CAF-7 Ch-1 Company: introduction, types and registration

CAF-7 | Ch-1 | Company: introduction, types and registration

CAF-7 Ch-1 Company: introduction, types and registration

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CAF-7 Company Law Quiz offered for the ICAP CA students.

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Question 1 of 20

1. Question
1 points

Category: CAF7
Which type of business structure is created by a process of incorporation
- Sole Proprietor
- Partnership
- Company
- None of the above
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Question 2 of 20

2. Question
1 points

Category: CAF7
Body corporate or corporation includes
- A company incorporated under Companies Act, 2017 or company law
- A company incorporated outside Pakistan
- A body corporate declared as body corporate under relevant statute
- All of the above
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Question 3 of 20

3. Question
1 points

Category: CAF7
“Men may come and men may go but the company exist”. This explain which characteristics of the company as per the Companies Act, 2017.
- Separate legal entity
- Perpetual Succession
- Perpetual Liability
- Capacity to Sue
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Question 4 of 20

4. Question
1 points

Category: CAF7
What is separate legal personality
- That the members in general meeting are regarded by law as a person.
- That the board of directors is regarded by law as a person
- That the company as an entity is regarded by law as a person
- That the managing director of the company is regarded by law as a person.
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Question 5 of 20

5. Question
1 points

Category: CAF7
The effects of separate legal personality are
- Limited liability of the owners of the business
- Separation of ownership form control
- Transfer of ownership and perpetual succession.
- All of the above
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Question 6 of 20

6. Question
1 points

Category: CAF7
The concept of limited liability applies to
- The directors of the company
- To the creditors of the company
- To the owners (Shareholders) of the company
- To the Bankers of the company
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Question 7 of 20

7. Question
1 points

Category: CAF7
If a limited company is unable to pay its debts, it may be forced into liquidations. The assets of the company will then be used to pay some of its unpaid liabilities and
- The directors will be required to pay personally remaining unpaid debts of the company
- The shareholders will be required to pay personally remaining unpaid debts of the company
- The debenture holders will be required to pay personally remaining unpaid debts of the company
- The shareholders will not be required to pay personally remaining unpaid debts of the company
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Question 8 of 20

8. Question
1 points

Category: CAF7
Limited liability applies to
- All companies
- All public companies
- All limited companies
- All unlimited companies
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Question 9 of 20

9. Question
1 points

Category: CAF7
The directors and other officers of the company act on behalf of the company, and provided that they act within their powers,
- They will be personally liable for the debts of the company
- They will not be personally liable for the debts of the company
- They along with the shareholders will be personally liable for the debts of the company
- They along with the other officers of the company will be personally liable for the debts of the company
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Question 10 of 20

10. Question
1 points

Category: CAF7
Company law includes
- The Companies Act of 1913
- The Companies Act of 2017
- The Companies Ordinance of 1984
- All of the above
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Question 11 of 20

11. Question
1 points

Category: CAF7
Public listed company means
- Such form of public company whose securities are listed on an exchange
- Such form of private company whose securities are listed on an exchange
- Such form of public company whose name of the members are listed on an exchange
- Such form of public company whose name of the directors are listed on an exchange
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Question 12 of 20

12. Question
1 points

Category: CAF7
Private company other than single member company can be registered by
- At least 2 members and it restricts the maximum number of members to fifty (50)
- At least 1 member and it restricts the maximum numbers of members to twenty-five (25)
- At least 5 members and it restricts the maximum number of members to fifty (50)
- At least 1 member and it restricts the maximum numbers of members to fifty (50)
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Question 13 of 20

13. Question
1 points

Category: CAF7
A company or body corporate which exercises or controls more than one-half of the voting securities of any other company or controls the composition of the board of such other company is known as
- Subsidiary company
- Co-operative company
- Holding company
- Listed company
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Question 14 of 20

14. Question
1 points

Category: CAF7
License to the association not for profit shall be granted by the commission on the fulfillment of certain conditions. Choose the incorrect one.
- It shall apply its profit, if any in promoting its objects
- They can pay profits to its members out of it.
- The payments of any dividend to its members is prohibited
- They will work only for useful objects of the society
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Question 15 of 20

15. Question
1 points

Category: CAF7
SECP has been vested with lot of powers under the Companies Act, 2017 and it has got powers to regulate the affairs of
- All the companies and insurance company
- Banking companies and modarabas
- Non-banking finance companies
- All of the above
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Question 16 of 20

16. Question
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Category: CAF7
Registration of a company is actually the registration of its constitution i.e.
- Articles of association
- Memorandum of association
- Certificate of incorporation
- Prospectus
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Question 17 of 20

17. Question
1 points

Category: CAF7
Registration of memorandum and articles means the registration of the company. The registrar after registering the company shall issue a certificate of incorporation, which shall state.
- CNIC number of the directors
- Date of birth of CEO
- Date of incorporation
- Address of the directors
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Question 18 of 20

18. Question
1 points

Category: CAF7
Which of the following is obligated to be registered under Companies Act, 2017:
- A cooperative society with 35 members already registered under relevant law.
- A cooperative society with 35 members already registered under relevant law.
- A trading partnership firm with 22 partners
- A law partnership firm with 22 partners
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Question 19 of 20

19. Question
1 points

Category: CAF7
Any _______________ persons associated for any lawful purpose may, by subscribing their names to a memorandum of association and complying with the requirements of the Act in respect of registration, form a public company.
- Two c) Every Contract | a Contract
- Two or more
- Three
- Three or more
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Question 20 of 20

20. Question
1 points

Category: CAF7
Under the provisions of the Companies Act, 2017, the composition of a company’s board shall be deemed to be controlled by another company if that other company by exercise of power exercisable by it at its discretion can:
- Appoint all or a majority of the directors
- Appoint or remove the majority of the directors
- Appoint or remove all or majority of the directors
- Appoint majority of directors
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