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Accounting for share Capital Test - 28

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Accounting for share Capital Test - 28
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Weekly Quiz Competition
  • Question 1
    1 / -0
    The capital of a company is divided into equal smaller units called __________.
    Solution

    A company's capital is divided into small equal units of a finite number. Each unit is known as a share.

  • Question 2
    1 / -0
    Shares are movable property and transferable in the manner _________.
  • Question 3
    1 / -0
    The shares of a company are________. 
    Solution
    The shares of a company are transferable as the shares can be trade between buyers and sellers of the shares of the stock of the company at a mutually agreed price.
    Hence, option (A) is the correct answer.
  • Question 4
    1 / -0
    Owners of a company are ___________.
  • Question 5
    1 / -0
    Public company is a company which __________.
    Solution

    By virtue of Section 2(71) of the Companies Act 2013, a public company means a company which:-

    1. Is not a private company.
    2. It has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital, as may be prescribed.
    3. Provided that a company which is a subsidiary of a company, not being a private company, shall be deemed to be a public company for the purposes of this Act even where such subsidiary company continues to be a private company in its articles.
  • Question 6
    1 / -0
    Subscribed capital is ___________.
    Solution
    As per section 2(86) of companies act, 2013 Subscribed share capital is that part of issued share capital for which company has received subscription from the investors. It is part of issued capital.
  • Question 7
    1 / -0
    A Public Company must be registered with a minimum share capital of _________.
    Solution

    As per section 2(71) of companies act, 2013 “public company” means a company which—

    • is not a private company;
    • has a minimum paid-up share capital of five lakh rupees or such higher paid-up capital, as may be prescribed.

  • Question 8
    1 / -0
    A Company formed and registered for future projects or to hold an asset or intellectual property rights can apply for registration as ___________.
    Solution

    As per the Companies Act, 2013, “Where a company is formed and registered under this Act for a future project or to hold an asset or intellectual property and has no significant accounting transaction, such a company or an inactive company may make an application to the Registrar in such manner as may be prescribed for obtaining the status of a dormant company”.

  • Question 9
    1 / -0
    A Private Company must be registered with a minimum share capital of ___________.
    Solution

    As per section 2(68) of companies act, 2013 "private company" means a company having a minimum paid-up share capital of one lakh rupees or such higher paid-up share capital as may be prescribed and restrict any invitation to the public to subscribe for any securities of the company.

  • Question 10
    1 / -0
    The maximum number of members of a public company cannot exceed _________.
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