The 'Government Company' as per Companies Act is one in which not less than 51% of paid-up share capital is held by: MCQ with Answer and Explanation

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The 'Government Company' as per Companies Act is one in which not less than 51% of paid-up share capital is held by:

A. Foreign investors

B. RBI

C. Central/State Government(s)

D. Public

Answer: Option C

Solution (By JKSSB Mock Tests)

As per Section 2(45) of Companies Act, 2013, government company has at least 51% government shareholding.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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At the time of retirement of a partner, the balance of General Reserve is distributed among:

A. Only the retiring partner

B. Equally among all partners

C. All partners in their old profit sharing ratio

D. Only continuing partners in new ratio

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Correct Answer: Option C

Explanation:
General reserve represents accumulated past profits earned by all partners, so it is credited to all partners in their old ratio.

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Question #2

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Expenditure incurred on overhauling a second-hand machinery purchased recently to put it in working condition is:

A. Revenue Expenditure

B. Capital Expenditure

C. Deferred Revenue Expenditure

D. Loss

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Correct Answer: Option B

Explanation:
All costs incurred before a fixed asset is ready for its intended use are capitalized.

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Question #3

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The 'Faceless Assessment' in income tax aims to:

A. Eliminate physical interface between taxpayer and tax authorities

B. Simplify GST

C. Increase face-to-face meetings

D. Decrease tax rates

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Correct Answer: Option A

Explanation:
Faceless assessment uses technology-driven anonymized scrutiny to reduce corruption and harassment.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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