CMA Final

CORPORATE AND
ECONOMIC LAWS

MCQ
BOOKLET
By Pavan Kumar Ponugoti
Preface
“When You Die, You Die, but you Won’t See which is the
Better Way to Die” - Mahendra Singh Dhoni

It gives me great pleasure to present this MCQs Book on Corporate and

Economic Laws, crafted to assist students and professionals in mastering the
subject through a wide array of multiple-choice questions. The content has
been carefully curated from ICMAI sources, ensuring alignment with the
syllabus and a focus on clarity, relevance, and practical application.

I dedicate this work to the CMA Vidyarthi Team, whose unwavering support
and commitment to academic excellence inspired this endeavor. I hope this
booklet serves as a valuable resource in your learning journey and contributes
to your success. Wishing you all the best for your studies and future
endeavors!

I sincerely hope this booklet serves as a reliable companion in your academic

journey. May it help you build confidence, sharpen your skills, and excel in
your studies. Wishing you all success in your endeavors!

My Sincere Thanks to Tagoor Naidu & Puri Jagannath for supporting

me in editing this pdf.

Join CMA Vidyarthi for more important updates and PDFs. Click
Here to join CMA Vidyarthi

Version 1.0 CMA Vidyarthi

Chapter -0 Index

Companies Act, 2013

Chapter
Name of the Chapter Page No Revision 1 Revision 2 Revision 3
No
1 Company Formation & Conversion 1-3
2 Investment and Loans 4
3 Dividends 5
4 Accounts and Audit 6-7
Board of Directors and
5 8-9
Key Managerial Personnel
6 Board Meetings and Procedures 10 - 11
7 Inspection, Inquiry and Investigation 12
Compromises, Arrangements and
8 13
Amalgamations
9 Prevention of Oppression and Mismanagement 14
10 Insolvency and Bankrupcty Code 15 - 16
11 Corporate Governance 17 - 19

Other Laws
Chapter
Name of the Chapter Page No Revision 1 Revision 2 Revision 3
No
12 SEBI Laws and Regulations 20
13 Competition Act, 2002 21 - 22
14 Fema Act, 1999 23 - 24
15 Banking Act 25
16 Insurance Act 26 - 27
17 MSME 28
18 Cyber Security 29
19 Money Laundering 30
20 Past MCQS TBA

CMA Vidyarthi 0
 CMA Final

CORPORATE AND
ECONOMIC LAWS COMPANY

❌ OWNERS ✅ OWNERS

DIRECTORS FINANCIAL
RESULTS
SHARE
ANNUAL
HOLDERS
REPORT

COMPANIES ACT,
2013
By Pavan Kumar Ponugoti
 Chapter -1 Company Formation and Conversion

1. How many minimum members are required to form a public limited company?
A.3 C. 6
B. 4 D. 7

2. In order to be a Govt. Company, 51% shares shall be held by: -

A. Central Government
B. State Government
C. Both Central and State government Jointly
D. Any or All of the above

3. In case of “limited” companies, what is limited?

A. Shares C. Capital of the company
B. Liability of members D. Powers of the shareholders

4. Restriction in transfer of shares can be there in____

A. Private Ltd. Company C. Govt. company
B. Public Ltd. Company D. Unlimited company

5. Foreign company is a company, registered out of India and_____

A. Having a place of business in India C. Need not have any business in India
B. Conducts any business in India D. Either (1) or (2)

6. Company which do not have any significant accounting transaction is called

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A. A social Company C. Dormant company

B. Non-functional company D. Sleeping company

7. Life Insurance Corporation is:

A. A statutory corp. but not PFI C. Govt. Company
B. A statutory corp. and PFI D. None of the above

8. Persons who sign the MOA are called:

A. Promoters C. Subscribers to MOA
B. Shareholders D. Members

9. Certificate of incorporation is issued by:-

A. Regional director C. Central Govt.
B. Registrar of companies D. None of the above

10. Declaration by professional at the time of incorporation of a company means declaration by

A. Practicing CS C. Practicing CMA
B. Practicing CA D. Any of the above

11. Change of registered office within a city, town or village requires

A. Special Resolution C. Approval of CG
B. Board Resolution D. None of the above

12. Section 8 companies cannot:

A. Generate surplus C. Distribute dividend
B. Make profit D. Profit is to given to Govt.

CMA Vidyarthi 1
 Chapter -1 Company Formation and Conversion

13. ABC Ltd. is registered in India with 100% shares being held by KYZ Ltd., a company
registered in UK having no business in India. ABC Ltd. is a:
A. An Indian Company
B. Foreign company
C. Wholly owned subsidiary of a foreign company but Indian Company
D. Does not come under definition of foreign company

14. ABC Ltd. has 35% shares in XYZ Ltd. The majority of directors of XYZ Ltd. are appointed
and removed by ABC Ltd. XYZ Ltd. is:
A. Subsidiary of ABC Ltd. C. Depends on Board of ABC Ltd.
B. Not a subsidiary of ABC Ltd. D. Depends on Board of XYZ Ltd.

15. A guarantee company is similar to:

A. Unlimited company C. Partnership
B. LLP D. Sole proprietorship

16. Once a company is converted into LLP, intimation to ROC has to been made within:
A. 10 days C. 20days
B. 15days D. 25 days

17. Which chapter of the Companies Act, 2013, deals with foreign companies?
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A. XX C. XXII
B. XXI D. XXIII
18. Companies shall not make investment through more than _____________layer of investment
companies
A. 1 C. 3
B. 2 D. 4
19. Zenith Ltd. Is a company registered in USA and doing business in USA. As per Indian law,
this is a:
A. Foreign Company
B. Not a Foreign Company
C. It will be a foreign company once it starts business in India
D. Both (2) & (3) is correct
20. A sectorial company is supposed to comply with:
A. Companies Act only C. Both Companies Act and sector laws
B. Sectorial Laws only D. All statements are correct
21. Articles of association can be altered by:
A. Ordinary Resolution C. Resolution requiring special notice
B. Special Resolution D. None of the above
22. Shifting of register office from one state to another, would require
A. special resolution only C. only CG approval
B. special resolution and Central Govt.(CG) D. only Board approval
approval

CMA Vidyarthi 2
 Chapter -1 Company Formation and Conversion

Answers
1 2 3 4 5 6 7 8 9 10

D D B A D C B C B D

11 12 13 14 15 16 17 18 19 20

B C A A B B C A D C

21 22

B B
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CMA Vidyarthi 3
 Chapter -2 Investment and Loans
1. In case of secured debentures of public issue, the security is created in favour of
A. Public C. Merchant Banker
B. SEBI D. Debenture Trustee
2. Fully convertible debenture is a:
A. Debt Instrument C. Hybrid Instrument
B. Equity Instrument D. None of the above
3. Register of deposit:
A. is voluntary
B. is mandatory but particulars may vary
C. is mandatory with particulars as per Rules
D. Not to be maintained at all
4. A debenture trustee can be:
A. Any bank
B. Any NBFC
C. any merchant banker
D. Any entity registered with SEBI as such
5. “loan” in parlance to Companies Act, means:
A. short term loan for revenue purpose C. cash credit
B. long term loans D. working capital
6. In case of deposits by the company,
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A. no brokerage can be given

B. any amount of brokerage can be given
C. rate of brokerage shall be as per RBI Regulations
D. rate of brokerage shall be as per SEB Regulations
7. Rate of interest in deposit is guided by
A. SEBI C. MCA
B. RBI D. MOF
8. No eligible company shall accept or renew deposit from its members up to:
A. 5% C. 15%
B. 10% D. 20%

Answers
1 2 3 4 5 6 7 8

D A B D C C B B

CMA Vidyarthi 4
 Chapter -3 Dividends
1. Once declared in AGM, dividend
A. May be revoked C. May be reduced
B. Cannot be revoked D. Payment can be delayed
2. IEPF stands for
A. Investor Employment and Protection Fund
B. Investor Education and Publicity Fund
C. Investor Entrepreneurship and Protection
D. Investor Education and Protection Fund
3. Once declared, the amount of dividend shall be transferred to special dividend A/c within
A. 3 Days C. 10 Days
B. 5 Days D. 15 Days
4. Dividend Distribution Policy of a company is decided by:
A. Board of Directors C. Stock exchange
B. shareholders in general meeting D. SEBI
5. Interim dividend is decided by:
A. Board of Directors C. CMD
B. AGM D. Audit Committee
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Answers
1 2 3 4 5

B D B A A

CMA Vidyarthi 5
 Chapter -4 Accounts And Audit
1. A practicing Chartered Accountant may be appointed as Auditor for term of:
A. 3 Years C. 8 Years
B. 5 Years D. 10 Years
2. Directors Responsibility Statement is a part of: -
A. Annual Report C. Board Report
B. Audit Report D. None of the above
3. NFRA stands for:
A. National Financial Reporting Authority C. Non-Financial Reporting Authority
B. National Fiscal Reporting Authority D. National Financial Reforms Authority
4. A statutory Auditor shall be-
A. ACS C. A Practicising CA
B. CMA D. Any of the Above
5. In normal course, the Board’s Report is signed by –
A. Chairman without Authority of Board C. MD
B. Chairman with Authority of Board D. Any Director
6. CAG stands for:
A. Controller of Audit of Govt. C. Company Auditor General
B. Comptroller and Auditor General of India D. None of the above
7. The Financial statements are to be filed with the Registrar within-
A. 15 Days of AGM C. 30 Days of AGM
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B. 31st October of any year D. 60 Days of AGM

