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

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The 'Secretarial Audit' is mandated for:

A. All companies

B. Listed companies and certain prescribed class of companies

C. Private companies only

D. Small companies only

Answer: Option B

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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Question #1

Which of the following is an indirect tax in India?

A. Income tax

B. GST

C. Wealth tax

D. Corporation tax

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Correct Answer: Option B

Explanation:
GST is an indirect tax on supply of goods and services.

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Question #2

Under the Companies Act, 2013, a company must maintain its books of accounts on which basis?

A. Cash basis

B. Tax basis

C. Hybrid basis

D. Accrual basis

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Correct Answer: Option D

Explanation:
Section 128 of the Companies Act, 2013, mandates that companies must maintain books of accounts on an accrual basis and according to the double-entry system.

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Question #3

The 'Accounting Cycle' begins with:

A. Preparation of financial statements

B. Preparation of trial balance

C. Identification and recording of transactions in journal

D. Posting to ledger

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Correct Answer: Option C

Explanation:
The cycle starts with journalizing (recording) transactions.

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

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