Question

In: Accounting

Q1.Determine if the statement is true or false 1.s128 gives the company powers of a natural...

Q1.Determine if the statement is true or false

1.s128 gives the company powers of a natural person and states the company can issue shares.

2.A share is considered intangible property.

3.A court can validate the invalid issue of shares.

4.Preference shares have particular rights attached to them but they usually also limit the voting right of the shareholder.

Q2.Select the correct answer.

The Personal Properties Securities Register...

allows a potential lender to check whether a particular asset is already registered as security
B.contains the details a banned directors.
determines who is a member of the company.
is maintained by ASIC.

Q3.Choose all that apply.

1.An auditor..

A.must provide an independent opinion and true and fair view of the financial health of a company in audit report.

B.has a right to access the company's books.

C.can be removed by members of the company by resolution.

D.can only be appointed by a director.

Q4.S95A (1)

A.defines 'winding up'.

B.defines solvency as being able to pay debts as they become due and payable.

C.defines the duties of the auditor.

D.is used to determine whether a director has acted in good faith in the best interests of the company.

Q5.Select all that apply.

1.A voluntary administration ...

A.is managed by the auditor and the receiver

B.is managed by an administrator with owes duties to the company, like directors.

C.imposes duties on the administrator towards the creditors.

D.is triggered by directors who are hoping to save the company from financial collapse.

Expert Solution

Q1.1. Here the Statement is false, section 128 of the companies states how company keep their Books of accounts. It never give company a power of natural person and to issue share.

Q1.2. False, Share is neither a Tangible nor intangible property. Share if we purchase it will be our investment and if we issue it will be our Capital.

Q1.3. True, Court can validate the invalid issue of shares, if the court is satisfied that it would be just and equitable to do so and thereupon such shares shall from the creation or issue thereof, as the case may be, be deemed to have been validly created or issued.

Q1.4,True , Preference shares have particular rights attached to them but they usually also limit the voting right of the shareholder to only in case of those resolutions which directly affect the rights attached to its preference shares.

Q2 The Personal Property Securities register A.allows a potential lender to check whether a particular asset is already registered as security.

Q3 An Auditor must provide an independent opinion and true and fair view of the financial health of a company in audit report. Auditor has rights to access the company's books. Auditor can only removed by members of the company on special resolution not by ordinary resolution.Auditor can Appointed by directors in case of First director after that company need approval of members.

So Options apply will be A,B,C and not D .

Q4 Section 95A(1)defines solvency as being able to pay debts as they become due and payable.

Q5. A voluntary administration is triggered by directors who are hoping to save the company from financial collapse, and is managed by administrator with owes duties to the company,Like director but not as director. And Voluntary administration imposes duties on adminstrator towards the creditors.

Here option B,C,D applies

ekkarill92 answered 2 years ago

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