8. In case of private company, internal auditor has to be appointed if the turnover is:
A. 100 Crores or more C. 200 Crores or more
B. 150 Crores or more D. 300 Crores or more
9. Auditors Report is addressed to:
A. Board of Directors C. Audit Committee
B. Central Government D. Shareholders
10. CARO,2020 is effective from: -
A. 01.04.2019 C. 01.04.2021
B. 01.04.2020 D. 01.04.2022
11. First Auditor is appointed by-
A. CG C. Board of Directors
B. CAG D. Shareholders
12. Auditor can render the following additional service to the company where he is auditor:
A. Internal Audit C. Investment advisory services
B. Accounting and Book-Keeping D. None of the above
13. The Auditors has to confirm in the scheme that
A. It is in Confirmity with the Accounting Standard C. Both (1) & (2)
B. It is in compliance with the Companies Act D. None of the above
14. Statutory auditor can also function as:
A. Internal Auditor C. Accounting Solutions Advisors
B. Financial Advisor D. Tax Advisor

CMA Vidyarthi 6
 Chapter -4 Accounts And Audit
15. Books of accounts can be inspected by:
A. MD only C. Shareholders
B. Any Director D. Any Public on payment of Fees
16. Accounting Standards are prescribed by:
A. Central Government C. Institute of Chartered Accountants of
B. SEBI India
D. None of the above
17. The Board Report is signed by:
A. MD C. CS
B. Any Director D. None of the Above
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Answers
1 2 3 4 5 6 7 8 9 10 11 12

B C A C B B C C D C C D

13 14 15 16 17

A D B A D

CMA Vidyarthi 7
 Chapter -5 Board of Directors & KMP
1. Additional director’s tenure is up to___
A. Next Board Meeting C. 5 Years from the date of Appointment
B. Next AGM D. Date of Superannuation
2. Alternate director may be appointed when the additional is out of India for at least______
A. 1 Month C. 3 Months
B. 2 Months D. 4 Months
3. A women director has to be there is the company is:
A. A Listed Company C. Either of the above
B. With turnover of Rs.300 crore or more D. None of the above
4. Section 184 of the Companies Act provides for:
A. Ordinary C. Special
B. Board D. None of the above
5. A whole time director is appointed for a term of
A. 2 Years C. 5 Years
B. 3 Years D. 10 Years
6. If a person other than retiring director is proposed, a cheque of ____ is to be deposited with
the proposal.
A. Rs. 50,000 C. Rs. 1 Lakh
B. Rs. 75,000 D. Rs. 2 Lakhs
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7. A director may be appointed by small shareholder. Small shareholder means, shareholders who
hold shares worth of face value of maximum, ___________
A. Rs. 5,000 C. Rs. 15,000
B. Rs. 10,000 D. Rs. 20,000
8. A company may remove a director with –
A. Board Resolution C. Special Resolution of Shareholders
B. Ordinary Resolution of Shareholders D. Approval of ROC
9. Managing Director’s appointment is ratified in AGM through-
A. Ordinary C. No AGM Resolution is required
B. Special D. None of the above
10. Section 203 provides for appointment of
A. KMP C. MD
B. CS D. WTD
11.The eligibility and conditions of appointment of MD is mentioned in Schedule
A. I C. IV
B. II D. V
12. Maximum remuneration to all managerial personnel is-
A. 5% C. 11%
B. 8% D. 15%
13. Independent directors are not entitled to get-
A. Sitting Fees C. Stock Option
B. Reiumbursment of Expenses D. Commission on Profit

CMA Vidyarthi 8
 Chapter -5 Board of Directors & KMP
14. Board’s Report is addressed to-
A. Central Government C. Members
B. Stock Exchange D. ROC
15. Power of Board of directors may be restricted subject to:
A. Companies Act, 2013 C. Resolution of General Meeting
B. Articles of Association D. Any or All the Above
16. Related party transaction is provided under Schedule:
A. 188 C. 190
B. 189 D. 191
17. Majority of audit committee members shall be:
A. Executive Director C. Independent
B. Non Executive D. None of the above
18. Board of directors are supposed to address their report to -
A. Central Govt C. SEBI
B. NCLT D. None of the above
19. A CFO of a company has to be a:
A. Chartered Accountant C. MBA
B. Cost Accountant D. None of the above
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Answers
1 2 3 4 5 6 7 8 9 10

B C C D C C D B A A

11 12 13 14 15 16 17 18 19

D C C C D A C C D

CMA Vidyarthi 9
 Chapter -6 Board Meetings
1. Independent directors, separately. shall meet _________ in a calendar year
A. Once C. Thrice
B. Twice D. Not Meet
2. For Board meeting, quorum as per the Act is:
A. One third of the total no. of directors
B. Two third of the total no. of directors
C. One third of the total no. of director or two, whichever is higher
D. Half of the total no. of directors
3. If ______ of the directors require that a resolution under circulation be placed in the

Board meeting for decision, it has to be complied with.

A. All Directors C. One Third
B. Two Third D. Three-Fourth
4. Minutes of the Board meeting are to be signed by-
A. Chairman of the company
B. Chairman of the present meeting or next meeting
C. Chairman of the company, whether he was present in the meeting or not
D. None of the above

5. Minutes of Board meeting are to be preserved for-

A. 5 Years C. 10 Years
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B. 8 Years D. Permanently
6. Minutes are supposed to be kept at:
A. Registered Office C. Any Office
B. Head Office D. Any of the Above
7. The decision to authorize buy back by Board can be made by-
A. Resolution by Board C. Any of the Above
B. Only in Board Meeting D. None of the Above
8. In case chairman is executive, at least________ of the Board members shall be independent
director
A. 1/3rd C. 1/2 Half
B. 2/3rd D. Majority
9. Majority of members of the audit committee shall be-
A. Executive Directors C. Nominated Director
B. Non-Executive Directors D. Independent Directors
10. Sitting fee of Board meetings and Board Committee meetings:
A. Shall have to be same C. Shall have to be different
B. May not be same D. None of the Above
11. Disclosure of interest by director is:
A. One time feature at the time of appointment C. Event Based, being interested due to some
Event
B. Annual Feature D. All or any of the Above

CMA Vidyarthi 10
Chapter -6 Board Meetings
12. Quorum of aboard meeting is_____________total strength of the Board:
A. 1/4th C. Half
B. 1/3rd D. 1/3rd or two whichever is higher

Answers
1 2 3 4 5 6 7 8 9 10 11 12

B C A C B B B C D B D D

CMA Vidyarthi 11
 Chapter -7 Inspection, Inquiry & Investigation

1. SFIO stands for

A. Serious Fraud Institution Office C. Serious Fraud Investigating Office
B. Serious Fraud Investigating Organization D. None of the above
2. The provisions relating to investigation are provided in which chapter of the Act?
A. XIIB C. XIV
B. XIII D. XV
3. If a company wants to punish an employee or officer of a company, it has to take permission
of:
A. ROC C. NCLT
B. CG D. High Court
4. The investigating officer has the power of inspection, taking evidence etc. as per
A. Civil Procedure Code C. Companies Act
B. Criminal Procedure Code D. None of the above
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Answers
1 2 3 4

C C C A

CMA Vidyarthi 12
 Compromises, Arrangements
Chapter -8
and Amalgamations
1. In case of merger, the transferor company is:
A. Continues to Exist C. Shall have to go through Liquidation Process
B. Dissolved D. Goes under the tribunal Control
2. On amalgamation, the following are transferred to the transferee company
A. Rights C. Both Above
B. Liabilities D. None of the above
3. When a transferor company is a listed company and transferee company is any unlisted
company, the transferee company________.
A. Becomes a Listed Company
B. Continues to an unlisted company and can never be a listed company
C. Continues to be an unlisted company unless it is listed by complying with listing requirement
D. Any of the Above
4. In case of merger of A ltd with B Ltd., A lTd is:
A. Liquidated C. Sold
B. Dissolved D. Closed Down
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Answers
1 2 3 4

B C C B

CMA Vidyarthi 13
 Prevention of Oppression
Chapter -9
and Mismanagement
1. Powers of the majority is subject
A. Companies Act C. Memorandum of Association
B. Common Law D. All of the Above
2. Any Act done by directors beyond authority, is considered as;
A. Unauthorised C. Ultra Vires
B. Illegal D. None of the above
3. A case of oppression, application may be made on:
A. Fraud on Minority C. Breach of Duty
B. Ultra vires Act D. Any or all of the above
4. Application has to be made for relief of oppression to
A. Central Govt, C. ROC
B. NCLT D. None of the above
5. Powers of the tribunal is listed in section:
A. 240 C. 242
B. 241 D. 243
6. The following members of a company shall have the right to apply under Section 241, for
oppression namely:
A. in the case of a company having a share capital, not less than one hundred members of the
company
B. or not less than onetenth of the total number of its members, whichever is less, or any
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member or members holding not less than one tenth of the issued share capital of the
company;
C. in the case of a company not having a share capital, not less than one-fifth of the total
number of its members.
D. Any of the above.

