761.The amount of application money received shall be deposited in a scheduled bank until________
A.Annual general meeting
B.General meeting
C.Certificate to commencement obtained

762.Amount received as premium can be used to ___________
A.Purchase Assets
B.Pay of liabilities
C. Issue bonus shares

763.The auditors are liable under
A.Companies Act Only
B.Income Tax Act Only
C. All above

764.The maximum number of audit assignment an auditor can accept is limited to ————– companies
A.10
B.15
C.20

765.Auditors can be appointed by ————– when the shareholders fail to appoint auditors at the general meeting
A.Board of directors
B.Central government
C.Company Low board

766. The examinations of financial transactions with supporting evidences is called
A.Verification
B.Vouching
C.Auditing

767.Which among the following is an example of intangible asset?
A.Goodwill
B.Patents
C.All of these

768.Which of the following is not an item current asset?
A.Stock
B.Sundry debtors
C.Furniture

769.The term inventories stands for
A.Raw materials
B.Work in progress
C.All of these

770.Sales day book is used for recording
A.Credit sales
B.Cash sales
C.All sales

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