According to Section 2(13) of the Companies Act, 2013, what does the term "Books of Account" include?

Records of sales and purchases only.

Records of money received and expended, sales and purchases, assets and liabilities.

Records of employees' salaries and benefits.

Records of board meetings and resolutions.

According to Section 128 of the Companies Act, 2013, where should a company maintain its books of account?

At any location decided by the Board of Directors.

At any location in India other than the registered office.

At the registered office of the company.

At the company's branch office.

What is the consequence of not complying with the maintenance of proper books of account under Section 128(6) of the Companies Act, 2013?

The company's assets will be seized.

The responsible individuals may face imprisonment or fine.

The company will lose its registration.

What is the purpose of the Directors' Responsibility Statement as per Section 134(5) of the Companies Act, 2013?

To provide an overview of the company's financial performance.

To declare the company's annual revenue.

To highlight the company's social responsibility initiatives.

To state the responsibilities of the directors in preparing the financial statements.

What does Section 129(3) of the Companies Act, 2013 require for companies with subsidiaries?

Companies must prepare consolidated financial statements along with their own.

Companies must exclude subsidiary financial statements from their reports.

Companies must merge their financial statements with those of their subsidiaries.

Companies must only prepare individual financial statements.

What is the consequence of a company contravening any provision of Section 134 of the Companies Act, 2013?

The company's directors will be disqualified.

The company will lose its legal status.

The company will be fined and its directors may face imprisonment.

The company's financial statements will be deemed invalid.

According to Section 133 of the Companies Act, 2013, who recommends accounting standards for adoption by companies?

Institute of Chartered Accountants of India (ICAI).

National Financial Reporting Authority (NFRA).

Ministry of Corporate Affairs (MCA).

Securities and Exchange Board of India (SEBI).

What is the primary purpose of a financial statement, as per the definition under Section 129 of the Companies Act, 2013?

To list all financial transactions of the company.

To showcase the company's profit and loss.

To provide an overview of the company's balance sheet.

To give a true and fair view of the company's financial state and performance.

In case of a company contravening the provisions of maintaining proper books of account, who can be held responsible?

Employees responsible for financial matters.

Directors and officers of the company.

What does Rule 6 of the Companies (Accounts) Rules, 2014 specify regarding the consolidation of financial statements?

Consolidation is mandatory for all companies with subsidiaries.

Only listed companies need to prepare consolidated financial statements.

Consolidation must be done as per the Accounting Standards only.

Certain wholly owned subsidiaries can be exempted from preparing consolidated financial statements.

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