Answers
1 2 3 4 5 6

D C D C B D

CMA Vidyarthi 14
 Insolvency and Bankrupcty Code,
Chapter -10
2016
1.The Insolvency and Bankruptcy Code passed by the Parliament in the year:
A. 2014 C. 2016
B. 2015 D. 2017
2. The Code applies to:
A. All companies registered under Companies Act; C. Partnership
B. LLP D. All of the above
3. The Code applies to:
A. Bank C. Asset Reconstruction Company
B. Insurance Company D. None of the above
4. An entity in favour of whom security interest is created is called:
A. Unsecured Creditor C. Operational Creditor
B. Financial Creditor D. Secured Creditor
5. In normal course, the corporate insolvency resolution process shall be completed within a
period of____________days from the date of admission of the application.
A. 120 C. 210
B. 180 D. 240
6. The RP has to manage the company as :
A. Loosing Concern C. Selling Concern
B. Going Concern D. Profitable Concern
7. As per section 22(1)The first meeting of the COC will be held within ___________ days of
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constitution
A. 5 C. 7
B. 6 D. 8
8. A Resolution Professional may be replaced with of the voting rights of the Committee of
Creditors
A. 51 C. 75
B. 66 D. 80
9. The adjudicating authority in case of personal insolvency is:
A. NCLT C. RBI
B. Debt Recovery Tribunal D. SEBI
10. During bankruptcy proceeding, bankrupt, shall:
A. not be appointed as trustee, public servant , election of local authority
B. not to act as director, taking part in formation of companies
C. disclose in all transaction about the bankruptcy proceedings,
D. all or any of the above.
11. Under Insolvency Bankruptcy code 2016 where extension of time is requested, the
Corporate Resolution process shall be completed within a period of _____________ from the
date of admission of the application to initiate such process.
A. 60 Days C. 180 Days
B. 90 Days D. 240 Days
12. Insolvency and Bankruptcy code 2016 is not applicable on:
A. Financial Service Providers C. Limited Liability Partnership (LLP)
B. Partnership Firms and Individuals D. Companies Incorporated under Companies
Act

CMA Vidyarthi 15
 Insolvency and Bankrupcty Code,
Chapter -10
2016
13. With the introduction of IB code, the following laws have been repealed:
A. Chapter XIX and Chapter XX of Companies Act, 2013
B. Part VIA, Part VII and Section 391 of Companies Act, 1956
C. SICA Act, 1985
D. All the above
14. The Insolvency and Bankruptcy Board has power of .......................... Court in respect
of issue of summons, discovery and production of books, inspection of books/registers and issue
of commissions for examination of witnesses:
A. Session Court C. Supreme Court
B. High Court D. Civil Court
15. The following institutions are insolvency professional agency
A. Institute of Cost Accountants of India
B. Institute of Chartered Accountants of India
C. Institute of Company Secretaries
D. All of the Above
16. The authority provided under the IBBI to administer and regulate the Law is:
A. IBBI C. Insolvency Professional Agency
B. Insolvency Professional D. None of the above
17. Related party, in relation to a corporate debtor, means:
A. a director or partner or a relative of a director or partner of the corporate debtor
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B. a key managerial personnel or a relative of a key managerial personnel of the corporate debtor;
C. a limited liability partnership or a partnership firm in which a director, partner, or manager of
the corporate debtor or his relative is a partner;
D. All of the above
18. A person under IBC is:
A. A Hindu Undivided Family C. A Trust
B. A Company D. All of the above
19. A person shall not be eligible to submit a resolution plan, if such person, or any other
person acting jointly or in concert with such person -
A. is an undischarged insolvent;
B. is a willful defaulter of the time of submission of resolution plan,
C. At the time of submission of plan, has an account, or an account of a corporate debtor
under the management or control of such person or of whom such person is a promoter,
classified as nonperforming asset.
D. All of the above

Answers
1 2 3 4 5 6 7 8 9 10

C D D D B B C B B A

11 12 13 14 15 16 17 18 19

C A D D A A D D D

CMA Vidyarthi 16
Chapter -11 Corporate Governance
1.Three Ps of triple bottom line are:
A. planet, people and purpose C. planet, profit and purpose
B. planet, people and profit D. planet, profit and period
2. At which level corporate governance is more relevant in a company?
A. Top Level C. Lower Level
B. Middle Level D. All Levels
3. which among the following would amount to undesirable practice by a senior executive of a
company
A. using published information of the competitor for his company’s benefit
B. using unpublished information of the competitor for his company’s benefit
C. using un published and secret information of the competitor obtained from undisclosed and
unfair source for his company’s benefit
D. lure the executives of the competitor to join his company.
4. Which , out of the following would not amount to Sustainable Development activity.
A. Rain water Harvesting C. Solar Energy
B. Paddy Cultivation D. plantation of sapling for forestation
5. corporate governance practices are almost______________by companies in India.
A. Formalised C. Accepted
B. Regulated D. Rejected
6. The latest committee on Corporate governance was:
A. Narayan Murthy committee C. Kumar Mangalam Birla committee
B. Kotak Committee D. Rahul Bajaj Committee
7. The ideal implementing agency of CSR projects, should be:
A. Section 8 Companies C. Society
B. Trust D. One of the above
8. Economic approach to sustainability relates to:
A. Planet C. People
B. Profit D. None of the above
9. Corporate governance is more about:
A. achieving results C. method of managing a company
B. managing things D. fair method of managing a company
10. The items under Schedule VII of the Act, should be:
A. strictly interpreted C. depends on the company
B. liberally interpreted D. only a guideline
11. CG practises should target to keep balance amongst:
A. all shareholders C. employees and shareholders
B. all employees D. All stakeholders
12. When a company evaluates an implementing agency, first step is to :
A. local feedback C. inspection of site
B. interviewing the officials D. examining documents
13. Every CSR activity is ultimately for the:
A. Company C. Implementing Agency
B. Govt. D. Beneficiary

CMA Vidyarthi 17
Chapter -11 Corporate Governance
14. The CSR fund earmarked for on going project, needs to be spent within:
A. One Year C. Three Years
B. Two Years D. Four Years
15. Clause 49A which was the first major compliance of corporate governance by listed
companies was on the basis of recommendation of
A. Narayan Murthy committee C. Kumar Mangalam Birla committee
B. Kotak Committee D. Rahul Bajaj Committee
16. Corpoarate governance is close to:
A. Ethical Conduct of Business C. Target Oriented Business
B. Managerial Conduct of Business D. None of the above
17. A foreign entity cannot be:
A. implementing agency of CSR project in India C. Trainer
B. Advisor D. Consultant
18. Some of the reasons for which companies cannot practice good governance may be:
A. narrow mind-set of the promoters C. unhealthy completion in the market
B. financial problem in the company D. Any of the above
19. A company sponsors the expenditure of a primary school of physically disabled students having
200 students. Three employees’ children, being physical disabled, have also been admitted in that
school:
A. the school will qualify as CSR project as admission of the employees’ children is incidental
B. not qualify as CSR project as there are students who are employees’ children
C. depends on how the company represents the same to the auditors
D. depends on Board of Directors
20. Which will not qualify as CSR expenditure
A. direct donation to a unrecognised charitable organisation
B. contribution to fund under schedule VII of the Act
C. any activity under schedule VII
D. Direct implementation of a CSR project by the company
21. Advantages of direct implementation of CSR activity by the company are:
A. Flexible, since, even small decisions also are taken by the company
B. Better supervision, since it is being directly implemented
C. Quick decision making
D. All of the above
22. Advantages of third party implementation of CSR prjects, are:
A. expertise C. Unbaised
B. Better supervision at site D. All the above
23. CG ratings are done by :
A. Commercial Banks C. Credit Rating Agencies
B. RBI D. SEBI
24. Audit committee can:
A. interact with statutory auditors only C. interact with both statutory and internal
auditors
B. interact with internal auditors only D. none of the above

CMA Vidyarthi 18
Chapter -11 Corporate Governance
25.The recommendation of the Audit Committee:
A. may not be accepted by Board of Directors
B. has to be accepted by Board
C. In case not accepted, Board has to records the reasons
D. Recommendation need not go to Board meetings
26. Which of the following is the advantage of the family business over non-family business?
A. Staff Recruitment C. Ownership vs Management
B. Raising funds for growth D. Deep Industry Insight

Answers
1 2 3 4 5 6 7 8 9 10

B B C B B B D B D B

11 12 13 14 15 16 17 18 19 20

D D D C C A A D A A

21 22 23 24 25 26

D D C C C D

CMA Vidyarthi 19
 Chapter -12 SEBI LAWS AND REGULATIONS
1. Maximum days for keeping an issue open is;
A.7 C. 9
B.8 D. 10
2. At the time of IPO, the issuer has to have a:
A. CFO C. Designated Compliance officer
B. MD D. At least one independent director
3. Which of the flowing do not require prospects
A. Rights issue C. IPO
B. Bonus issue D. FPO
4. Minimum face value of shares, can be:
A. Rs 10 C. Rs 1
B. Rs 5 D. Rs 15
5. Takeover means
A. Buying few shares
B. Acquiring 10%
C.Acquiring shares which will give control over the management.
D. None of the above
6. The purpose of the SEBI Act is to provide for the establishment of a Board called Securities
and Exchange Board of India (SEBI). The Preamble to the Act provides for the establishment of a
Board to:
CMA Final

A. Protect the interests of investors in securities

B. Promote the development of the securities market
C. To regulate the securities market
D. All of the above
7. SEBI has three functions rolled into one body. Which of the following is not the function of
SEBI?
A. Quasi-legislative C. Quasi-executive
B. Quasi-judicial D. Quasi-official
8. For the appointment, reappointment, remuneration and removal of the director of a banking
company, prior approval of ........................should be obtained.
A. Chairman C. Managing Director
B. RBI D. Finance Secretary

Answers
1 2 3 4 5 6 7 8

D B C C C D D B

CMA Vidyarthi 20
 Chapter -13 THE COMPETITION ACT, 2002
1. The Competition Act has replaced
A. Companies Act, 1956 C. MRTP Act, 1969
B. Consumer Protection Act D. None
2. The turnover threshold for individual company, operating in India, in combination is __ crores
A. 4,000 C. 8,000
B. 6,000 D. 10,000
3. Which is not the objective of CCI.
A. To promote start-up company C. Protect the interests of the consumers and
B. Promote and sustain competition, D. Prevent anti-competitive practices,
4. Selling products/services below the cost is called __.
A. Undercut pricing C. Predatory pricing
B. Under invoicing D. Introductory pricing
5. The asset bases up to US $............. in case of a group having presence out of India shall
not be required to take CCI approval in case of merger.
A. 2 Billion C. 4 Billion
B. 3 Billion D. 10 Billion
6. Which of the following is not the type of unfair competition?
A. Collusive price fixing C. Tie in purchase
B. Creation of barriers to entry D. Predatory pricing
7. Which of the following is not the objective of Competition Act, 2002?
CMA Final

