Company : An Introduction
Telangana Open School (TOSS) · Class 12 · Accountancy
Flashcards for Company : An Introduction — Telangana Open School (TOSS) Class 12 Accountancy. Quick Q&A cards covering key concepts, definitions, and formulas.
Interactive on Super Tutor
Studying Company : An Introduction? Get the full interactive chapter.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan — built for flashcards and more.
1,000+ Class 12 students started this chapter today
What is a company according to the Companies Act, 2013?
Answer
According to Section 2(20) of the Companies Act, 2013, a company means a company incorporated under this Act or any previous company law. It is a legal entity formed by a group of individuals to carry…
Explain why a company is called an artificial legal person.
Answer
A company is called an artificial legal person because it is created by law and has many rights and powers similar to a human being. It can enter into contracts, own property, sue and be sued in its o…
What is meant by 'incorporated body' in relation to a company?
Answer
An incorporated body means a company that is registered under the Companies Act. Once registered, it gains a separate legal identity distinct from its shareholders. This allows it to own assets, incur…
Why is the capital of a company divisible into shares?
Answer
The capital of a company is divided into small, equal units called shares to make it easier for people to invest. Each share represents a portion of ownership in the company. This division allows for …
What is transferability of shares?
Answer
Transferability of shares means that shareholders can buy or sell their shares freely, especially in public companies. These transactions usually happen on stock exchanges. However, private companies …
Explain the concept of perpetual existence of a company.
Answer
Perpetual existence means that a company continues to exist regardless of changes in its membership. Death, insolvency, or resignation of shareholders does not affect the company's existence. It only …
What is limited liability in a company?
Answer
Limited liability means that a shareholder's financial responsibility is limited to the unpaid amount on their shares. They are not personally liable for the company’s debts beyond this. For example, …
How is a company managed through representative management?
Answer
Since a company has many shareholders spread across locations, they elect representatives called directors. These directors form the Board of Directors and manage the company’s affairs on behalf of al…
+22 more flashcards available
Practice AllFrequently Asked Questions
What are the important topics in Company : An Introduction for Telangana Open School (TOSS) Class 12 Accountancy?
How to score full marks in Company : An Introduction — Telangana Open School (TOSS) Class 12 Accountancy?
How many flashcards are available for Company : An Introduction?
Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
More resources for Company : An Introduction
Practice Quiz
Test yourself with a quick quiz
Important Questions
Practice with board exam-style questions
Revision Notes
Key points for last-minute revision
Formula Sheet
All formulas in one place
Chapter Summary
Understand the chapter at a glance
Concept Maps
See how topics connect visually
Study Plan
Step-by-step plan to ace this chapter
Syllabus
What topics to cover
NCERT Solutions
Every textbook question solved step by step
For serious students
Get the full Company : An Introduction chapter — for free.
Quizzes, flashcards, AI doubt-solver and a step-by-step study plan for Telangana Open School (TOSS) Class 12 Accountancy.