The minimum number of members in a private company is: MCQ with Answer and Explanation

Question

Share Report Error

The minimum number of members in a private company is:

A. 10

B. 3

C. 2

D. 7

Answer: Option C

Solution (By JKSSB Mock Tests)

Private company requires minimum 2 members.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'Voucher' approach in accounting helps to:

A. Ensure documentation and authorisation of transactions

B. Simplify journal entries

C. Prepare trial balance

D. Compute tax

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Voucher system ensures that every transaction is supported by documentary evidence and approval.

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

Question #2

Blockchain technology in accounting is primarily used for:

A. Calculating depreciation

B. Preparing tax returns

C. Manual ledger posting

D. Immutable and transparent record-keeping

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Blockchain provides a distributed ledger that is secure, transparent, and tamper-proof.

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

Question #3

PFMS facilitates 'Just-in-Time' release of funds. This means:

A. Funds are never released

B. Funds are released when required, minimising idle balances

C. Funds are released in advance

D. Funds are released annually

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Just-in-Time in PFMS reduces float and improves cash management for government.

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

Explore All Accountancy and Book Keeping MCQs