A. To prevent practices having adverse effect on competition.

B. To prevent competition in market
C. To protect the interest of the consumers
D. To ensure freedom of trade carried on by the other participant in marketing India and for
matter connected there with or incidental thereto.
8. Unfair competition under the Competition Act, 2002 means adoption of practices viz. -
A. Collusive price fixing C. Discriminatory pricing etc.
B. Allocation of markets D. All the above
9. An association of producers, sellers or distributors, traders or service providers who, by
agreement amongst themselves, limit, control or attempt to control the production, distribution,
sale or price of or trade in goods or provision of services is known as
A. Acquisition C. Cartel
B. Agreement D. Pool
10. Which of the following is not the benefits of CSR Programme?
A. Mutual trust C. Communities as suppliers
B. Attracting and retaining employees D. Enhancing corporate reputation
11. Any person aggrieved by any order of Competition Appellate Tribunal (COMPAT), may file an
appeal to the Hon’ble Supreme Court within……… days, from the date of receipt of the order of
Appellate Tribunal.
A. 30 Days C. 60 Days
B. 45 Days D. 90 Days

CMA Vidyarthi 21
 Chapter -13 THE COMPETITION ACT, 2002
12. The Chairperson and every other Member shall hold office for a term of …………… years from
the date on which he enters upon his office.
A. 2 C. 5
B. 3 D. 10
13. The Commission also has the power to impose a fine which may extend up to of the total
turnover or the assets of the combination, whichever is higher, for failure to give notice to the
Commission of the combination
A. 2% C. 0.5%
B. 1% D. 3%
14. The Commission, may, notwithstanding anything contained in any other law for the time
being in force, by order in writing, direct division of an enterprise enjoying dominant position to
ensure that such enterprise does not abuse its dominant position. The order may provide for the
following matters, namely:
A. The transfer or vesting of property, rights, liabilities or obligations.
B. The adjustment of contracts either by discharge or reduction of any liability or obligation or
otherwise.
C. The creation, allotment, surrender or cancellation of any shares, stocks or securities.
D. All the above
15. If the Commission does not, on the expiry of a period of ……….days from the date of notice
given to the Commission referred to in Section 29(2), pass an order or issue direction in
CMA Final

accordance with the provisions of sub-Section (1) or (2) or (7), the combination shall be deemed to
have been approved by the Commission
A. 210 C. 260
B. 180 D. 300

Answers
1 2 3 4 5 6 7 8 9 10

C B C C C C B D C A

11 12 13 14 15 16 17 18 19 20

C C B D A

CMA Vidyarthi 22
 Chapter -14 FEMA 1999
1. Automatic route in FDI means.
A. Prior permission of RBI not required
B. Prior permission of Central Govt. not required
C. Prior permission of neither RBI nor Central Govt. is required
D. None of the above
2. For investment in market securities, FIIs are to be registered with:
A. Ministry of Corporate Affairs C. SEBI
B. RBI D. None of the above
3. DPIIT comes under :
A. Industry and Commerce C. Corporate affairs
B. Finance D. None of the above.
4. Sale of shares from a resident to non-resident is
A. Current account transaction C. Any of the above
B. Capital account transaction D. None of the above.
5. FDI is prohibited in the which of the following sectors:
A. Lottery Business including Government/ private lottery, online lotteries.
B. Gambling and betting including casinos.
C. Chit funds
D. All of the above.
6. Individuals can avail of foreign exchange facility for the following purposes within the LRS
CMA Final

limit on financial year basis for the following:

A. Private visits to any country (except Nepal and Bhutan)
B. Gift or donation going abroad for employment
C. Emigration
D. All of the above
7. Eligible borrower can raise up to ……………..million US$ through ECB in automatic route.
A. 500 C. 1000
B. 750 D. 1250
8. Total maximum remittance during a financial year under LRS scheme is:
A. US $ 1,00,000 C. US $ 1,50,000
B. US $ 1,25,000 D. US $ 2,50,000
9. The following remittance is prohibited.
A. Remittance for any purpose specifically prohibited under Schedule-I (like purchase of lottery
tickets/sweep stakes, proscribed magazines, etc.) or any item restricted under Schedule II of
Foreign Exchange Management (Current Account Transactions) Rules, 2000.
B. Remittance from India for margins or margin calls to overseas exchanges/overseas counterparty.
C. Remittances for purchase of FCCBs issued by Indian companies in the overseas secondary market.
D. All of the above
10. Zenith Ltd. is accompany registered in UK, issues shares to citizen of UK. Under the Indian
law, the shares are;
A. Foreign security C. Any of the above
B. Indian security D. None of the above

CMA Vidyarthi 23
 Chapter -14 FEMA 1999
11. FEMA…………………………foreign currency transaction.
A. Encourages
B. Prohibits
C. Restricts
D. None
CMA Final

Answers
1 2 3 4 5 6 7 8 9 10

C C A B D D B D D D

11 12 13 14 15 16 17 18 19 20

CMA Vidyarthi 24
 Chapter -15 BANKING ACT
1. NPA stands for:
A. Non Productive asset C. National Productivity asset
B. Non Performance Asset D. None of the above
2. Banking Regulation Act was enacted in the year:
A. 1940 C. 1947
B. 1942 D. 1949
3. Cash reserve ratio should be ……………percent of the total time and demand liabilities
A. 1 C. 3
B. 2 D. 4
4. SLR stands for:
A. Special Liquidity Ratio C. Special Liquidity Reserve
B. Statutory Liquidity Reserve D. None of the above
5. Banking companies cannot pay dividend unless following are completely written off
A. Preliminary expenses C. Commission
B. Brokerage D. All of the above
6. Asset Reconstruction Companies are to be registered with:
A. SEBI C. MCA
B. RBI D. None of the above
7. The judicial authority under SARFESI is:
A. SEBI C. DRT
CMA Final

B. RBI D. MCA
8. Amalgamation of banking companies require..….. % voting of shareholders;
A. 3/4th C. Two third
B. One half D. One fourth
9. Every banking company shall maintain liquid assets not less than …….% of the total time and
demand liabilities.
A. 5 C. 20
B. 10 D. 25
10. Every Banking Company incorporated in India shall prepare a balance sheet and profit and
loss account as on the last working day of the -
A. Calendar Year C. Month
B. Accounting Year D. None of the above
11. According to Banking Regulation Act 1949, no Banking Company shall pay dividend on its shares
until all its -
A. Depreciation is fully written off.
B. “Capitalized expenses” have been completely written off
C. Bad debts are provided in full.
D. Contingent liability is settled.
Answers
1 2 3 4 5 6 7 8 9 10 11

B D D B D B C C D B B

CMA Vidyarthi 25
 Chapter -16 INSURANCE ACT
1. Minimum paid up capital for a life insurance business is Rs…………. Crore
A. 50 C. 100
B. 75 D. 125
2. Banking Regulation Act was enacted in the year:
A. 1940 C. 1947
B. 1942 D. 1949
3. Officer appointed by Central Govt. is called:
A. IRDA C. Insurance Commissioner
B. Controller of Insurance D. None of the above.
4. In case of insurance company, ……. % of assets have to be remained invested in Govt. securities
A. 10 C. 20
B. 15 D. 25
5. Actuarial valuation on life insurance business has to be done once in .................
A. 1 Year C. 3 Years
B. 2 Years D. 4 Years
6. Insurance policy made by an insurer shall not be questioned after ………years.
A. 1 Year C. 3 Years
B. 2 Years D. 4 Years
7. Insurance business is regulated by:
A. SEBI C. MCA
CMA Final

B. RBI D. None
8. IRDA was established in the year:
A. 1999 C. 2001
B. 2000 D. 2002
9. No insurer carrying on the business of life insurance and general insurance, shall be registered
unless he has minimum paid up capital of___.
A. 50 crores C. 150 crores
B. 200 crores D. 100 crores
10. The Chairman of the Insurance Regulatory and Development Authority shall hold office for a
term of from the date on which he enters upon his office and should be eligible for reappointment.
A. 3 years C. 5 years
B. 4 years D. 6 years
11. The amount credited to The Insurance Regulatory and Development Authority Fund shall
consist of:
A. All Government grants, fees and charges received by the Authority;
B. All sums received by the Authority from such other source as may be decided upon by the
Central Government;
C. The percentage of prescribed premium income received from the insurer;
D. All of the above
12. IRDA shall, within _____ after the close of each financial year, submit to the Central
Government a report giving a true and full account of its activities including the activities for
promotion and development of the insurance business during the previous financial year.
A. Nine Months C. One Month
B. Three Months D. Six Months

CMA Vidyarthi 26
 Chapter -16 INSURANCE ACT
13. The principle of _____ ensures that an insured does not profit by insuring with multiple
insurers
A. Subrogation C. Co-insurance
B. Contribution D. Indemnity
14. An actuary is expected to:
A. Make an exact forecast of the future liabilities of policies
B. Make a reasonable forecast of the future liabilities of policies
C. Calculate the premium required to cover a risk on a long-term basis
D. Find the probability of an insured event to happen in non-life policies
15. The Insurance Laws (Amendment) Act, was passed in the year
A. 2015 C. 2017
B. 2016 D. 2018
16. “life insurance business” means the business of effecting contracts of insurance upon human
life, including any contract whereby the payment of money is assured on death (except death by
accident only) or the happening of any contingency dependent on human life, and any contract
which is subject to payment of premiums for a term dependent on human life and shall be deemed
to include:
a) The granting of disability and double or triple indemnity accident benefits, if so provided in
the contract of insurance.
b) The granting of annuities upon human life, and
CMA Final

c) The granting of superannuation allowances and benefits payable out of any fund applicable solely
to the relief and maintenance of persons engaged or who have been engaged in any particular
profession, trade or employment or of the dependents of such persons.
d) All the above
17. The amount of indemnity may be limited by certain conditions which may be:
A. Injury or loss sustained by the insured has to be proved.
B. The indemnity is limited to the amount specified in the policy.
C. The insured is indemnified only for the proximate causes.
D. Any or all of the above.
18. In the case of fire and motor accident insurance the insurable interest has to be present
A. Both at the time of taking the policy and at the time of the accident
B. At the time of taking the policy
C. At the time of happening of the event
D. None of the above

