SKANS School of Accountancy

Business Law

Special written assesment

Level 2 Examination 24 April, 2021
Section: 1 Total marks: 30
Tutor: Syed Atif Abidi Time Allowed: 1 Hour

Q#1 List down the contents of the Directors’ Report, to be attached with the financial statements of a listed
company, as specified under the Companies Act 2017. (10)

Q#2 ‘Every company is required to keep, at its registered office, proper books of account.’
Under the provisions of the Companies Act 2017 briefly explain the following:
(i) When such books are NOT deemed to be proper. (02)
(ii) When a company is deemed to have kept proper books in case of a branch office. (02)

Q#3 Explain the requirements to be followed by a listed company regarding the preparation, filing and other
legal formalities for the quarterly accounts (06)

Q#4 Answer the following Multiple Choice Questions (MCQs). You are required to choose only 1
answer to each of the following questions

a) OPC limited, a listed company having share capital of 1 billion, was incorporated in May 2019.
Company’s 1st financial statements were closed on 31th march 2020. Just like any other company,
OPC limited has to file its approved financial statements with registrar. In how much time after the
approval, OPC limited is required to do such filing?
I. 30 days
II. 60 days
III. 120 days
IV. 180 days

b) Which of the following company is required to prepare book of accounts?

I. SMC
II. Private
III. Public
IV. All of the above

c) The period to which the account relate shall not exceed ___________ months except where special
permission has been granted in the behalf of the registrar:
I. 18 months
II. 16 months
III. 9 months
IV. 12 months

d) Every company to prepare and keep the books of account and other relevant books and papers and
Financial statements at its .....................
I. Registered office
II. any other place as they board of directors may decide
III. additional place of business
IV. (a) or (b)
e) Books of accounts of branch office are periodically sent by the branch office to the company at its
Registered office and are kept open for inspection at the registered office of the company or at such
Other place in Pakistan by ..................... During business hours.
I. Any director
II. any shareholder
III. general public
IV. all of the above

f) Swiss commodities private limited was incorporated in 2015. Company was not running its
business properly due to unexpected ups and downs. It could not hold its annual general meeting
in the year 2019. The company is planning to apply for extension of time for holding the AGM from
the registrar of companies. The registrar can grant the extension for the period of______?
I. 15 days
II. 30 days.
III. 45 days.
IV. 90 days
.
g) Listed company is required to send at least…… copies financial statements, audit report, directors
report, chairman review report to commission, registrar, stock exchange, before ……. Days of
meeting
I. 5,14
II. 7,21
III. 3,21
IV. 10,30

h) Which of the following company shall post its quarterly financial statements on website?
I. Public limited
II. Guarantee limited
III. Private limited
IV. Listed company

i) Financial statements of a listed company shall also be approved by

I. Company secretary
II. Sale agent
III. CFO
IV. Account manger

j) Quarterly accounts of third quarter shall:

I. Be reviewed
II. Not require any audit or review
III. Be audited
IV. Be printed in the newspaper (10)