The 'Secretarial Audit' is mandated for: MCQ with Answer and Explanation

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The 'Secretarial Audit' is mandated for:

A. Private companies only

B. All companies

C. Listed companies and certain prescribed class of companies

D. Small companies only

Answer: Option C

Solution (By JKSSB Mock Tests)

As per Section 204 of Companies Act, 2013, secretarial audit is mandatory for listed and other prescribed companies.

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

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The 'Zero-Rated Supply' under GST includes:

A. Nil-rated supplies

B. All supplies

C. Exempt supplies

D. Exports and supplies to SEZ

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Correct Answer: Option D

Explanation:
Zero-rated supplies attract 0% GST, and input tax credit is available.

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

Question #2

The 'Prevention of Money Laundering Act' (PMLA) in India requires reporting of:

A. Suspicious transactions

B. Tax payments

C. GST filings

D. All cash transactions

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Correct Answer: Option A

Explanation:
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.

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

Question #3

When goods are distributed as free samples, the adjustment entry requires:

A. Debiting Purchases A/c, Crediting Advertisement A/c

B. Debiting P&L A/c, Crediting Sales A/c

C. Debiting Free Samples A/c, Crediting Cash A/c

D. Debiting Advertisement A/c, Crediting Trading A/c (or Purchases A/c)

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Correct Answer: Option D

Explanation:
Free samples are an advertising expense (debit), and they reduce the stock of purchased goods at cost price (credit Purchases/Trading).

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

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