Answers
1 2 3 4 5 6 7 8 9 10

C D B D A C D A D C

11 12 13 14 15 16 17 18 19 20

D A D A A D D A

CMA Vidyarthi 27
 Chapter -17 MSME SECTOR
1. NSIC stands for:
A. National Social Institute Corporation C. National Scheme for Industries and companies
B. National Small Institute Corporation D. National Small Industries Corporation.
2. IF a unit has investment in plant an equipment of Rs 55 Crore and turnover of ₹300 crore. It
will be classified as:
A. Micro C. Medium
B. Small D. None of the above
3. While calculating the value of assets for ascertaining the classification, the value of the
following is excluded.
A. Land C. None of the above
B. Furniture and fittings D. Both of the (a) and (b)
4. While calculating the value of assets for ascertaining the classification, the value of the
following is excluded.
A. Any sales C. Exports
B. Domestic sales D. None of the above
CMA Final

Answers
1 2 3 4 5 6 7 8 9 10

D D D C

CMA Vidyarthi 28
 Chapter -18 CYBER SECURITY
1. Certifying Authority get Licence to operate from:
A. Ministry of IT C. Controller of Certifying Authority
B. SEBI D. None of the above
2. Which among the following is not an offence under IT Act.
A. Tampering with computer source documents.
B. Hacking: destruction, deletion, alteration of nay data in any computer with an intention of
damage/injury
C. Misrepresentation to controller or certifying authorities
D. Making a faulty contract
3. Information Technology (Reasonable Security Practices And Procedures And Sensitive Personal
Data Or Information) Rules, was notified in the year:
A. 2011 C. 2013
B. 2012 D. 2014
4. OSBI stands for
A. Operational source Business Intelligence C. Increase operational efficiency and productivity;
B. Open source business Innovation D. All of the above
5. The key benefits that businesses can get from BI applications include the ability to:
A. Speed up and improve decision-making; C. Open source Business intelligence
B. Optimize internal business processes; D. None
6. Decision of Cyber appellate Tribunal can be appealed to;
CMA Final

A. High Court C. None of the above

B. Supreme Court D. Not appealable
7. Information Technology (Reasonable Security Practices And Procedures And Sensitive Personal
Data Or Information) Rules, 2011.
A. Only apply to bodies corporate and persons located in India.
B. Only apply to bodies corporate and persons located out of India.
C. Apply to individuals
D. All of the above
8. Which among the following is not a Cyber crimes under the IT Act:
A. Tampering with Computer source documents. C. Publishing obscene information.
B. Hacking with Computer systems, Data alteration. D. Sending threatening messages by email
9. Which of the following is not an cyber Offence to Public
A. Terrorism C. Piracy
B. Warfare D. Data alteration
10. Access someone’s computer without the right authorization of the owner and does not disturb,
alter, misuse,or damage data or system by using wireless internet connection, is called:
A. Squatting C. Hacking
B. Vandalism D. Trespass

Answers
1 2 3 4 5 6 7 8 9 10

C D A C D A A D D D

CMA Vidyarthi 29
 Chapter -19 MONEY LAUNDERING
1. Every reporting Entity shall maintain record of:
A. All transactions in cash of more than ₹10 Lakhs
B. All Series of Integrated transaction below ₹10 lakhs per month
C. All transaction of receipt of ₹10 lakhs and more on its equivalent foreign currency
D. All of the above
2. FIU Stands for:
A. Financial Intelligence Unit C. Featured Intelligence Unit
B. Financial Issue Unit D. None of the above
3. In part B of the Schedule, offences involved a value of ₹______ is mentioned.
A. 15 Lakhs C. 75 Lakhs
B. 50 Lakhs D. 1 Crore
4. STR Stands for
A. Suspicious Trade Report C. Suspicious Transactions Reports
B. Special Trade Reserve D. Special Trade Reports
5. Reporting Authority shall send the KYC data to Central Registry within ___ days.
A. 5 C. 15
B. 10 D. 20
6. The Money Launderer introduces the illegal funds into the financial systems. This is Called
A. Placement C. Integration
B. Layering D. None of the Above
CMA Final

7. The cases under PMLA can be tried in:

A. Common Courts
B. High Courts only
C. Special Designated Courts
D. None of the above

Answers
1 2 3 4 5 6 7 8 9 10

D A D C B A C

CMA Vidyarthi 30
PAST

MCQ'S
 JUNE 2018
1. A company shall have its Registered Office from the date __________ of its incorporation.
A. 7th Day C. 30th Day
B. 15th Day D. One Month
2. During any financial year Corporate Social Responsibility Committees of the Board shall be
constituted by every Company having
A. Turnover of ₹ 5,000 crores or more. C. Net Worth of ₹ 5 crores or more.
B. A Net Profit of ₹ 2 crores or more. D. Authorized capital of ₹ 500 crores or more.
3. Board of every Company shall ensure that the company spends in every financial year on account
of CSR Policy at least
A. 5% of average Net Profit. C. 2.5% of average Net Profit.
B. 3% of average Net Profit. D. 2% of average Net Profit.
4. Under Insolvency Bankruptcy code 2016 where extension of time is requested, the Corporate
Resolution process shall be completed within a period of _____________ from the date of
admission of the application to initiate such process.
A. 60 Days C. 180 Days
B. 90 Days D. 240 Days
5. According to Banking Regulation Act 1949, no Banking Company shall pay dividend on its shares
until all its
A. Depreciation is fully written off.
B. "Capitalized expenses" have been completely written off
CMA Final

C. Bad debts are provided in full

D. Contingent liability is settled.
6. The Director prepared the annual accounts in Director Responsibility Statement on a/an
A. Money measurement basis C. Accrual basis
B. Going concern basis D. Business Entity basis
7. Accounts and Balance Sheet along with auditor's reports should be filed with Reserve Bank of
India within ______ from the end of the period to which these relate
A. 3 Months C. 9 Months
B. 6 Months D. 12 Months
8. A minor can be nominated as a nominee in Life Insurance Policy by its
A. Drawer C. Holder
B. Agent D. Corporation
9. Which of the following is not the type of unfair competition?
A. Collusive price fixing C. Tie in purchase
B. Creation of barriers to entry D. Predatory pricing
10. Business should _______ the interests of and be responsive towards all stakeholders,especially
those who are disadvantaged, vulnerable and marginalized
A. Accept C. Reject
B. Respect D. Object

Answers
1 2 3 4 5 6 7 8 9 10

B A D C B B A C C B

CMA Vidyarthi 32
 DECEMBER 2018
1. At a general meeting of a company a matter was to be passed by a special resolution. Out of
forty members of the company, twenty voted in favour of the resolution, five voted against it and
five votes were cancelled. The remaining ten members abstained from voting. The chairman
declared resolution as
A. Passed C. Cancelled
B. Invalid D. Accepted
2. Payment of Commission on exports made towards equity investment in wholly owned subsidiary
abroad of an Indian Company is
A. Permissible C. Forwarded
B. Prohibithed D. Restricted
3. All Board members and senior management personnel should affirm compliance with the Code on
annual basis. The annual report of the Company shall contain a declaration to this effect signed by
the
A. Auditor C. Managing Director
B. Director D. CEO
4. The quality of something which enables one to understand the truth easily. In this context of
Corporate Governance, it implies an accurate, adequate and timely disclosure of relevant
information about the operating result etc., of the Corporate enterprise to the stakeholders. This
principle is known as
A. Transparency C. Independence
CMA Final

B. Accountability D. Clarity
5. SEBI has to be responsive to the needs of the three groups which constitute the Market. Which
of the following does not constitute the Market?
A. The issuers of securities C. The brokers
B. The investors D. The market intermediaries
6. Which of the following listing provides arbitrage opportunities to the investors, whereby they can
make profit based on the difference in the prices prevailing in the said exchanges?
A. Multiple listing C. Listing for right issue
B. Initial listing D. Listing for public issue
7. Which of the following is not the objective of Competition Act, 2002?
A. To prevent practices having adverse effect on competition.
B. To prevent competition in market
C. To protect the interest of the consumers
D.To ensure freedom of trade carried on by the other participant in marketing India and for matter
connected there with or incidental thereto.
8. An association of producers, sellers or distributors, traders or service providers who, by
agreement amongst themselves, limit, control or attempt to control the production, distribution,
sale or price of or trade in goods or provision of services is known as
A. Acquisition C. Cartel
B. Agreement D. Pool
9. An authorised dealer, money changer, offshore banking or any other persons for the time being
authorized to deal in foreign exchange or foreign securities is known as
A. Authorised banker C. Authorised person
B. Authorised dealer D. Authorised money changer

CMA Vidyarthi 33
 DECEMBER 2018
10. The process of money laundering generally involves three stages. Which is the second Stage?
A. Placement C. Integration
B. Layering D. Contribution

