157/23

33.

34.

35.

36.

37.

38.

39.

Considering the two statements about GST, choose the correct option.

Statement: Input Credit Tax on account of CGST cannot be utilized towards Payment
of SGST.

Statement Il : Input Credit Tax on account of SGST can be utilized towards Payment
of CGST.

A) Statement | is true and Statement II is false
B) Statement | is false and Statement Il is true
C) Both Statement | and Statement II are false
D) Both Statement | and Statement II are true

Minimum Alternate Tax is not applicable to any income accruing or arising toa
company from the business of

A) Banking B) Supply of electricity

C) Life insurance D) All of the above

‘Previous Company Law’ does not include

A) Indian Companies Act, 1872 B) Indian Companies Act, 1866
C) Indian Companies Act, 1882 D) Indian Companies Act, 1913

Nudum Pactum refers to
i. Bare promise.
ii. A promise without consideration.
iii. A promise without acceptance.
A) Only (i and iii) B) Only (ii and iii)
C) All of the above (i, ii and iii) D) Only (i and ii)

As per Sec.63, a company may issue fully paid bonus shares to its members out of
i. Free reserves.

ii. Security Premium Account.

iii. Capital redemption reserve account

A) All of the above (i, ii and iii) B) Only (i and ii)

C) Only (i and iii) D) Only (ii and iii)

The first AGM of a company must be held within a period of nine months from the

date of

A) Incorporation of the company B) Commencement of business

C) Closing of the first financial year D) Issue of notice

A bill of exchange executed for assisting someone to raise fund through discounting

mechanism
i. Kite Bills.

ii. Accommodation Bills.

iii. Documentary Bills.

A) All of the above (i, ii and iii) B) Only (i and ii)

C) Only (ii and iii) D) Only (i and iii)