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Companies Act 2017 & Financial Disclosures (Accounting & Finance) Solved Questions & Notes (2026) - Apex Rankers

Higher Education & Professional Technical Tests > Accounting & Finance > Companies Act 2017 & Financial Disclosures

50 Total Solved Questions
~75 mins Estimated Reading Time
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Companies Act 2017 & Financial Disclosures

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Q. 1 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
In corporate regulatory compliance: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 120 days following the close of the financial year
✓ Correct
B
Within 30 days of the financial year end
C
Within 180 days following the financial year end
D
Within 365 days of the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 2 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
Under SECP statutory supervisory standards, under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 180 days following the financial year end
B
Within 120 days following the close of the financial year
✓ Correct
C
Within 365 days of the financial year end
D
Within 30 days of the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 3 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
An SECP Assistant Director inspecting corporate financial statements reviews: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 365 days of the financial year end
B
Within 30 days of the financial year end
C
Within 120 days following the close of the financial year
✓ Correct
D
Within 180 days following the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 4 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
Regarding listed corporate governance and financial reporting: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 30 days of the financial year end
B
Within 180 days following the financial year end
C
Within 365 days of the financial year end
D
Within 120 days following the close of the financial year
✓ Correct
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 5 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
In statutory audit and corporate financial oversight, under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 120 days following the close of the financial year
✓ Correct
B
Within 180 days following the financial year end
C
Within 365 days of the financial year end
D
Within 30 days of the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 6 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
Under the Companies Act and SECP Listed Regulations: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 365 days of the financial year end
B
Within 120 days following the close of the financial year
✓ Correct
C
Within 30 days of the financial year end
D
Within 180 days following the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 7 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
Which rule governs regulatory compliance when considering: under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 30 days of the financial year end
B
Within 180 days following the financial year end
C
Within 120 days following the close of the financial year
✓ Correct
D
Within 365 days of the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 8 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
During an on-site supervisory review of a listed company: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 180 days following the financial year end
B
Within 365 days of the financial year end
C
Within 30 days of the financial year end
D
Within 120 days following the close of the financial year
✓ Correct
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 9 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
In capital market regulation and public disclosures: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 120 days following the close of the financial year
✓ Correct
B
Within 365 days of the financial year end
C
Within 30 days of the financial year end
D
Within 180 days following the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 10 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
From the perspective of corporate financial law and IFRS compliance: Under Section 223 of the Companies Act 2017, within how many days of the balance sheet date must the annual financial statements be audited and laid before the Annual General Meeting (AGM)?
A
Within 30 days of the financial year end
B
Within 120 days following the close of the financial year
✓ Correct
C
Within 180 days following the financial year end
D
Within 365 days of the financial year end
💡 Step-by-Step Explanation & Concept Rationale
Section 223 mandates that annual audited financial statements of every company must be laid before the AGM within 120 days of the close of the financial year.
Q. 11 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
In corporate regulatory compliance: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
US GAAP standards exclusively
B
Single-entry cash accounting system
C
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
D
Any accounting standard selected by the company board of directors
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 12 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
Under SECP statutory supervisory standards, according to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
Single-entry cash accounting system
B
Any accounting standard selected by the company board of directors
C
US GAAP standards exclusively
D
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 13 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
An SECP Assistant Director inspecting corporate financial statements reviews: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
B
Any accounting standard selected by the company board of directors
C
US GAAP standards exclusively
D
Single-entry cash accounting system
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 14 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