Answers
1 2 3 4 5 6 7 8 9 10

A B D A C A B C C B
CMA Final

CMA Vidyarthi 34
 JUNE 2019
1. The asset in respect of which no default in repayment of principal or payment of interest has
occurred is known as
A. Non-performing Asset C. Sub-standard Asset
B. Standard Asset D. Doubtful Asset
2. A person who fails to get appointed as a director in a general meeting cannot be appointed as
A. Additional director C. Independent director
B. Alternate director D. Nominee director
3. Which of the following is not the correct manner in the event of any change in his particulars as
stated in Form DIR-3, an applicant intimate such change to the Central Government within a period
of 30 days of such change in Form DIR-3?
A. The applicant shall download Form DIR-6 from the portal.
B. The form shall be digitally signed by CA or CS or CMA.
C. The applicant shall submit the fees.
D. The applicant shall submit the form DIR-6.
4. In which of the following principle, every members holds equal rights with other members of the
company in the same class? The scale of rights of members of the same class must be held evenly
for smooth functioning of the company.
A. Interference C. Indifference
B. Non-interference D. Difference
5. SEBI has three functions rolled into one body. Which of the following is not the function of SEBI?
CMA Final

A. Quasi-legislative C. Quasi-executive
B. Quasi-judicial D. Quasi-official
6. Which of the following is not the condition for issue of IDR?
A. Issue size should not be more than ₹ 50 crores.
B. Minimum application amount should be ₹ 20,000.
C. At least 50% of the IDR issued should be allotted to qualified institutional buyers on
proportionate basis.
D. There will be only denomination of IDR of the issuing company.
7. Which of the following FDI in resident entities is not eligible as investee entities?
A. FDI in an India company C. FDI in HUF
B. FDI in Partnership D. FDI in LLP
8. For the appointment, reappointment, remuneration and removal of the director of a banking
company, prior approval of ____________ should be obtained.
A. Chairman C. Managing Director
B. RBI D. Finance Secretary
9. A Nidhi shall not accept deposit exceeding …….....times of its net owned funds
A. Ten times C. Twenty times
B. Fifteen times D. Twenty five times
10. Which of the following Committee was formed by SEBI for improving standards of Corporate
Governance of Listed Companies in India?
A. Naresh Chandra Committee C. Kotak Committee
B. N.R. Narayan Murthy Committee D. Kumar Mangalam Birla Committee

CMA Vidyarthi 35
 JUNE 2019
Answers
1 2 3 4 5 6 7 8 9 10

B A C B D A C B C C
CMA Final

CMA Vidyarthi 36
 DECEMBER 2019
1. The company shall furnish to the Registrar verification of its registered office within a period
of ___________ from the date of its incorporation.
A. 30 Days C. 60 Days
B. 45 Days D. 90 Days
2. Out of following which item cannot be exercised by the Board of Directors of ABC Ltd.?
A. To diversify the business of the company
B. To take over a company
C. To approve amalgamation, merger or the reconstruction
D. To sell of the whole or substantially the whole of the undertaking of the company.
3. The board may fill any casual vacancy in the office of an auditor within 30 days but where such
vacancy is caused by the resignation of an auditor, such appointment shall also be approved by the
company at a general meeting concerned within ____________ of the recommendation of the Board
A. One Month C. Three Months
B. Two Months D. Six Months
4. In case the Comptroller and Auditor General of India does not appoint first auditor within the
stipulated date who will appoint such auditor within next 30 days?
A. Shareholders C. Managing Director
B. Board of Directors D. Company Secretary
5. Under which principle of Corporate Governance, it implies the responsibility of the Chairman, the Board of
Directors and the Chief Executive for the use of company's resources in the best interest of the company
CMA Final

and its shareholders?

A. Independence C. Transperancy
B. Accountability D. Ethics
6 Any person aggrieved by an order of NCLT may prefer an appeal to the Appellate Tribunal
within a period of ___________ from the date on which a copy of the order of the Tribunal is
made available to the person aggrieved.
A. 120 Days C. 45 Days
B. 60 Days D. 30 Days

7. Which of the following is not the objective of The Prevention of Money Laundering Act, 2002?
A. To prevent and control money laundering
B. To confiscate and seize the property obtained from the laundered money
C. To generate profit for an individual or a group
D. To deal with any other issue connected with money laundering in India
8. A promise whereby the assured undertakes that some particular thing shall or shall not be done
or that some conditions shall be fulfilled or affirms or negatives the existence of a particular state
of facts. This principle of Insurance is known as
A. Warranty C. Conditions
B. Good faith D. Indemnity
9. Which of the following is not the benefits of CSR Programme?
A. Mutual trust C. Communities as suppliers
B. Attracting and retaining employees D. Enhancing corporate reputation

CMA Vidyarthi 37
 DECEMBER 2019
10.An agreement or arrangement in writing for transfer of assets, or funds, goods or services,
from or to the corporate debtor is known as
A. Transfer C. Transaction
B. Transfer of property D. Transmission
CMA Final

Answers
1 2 3 4 5 6 7 8 9 10

A D C B B C C A A C

CMA Vidyarthi 38
 DECEMBER 2021
1. Which of the following export documents is known as the Document of Title?
a. Mate‟s receipt c. Bill of lading
b. Bill of exchange d. Proforma invoice

2. It is not compulsory for private Ltd companies to

a. All of these. c. Issue prospectus.
b. Conduct statutory meetings. d. Maintain an index of its members

3. Public deposits cannot exceed

a. 50% of share capital and free reserve.
b. None of these.
c. 25% of share capital and free reserve.
d. 10% of share capital and free reserve.
4. As per section 36(4) of Insolvency and Bankruptcy code ,2016,which of the following
assets will not form a part of liquidation assets:
a. Assets of any Indian or foreign subsidiary of the corporate debtor.
b. Assets subject to the determination of ownership by the court.
c. Tangible assets,whether moveable or immoveable.
d. All proceeds of liquidation as and when they are realised.
5. Providing fair compensation and safe working conditions,is related to social responsibilities
towards:
CMA Final

b. Employees. C. Customers.
a. Shareholders. d. Community.

6. "METRO” is which form of enterprise

c. Government company
a. Private limited company
b. PPP d. Public limited company

7. Which of the following instruments is also known as ‘Hybrid security’?

a. Preference share. c. Public deposit
b. Debentures d. Equity shares

8. Which of the following is not the feature of LLP?

a. The registration of LLP is not compulsory.
b. Compulsory to maintain accounts and get them audited.
c. All partners have limited liability.
d. No mutual agency.

9. Which of the following FDI in resident entities is not eligible as investee entities?
a. FDI in H.U.F c. FDI in partnership.
b. FDI in an Indian company. d. FDI in LLP
10. Rule means the enforcement of rules in the society legally.

a. Application. c. Making
b. Implementation d. Following

11. Which of the following is a motive for merger?

a. Economics of scale. c. Tax shelter
b. Surplus fund d. None of these.

CMA Vidyarthi 39
 DECEMBER 2021
12. More instability in currency is called as
a. Country risk. c. Currency risk.
b. Liquidity risk d. Financial risk.
13. Which of the following can never be dishonoured Ans
a. None of these c. Cheque
b. Bank draft d. Both (a) and (b)
14. A Nidhi shall not accept deposits exceeding times of its net owned funds
a. Fifteen times c. Twenty times
b. Ten times d. Twenty five times
15. The ethical issues relating to customers include.
a. Price of the product. c. All of these.
b. Quality of the product. d. Safety in handling product.

16. Principle of indemnity is not applicable to

a. Life insurance c. Fire insurance.
b. Marine insurance d.None of these
17. The process of money laundering generally involves three stages.Which is the second stage ?
a. Placement. c. Layering.
b. Integration. d. Contribution
CMA Final

18. Which of the following is not a motive for setting up a joint venture? Ans
a. None of these. c. Tax shelter
b. Diversification of risk. d. Economics of scale.
19. The holders of GDRs do not carry which of the following right?
a. Voting right. c. All of these.
b. Dividends d. Capital appreciation
20. In the case of a meeting of the Board of directors or of a committee of the board,the
Minutes shall also contain.
a. The names of the directors present at the meeting.
b. Both.
c. In the case of each resolution passed at the meeting, the names of the directors, if any,
dissenting from or concerning with the resolution.
d. None of these

ANSWERS:
1 2 3 4 5 6 7 8 9 10

C A C A B B A A A A

11 12 13 14 15 16 17 18 19 20

D C B D C A C A A B

CMA Vidyarthi 40
 DECEMBER 2022
1. The Companies Act, 2013 has been divided into ______ chapters with_______ schedule.
(A) 26, VI (C) 28, VII
(B) 27, VIII (D) 29, VII
2. Under ______section every company shall hold the minimum______ meeting of its Board of
Directors every year.
(C) 104, seven
(A) 183, six
(D) 114, four
(B) 173, four
3. Dormant Company means a company which is formed for____ and has not been carrying on
any_____.
(A) past project, accounting transactions
(B) Present project, transaction
(C) Future project, accounting transaction
(D) Present project, accounting transaction
4. Only a natural person who is_______ and________ shall be eligible to incorporate a one
person company.
(A) 18 years old, resident in India
(B) 21 years old, citizen of India
(C) An Indian citizen, resident of India
(D) A resident in India, citizen of any country
5. In case of related party transaction for leasing of property of any kind
CMA Final

exceeding___________ of the turnover of the company or_________ whichever is lower,

approval of the company by special resolution required.
(A) 20%, 200 Crore (C) 20%, 100 Crore
(B) 10%, 100 Crore (D) 10%, 200 Crore

6. Work relating to Insolvency resolution is expected to be handled by"______" and are

required to be registered with”__________”
(A) Adjudicating Authority. Information utilities
(B) Insolvency Professional, Adjudicating Authority
(C) Insolvency Professional, Insolvency Professional Agency
(D) Insolvency Professional, Insolvency and Bankruptcy Board of India

7. Section _____________of the Companies Act, 2013 imposes a_______________ obligation

on every company to cause minutes of all proceeding of general meetings, board meetings and
other meeting and Resolution passed by postal ballot.
(A) 118, statutory (C) 119, non-statutory
(B) 119, statutory (D) 118, non-statutory

8. A/An___________ company must have a___________ director as per Companies Act, 2013.

(A) Unlisted, woman

(B) Government, part-time
(C) Private, rotational
(D) Listed, woman

CMA Vidyarthi 41
 DECEMBER 2022
9. The Prevention of Money Laundering Act, 2002 consists of___________ Chapters
containing________ Section.

