer

Q70) Voluntary winding up may be members or creditors. Show Answer

Q71) In compulsory winding up official liquidator is appointed by the state government. Show Answer

Q72) Directors are required to submit statement of affairs. Show Answer