Regarding listed corporate governance and financial reporting: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
US GAAP standards exclusively
B
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
C
Single-entry cash accounting system
D
Any accounting standard selected by the company board of directors
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 15 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
In statutory audit and corporate financial oversight, according to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
Single-entry cash accounting system
B
Any accounting standard selected by the company board of directors
C
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
D
US GAAP standards exclusively
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 16 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
Under the Companies Act and SECP Listed Regulations: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
Any accounting standard selected by the company board of directors
B
US GAAP standards exclusively
C
Single-entry cash accounting system
D
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 17 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
Which rule governs regulatory compliance when considering: according to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
B
US GAAP standards exclusively
C
Single-entry cash accounting system
D
Any accounting standard selected by the company board of directors
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 18 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
During an on-site supervisory review of a listed company: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
Single-entry cash accounting system
B
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
C
Any accounting standard selected by the company board of directors
D
US GAAP standards exclusively
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 19 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
In capital market regulation and public disclosures: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
Any accounting standard selected by the company board of directors
B
US GAAP standards exclusively
C
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
D
Single-entry cash accounting system
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 20 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
From the perspective of corporate financial law and IFRS compliance: According to Section 225 of the Companies Act 2017, what accounting framework is mandatory for financial statement preparation in Pakistan?
A
US GAAP standards exclusively
B
Single-entry cash accounting system
C
Any accounting standard selected by the company board of directors
D
International Financial Reporting Standards (IFRS) as notified by SECP and Islamic Financial Accounting Standards (IFAS)
✓ Correct
💡 Step-by-Step Explanation & Concept Rationale
Section 225 mandates compliance with IFRS as adopted by SECP and IFAS for Islamic financial transactions.
Q. 21 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
In corporate regulatory compliance: Under the Companies Act 2017, what is the statutory period for a company to pay a declared dividend to its shareholders?
A
Within fifteen (15) working days from the date of declaration
✓ Correct
B
Within sixty (60) days of declaration
C
Within ninety (90) days of declaration
D
At any time within the current fiscal year
💡 Step-by-Step Explanation & Concept Rationale
Section 242 of the Companies Act 2017 dictates that dividends must be paid electronically within 15 working days from declaration.
Q. 22 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
Under SECP statutory supervisory standards, under the Companies Act 2017, what is the statutory period for a company to pay a declared dividend to its shareholders?
A
Within ninety (90) days of declaration
B
Within fifteen (15) working days from the date of declaration
✓ Correct
C
At any time within the current fiscal year
D
Within sixty (60) days of declaration
💡 Step-by-Step Explanation & Concept Rationale
Section 242 of the Companies Act 2017 dictates that dividends must be paid electronically within 15 working days from declaration.
Q. 23 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
An SECP Assistant Director inspecting corporate financial statements reviews: Under the Companies Act 2017, what is the statutory period for a company to pay a declared dividend to its shareholders?
A
At any time within the current fiscal year
B
Within sixty (60) days of declaration
C
Within fifteen (15) working days from the date of declaration
✓ Correct
D
Within ninety (90) days of declaration
💡 Step-by-Step Explanation & Concept Rationale
Section 242 of the Companies Act 2017 dictates that dividends must be paid electronically within 15 working days from declaration.
Q. 24 Accounting & Corporate Finance
Difficulty: hard (1 Mark)
Regarding listed corporate governance and financial reporting: Under the Companies Act 2017, what is the statutory period for a company to pay a declared dividend to its shareholders?
A
Within sixty (60) days of declaration
B
Within ninety (90) days of declaration
C
At any time within the current fiscal year
D
Within fifteen (15) working days from the date of declaration
✓ Correct
💡 Step-by-Step Explanation & Concept Rationale
Section 242 of the Companies Act 2017 dictates that dividends must be paid electronically within 15 working days from declaration.
Q. 25 Accounting & Corporate Finance
Difficulty: medium (1 Mark)
In statutory audit and corporate financial oversight, under the Companies Act 2017, what is the statutory period for a company to pay a declared dividend to its shareholders?
A
Within fifteen (15) working days from the date of declaration
✓ Correct
B
Within ninety (90) days of declaration
C
At any time within the current fiscal year
D
Within sixty (60) days of declaration
💡 Step-by-Step Explanation & Concept Rationale
Section 242 of the Companies Act 2017 dictates that dividends must be paid electronically within 15 working days from declaration.
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