(A) 7,75
(B) 8,45
(C) 9,50
(D) 10,75

10. According to Sections 14, no banking company shall create any charge upon its______,and
any such charge if created, shall be___________

(A) Uncalled capital, void

(B) Subscribed capital, illegal
(C) Reserve capital, void
(D) Unpaid capital, invalid
CMA Final

ANSWERS:
1 2 3 4 5 6 7 8 9 10

D B C C B C A D D D

CMA Vidyarthi 42
 JUNE 2023 (SYLLABUS 2022)
1. 'Foreign Company' means any company or body corporate incorporated outside India which
(A) Has a place of business in India.
(B) Conducts any business activity in India.
(C) Need not have any business in India.
(D) Either (A) or (B)

2. For Board meeting, quorum as per the Companies Act, 2013 is

(A) one third of the total number of Directors.
(B) Two third of the total number of Directors.
(C) one third of the total number of Directors or two whichever is higher.
(D) Half of the total number of Directors.
3. Dividend distribution policy of a company is decided by
(A) Board of Directors (C) Stock Exchange
(B) Shareholders in General Meeting (D) SEBI
4. Books of accounts can be inspected by
(A) M.D. only (C) Any Shareholder
(B) Any Director (D) Any public on payment of fees
5. Shifting of Registered Office from one state to another, would require
(A) Special Resolution only (C) Only C.G. approval
(B) Special Resolution and Central Government (C.G.) approval (D) Only Board approval
CMA Final

6. Any person aggrieved by the order of the Competition Appellate Tribunal (COMPAT), may file
an appeal to the Hon'ble Supreme Court within_________ days from the date of the receipt of
the order of Appellate Tribunal.
(A) 30 (C) 60
(B) 45 (D) 90
7. Access someone's computer without the right authorization of the owner and does not
disturb, alter, misuse or damage data or system by using wireless internet connection, is called

(A) Squatting (C) Hacking

(B) Vandalism (D) Trespass
8. NSIC stands for
(A) National Social Institute Corporations
(B) National Small Institute Corporations
(C) National Scheme for Industries and Corporations
(D) National Small Industries Corporations
9. Minimum paid up capital for Life Insurance business is Rs__________ crore.
(A) 50 (C) 100
(B) 75 (D) 125

CMA Vidyarthi 43
 June 2023 (Syllabus 2022)

10. According to Banking Regulation Act, 1949, no Banking Company shall pay dividend on its
share until all its

(A) Depreciation is fully written off.

(B) 'Capitalized expenses' have been completely written off.
(C) Bad debts are provided in full.
(D) Contingent liability is settled.
CMA Final

ANSWERS:

1 2 3 4 5 6 7 8 9 10

D C A B B C D D C B

CMA Vidyarthi 44
 June 2023 (Syllabus 2016)

1. If any company primarily deals with financing of procurement, processing, marketing or

other activities which include extending of credit facilities or any other financial services to
its members such company is known as
(A) Not for profit company (B) Associate company
(C) Both (A) and (B) (D) Producer company

2. On resignation of a Director, the DIN

(A) will be cancelled. (B) will be cancelled after 6 months.
(C) will not be cancelled. (D) will be transferred.

3. In calculating total number of Directors for ascertaining number of rotational Directors, the
following Directors need not be taken into consideration

(A) Additional Director (C) Whole-time Director

(B) Independent Director (D) None of them

4. In case of appointment of M.D., manager or whole-time director by a Public Company, the

appointment shall also be approved by the
(A) Registrar
(B) Central Government
(C) Board of Directors in the next Board meeting
(D) Shareholders in the next general meeting

5. Under what circumstances, one person can constitute a quorum?

(A) If the Tribunal Calls or directs the calling of an Annual General Meeting.
(B) In case of class meeting, if all the shares of a particular class are held by 1 (one)
person, he shall constitute the quorum.
(C) If the shareholders want that the presence of one person can constitute a quorum.
(D) Both (A) and (B)
6. Demat Account is opened in order to
(A) buy or sell stocks. (C) only to buy stocks,
(B) buy or sell commodity. (D) only to sell commodity.
7. When a trade bill is accepted by a Commercial Bank it is known as a____________.
(A) Commercial Paper (C) Commercial Bill
(B) Treasury Bill (D) Certificate of Deposit
8. SEBI can call for information by undertaking inspection, conducting enquiries and audit of
Stock Exchanges and intermediaries. Identify the related functions of Securities and Exchange
Board of India.
(A) Regulatory function (C) Protective function
(B) Development function (D) All of the above

9. Which of the following is not a component of a social environment of a business?

(A) Growth Rate (C) Composition of population
(B) Per capita income (D) Life expectancy of people

CMA Vidyarthi 45
 June 2023 (Syllabus 2016)
10. Violation of FEMA is a

(A) Criminal offence (C) Non-bailable offence

(B) Civil offence (D) Punishable with death offence

ANSWERS:

1 2 3 4 5 6 7 8 9 10

D C B D D A C A B B

CMA Vidyarthi 46
 December 2023 (Syllabus 2016)
1. Which of the following is not the benefit of CSR Progremme?
(A) Mutual trust (C) Communities as suppliers
(B) Attracting and retaining employees (D) Enhancing corporate reputation

2. The Central Govt. may remove from office of the President, Chairperson or any other
Member of the National Company Law Tribunal (NCLT) who
(A) has been adjudged an insolvent.
(B) has been convicted as an offence and which involves moral turpitude.
(C) has become physically or mentally incapable to act on the same position.
(D) All of the above
3. The Insolvency and Bankruptcy Code, 2016, does not cover
(A) Financial Institutional (C) Mutual Funds & Pension Funds
(B) Insurance Company (D) None of the above

4. The company shall furnish to the Registrar verification of its registered office within a
period of___________ from the date of its incorporation,
(A) 30 days (C) 60 days
(B) 45 days (D) 90 days

5. Which of the following is not the correct manner in the event of any change in his particulars
as stated in Form DIR-3, an applicant intimate such change to the Central Government within a
period of 30 days of such change in Form DIR-39?
(A) The applicant shall download Form DIR-6 from the portal.
(B) The form shall be digitally signed by CA or CS or CMA.
(C) The applicant shall submit the fees.
(D) The applicant shall submit the form DIR-6.
6. The quality of something which enables one to understand the truth easily. In this context
of Corporate Governance, it implies an accurate, adequate and timely disclosure of relevant
information about the operating result etc., of the corporate enterprise to the stakeholders.
This principle is known as___________.
(A) Transparency (C) Independence
(B) Accountability (D) Clarity
7. Any allotment of securities made on the basis of Prospectus should be void if permission of
listing is not granted by the Stock Exchange before expiry of
(A) 12 weeks from the closure of the issue.
(B) 10 weeks from the closure of the issue.
(C) 8 weeks from the closure of the issue.
(D) 30 days from the closure of the issue.
8. Every Banking Company incorporated in India shall prepare a Balance Sheet and Profit
and Loss Account as on the last working day of the____________

(A) Calendar Year (C) Month

(B) Accounting Year (D) None of the above

CMA Vidyarthi 47
 December 2023 (Syllabus 2016)
9. A Government department supplying water for irrigation to the agriculturists after levying
charges for water supplied can be considered as_________
(A) Firms (C) Joint Venture
(B) Enterprise (D) Joint sector
10. The Chairman of the Insurance Regulatory and Development Authority shall hold office for
a term of__________ from the date on which he enters upon his office and should be eligible
for reappointment.
(A) 3 years (C) 5 years
(B) 4 years (D) 6 yearS

ANSWERS:

1 2 3 4 5 6 7 8 9 10

A D ANY A C A B B B C

CMA Vidyarthi 48
 December 2023 (Syllabus 2022 )

1. In terms of section 123(4), the amount of the dividend including interim dividend shall be
deposited in a scheduled bank in a separate account within__________ days from the date of
declaration of such dividend.
(a) Five (c) Seven
(b) Six (d) Ten

2. Where a company changes the place of its registered office from the Jurisdiction of one
Registrar to the Jurisdiction of another Registrar within the same state, such change is to be
confirmed by______________ as on application made by a company.
(a) Director (c) Regional Director
(b) Managing Director (d) Deputy Director

3. Consolidated financial statements shall be sent in not less than 21 days before the date of
meeting, may be sent less than 21 days before, if shareholders with__________ voting rights.

(a) 75% (c) 90%

(b) 80% (d) 95%

4. The forcible taking of property by a Government Law official, Enforcement official from a
person who is suspected of violating of law is known as
(a) Inspection (c) Search
(b) Investigation (d) Seizure
5. In which case the minimum contribution should not be less than 20% of the post issue
capital?
(a) An initial public offer (c) A composite issue
(b) Further public offer (d) Fresh public offer

6. Banking Companies incorporated in India are obligated to transfer to the reserve fund a sum
equivalent to not less than__________ of the profit each year, unless the amount in such fund
together with the amount in the share premium account is more than or equal to its paid up
capital.
(a) 5% (c) 20%
(b) 10% (d) 25%
7. Under which principle of insurance a promise whereby the assured undertakes that some
particular thing shall or shall not be done, or that some condition shall be fulfilled or affirms
or negatives the existence of a particular state of facts?
(a) Good faith (c) Conditions
(b) Warranty (d) Indemnity
8. Banks pay dividends after taking specific approval of
(a) The Reserve Bank of India (c) Board of Directors
(b) The Central Government (d) Chairman of the meeting
9. It is a public-private partnership project to provide a single window, self sustainable e-
Governance solution with regard to handling of grievances, land record maintenance and providing
a mixture of essential services. This project is known as
(a) Bhomi Project in Karnataka (c) E-Seva in Andhra Pradesh
(b) Lokvani Project in UP (d) E-Mitra Project in Rajasthan

CMA Vidyarthi 49
 December 2023 (Syllabus 2022)
10. The quality of something which enables one to understand the truth easily, in the context
of Corporate Governance, implies an accurate, adequate and timely disclosure of relevant
information about the operating results. This principle of Corporate Governance is known as
(a) Accountability (c) Independence
(b) Transparency (d) Fairness
11. Abuse of dominant impedes for fair competition between firms, explains consumers and
makes it difficult for other players to compete with the dominant undertaking on merit. It
does not include
(a) Predatory pricing. (c) Agreement to fix price.
(b) Creating barriers entry. (d) Imposing unfair conditions or price.
Question No. (12 to 15): PQR limited has on its Board four directors A, B, C and D. In
addition, the Company has Mr. E as the managing director. The Company also has a full time
company secretary Mr. F on its rolls. The financial statements of the company, i.e., Balance
Sheet and Statement of Profit & Loss and the Board's Report for the year ended 31st March,
2023 were authenticated by two of the directors, Mr. B and C under their signatures,
referring to the provision of the Companies Act, 2013. Examine the validity of the
authentication of the Balance Sheet and Statement of Profit & Loss and Board's Report.
12. In case of one person company by-
(a) Three directors only (c) One director only
(b) Two directors only (d) Four directors only
13. In other case at least by
(a) The Chairman of the company
(b) The Chief Financial Officer of the company wherever he is appointed.
(c) The Chief Account Officer if he is a director in the company.
(d) The Chartered Accountant of the company wherever he is appointed.
14. If there is no chairman of the board, the financial statement should have been signed by
(a) Any one director out of four directors A, B, C and D.
(b) Mr. E (the managing director)
(c) Mr. F (the company secretary)
(d) All of them
15. The Board's Report should have been signed by
(a) Auditor
(b) Any one director out of four directors A, B, C and D.
(c) Shareholder
(d) Manager

ANSWERS:
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

A C D D A C B A B B C C B B B

CMA Vidyarthi 50
 June 2024 (Syllabus 2022)
1. ABC Ltd., has 35% shares in XYZ Ltd. The majority of directors of XYZ Ltd. are
appointed and removed by ABC Ltd., XYZ Ltd. Is__________
(A) Not a subsidiary of ABC Ltd.
(B) Depends on the Board of ABC Ltd.
(C) Depends on the Board of XYZ Ltd.
(D) A subsidiary of ABC Ltd.
2. The paid-up capital requirement in a public company in which the number of independent
directors shall be at least 2, is Rs____________ crores or more.
(A) 10 (C) 30
(B) 20 (D) 50
3. As per the Companies Act, 2013, in certain companies, a director may be appointed by
small shareholders. Small shareholder means, shareholders who hold shares worth of face
value of maximum____________.
(A) ₹5,000 (C) ₹20,000
(B) ₹10,000 (D) ₹50,000

4. In case of open offer by a public company to its shareholders, the type of bank account
where the amount payable to shareholders are kept is called________________ account.
(A) Open Offer (C) Current
(B) Escrow (D) Special Current
5. XYZ Co. Ltd. was incorporated on 1st April, 2023. Its paid up capital of ₹10 lakh
consisting of 1 lakh equity shares of ₹ 10 each was held by 100 individuals. There are 6
directors on its Board. The quorum for the Annual General Meeting is__________ members
to be present personally (AOA has not stipulated larger number).
(A) 2 (C) 10
(B) 5 (D) 15

6. The Board of Directors of a limited company wants to co-opt an expert in a specialised

field. In this context, the correct option is:
(A) The tenure of the expert directors shall not exceed such period as may be specified in the
Articles.
(B) An additional director can be appointed exceeding one-fifth of the total number of directors.
(C) The tenure of the expert directors shall not exceed one year.
(D) Expert directors can be appointed exceeding one-fifth of the total number of directors.

7. Under the IBC, the corporate insolvency resolution process shall be completed within a period
of_____________ from the date of the application.
(A) 6 months (C) 180 days
(B) 4 months (D) 120 days
8. There are three approaches to sustainability management, commonly known as bottom-line
approach. The following is not a part of the three approaches:
(A) Economic approach (C) Social approach
(B) Ecological/Environmental approach (D) Ergonomic approach

CMA Vidyarthi 51
 June 2024 (Syllabus 2022)
9. Amalgamation of banking companies require the approval of shareholders. of its
(A) One-third (C) One half
(B) Two-thirds (D) One-fourth

10. Where any application for merger is submitted to the CCI, deemed approval may be
presumed if
(A) no approval is received within 180 days.
(B) no approval is received within 90 days.
(C) there is no concept of deemed approvals for mergers.
(D) no approval is received within 120 days.
11. In case of listed companies, minimum subscription, as per SEBI Regulations, is
(A) 80% of ticket size.
(B) 90% of ticket size.
(C) 90% of amount fixed by the company in its Prospectus.
(D) 80% of amount fixed by the company in its Prospectus.
12. Business intelligence tools which put BI and data visualization functionality directly into
business applications is called as
(A) Mobile (C) Collaborative BI
(B) Embedded BI (D) Real time BI
13. In the classification of MSMEs, which one of the following criteria for medium
enterprises based on
(1) Investment in plant, machinery and equipment (2) Turnover, is correct?
(A) (1) not to exceed ₹50 crores and (2) not exceeding ₹250 crores
(B) (1) not to exceed ₹25 crores and (2) not exceeding ₹150 crores
(C) (1) not to exceed ₹100 crores and (2) not exceeding ₹500 crores
(D) No such limits
14. The Insolvency and Bankruptcy Board has power of___________ Court in respect of
issue of summons, discover and production of books, inspection of books/registers and issue
of commission for examination of witnesses.
(A) Session (C) Criminal
(B) High (D) Civil
15. As per the IRDA Act, 1999, the minimum paid-up capital requirement for registration in
the "Life, General or Health Insurance" sector of insurance business is ₹___________crores.
(A) 100 (C) 300
(B) 200 (D) 500

ANSWERS:
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15

D A C B B A C D B A B B A D A

CMA Vidyarthi 52
 December 2024
1. PQR Ltd., wants to shift its registered office within the city limits. This can be done through
(A) Special resolution. (C) Approval of the ROC.
(B) Board resolution. (D) Approval of the Central Govt.
2. In the parlance of the Companies Act, 2013, 'loan' means
(A) Cash credit. (C) Long-term loans.
(B) Short-term loans for revenue purposes. (D) Working capital loan.
3. A company may remove a director through/with
(A) Board resolution. (C) Ordinary resolution of the shareholders.
(B) Special resolution of the shareholders. (D) Approval of the ROC
4. Which Rule of the Companies (Appointment and Qualification of Directors) Rules, 2014
provides a detailed procedure for making application for allotment of DIN?
(A) Rule 12 (C) Rule 10
(B) Rule 11 (D) Rule 9
5. The Insolvency Professional (IP) proposed shall be continued/ rejected by the Adjudicating
Authority (AA) based on information on IP, to be sent by the Board. In case none is proposed,
the AA shall request for nomination within________ to Board and Board shall nominate
within_________.
(A) 7 days, 10 days (C) 5 days, 10 days
(B) 3 days, 10 days (D) 10 days, 15 days
6. Under IBC, the Resolution Professional shall file an application to the Adjudicating Authority to
extend the period of the corporate insolvency resolution process beyond permitted days, if instructed
to do so by a resolution passed at a meeting of the committee of creditors by a vote of________ of
the voting shares.
(A) 51% (C) 75%
(B) 66% (D) 60%
7. The format for compliance report on Corporate Governance by listed entities has been
specified to be submitted within specified time limit. Accordingly Annex-IV has to be
submitted_______________________.
(A) On quarterly basis (C) On monthly basis
(B) On annual basis (D) On a half yearly basis
8. In the context of sustainability reporting, the SEBI has raised the format in May, 2021 for
reporting ESG parameters called Business Responsibility and Sustainability Report (BRSR). It seeks
disclosure from listed entities on their performance against the principles of National Guidelines on
Responsible Business Conduct (NGBRC). Each parameter is divided into leadership (former) and
essential indicators (Latter). The binding nature of each are
(A) Former is voluntary and latter is mandatory.
(B) Both are voluntary.
(C) Both are mandatory.
(D) Former is mandatory and latter is voluntary.

CMA Vidyarthi 53
 December 2024
9. SEBI has three functions rolled into one body. Which of the following is not the function of
SEBI?
(A) Quasi-judicial (C) Quasi-official
(B) Quasi-legislative (D) Quasi-executive
10. For the purposes of the Competition Act, 2002, the turnover threshold for individual company,
operating in India, in combination is Rs___________ Crores.
(A) 5,000 (C) 8,000
(B) 7,000 (D) 10,000
11. The insurance policy issued by the insurer shall not be questioned after________________.
(A) 1 year (C) 3 years
(B) 2 years (D) No time limit
12. In case of life insurance and motor accident insurance, the insurable interest must be present
(A) At the time of taking the policy.
(B) At the time of death or accident.
(C) Both at the time of taking the policy as well as at the time of death or accident.
(D) At none of these times.
13. The judicial authority under SARFESI is
(A) DRT (C) High court
(B) District Court (D) SEBI
14. The decision of Cyber Appellate Tribunal can be appealed to
(A) High Court (C) Central Government
(B) Supreme Court (D) Not appealable
15. The cases under PMLA can be tried in
(A) Common Courts.
(B) Special designated Courts set up in this regard.
(C) High Court.
(D) Supreme Court.

ANSWERS
1 2 3 4 5 6 7 8 9 10

B A C D A B D A C Any

11 12 13 14 15

C Any A A B

CMA Vidyarthi 54
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