Integrated Reporting (IR) differs from traditional financial reporting because it: MCQ with Answer and Explanation

Question
Integrated Reporting (IR) differs from traditional financial reporting because it:
A. Is used strictly for internal management
B. Eliminates the balance sheet
C. Combines financial and non-financial data to show how value is created over time
D. Only reports cash flows
Answer: Option C
Solution (By JKSSB Mock Tests)
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A: The Purchases Book records only credit purchases of goods. R: Cash purchases of goods are recorded in the Cash Book. Choose the correct option.
A. Both A and R are true but R is NOT the correct explanation of A
B. A is true but R is false
C. A is false but R is true
D. Both A and R are true and R is the correct explanation of A
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Correct Answer: Option D

Explanation:
The Purchases Book is strictly for credit purchases of trading goods. Cash purchases are recorded in the Cash Book. R correctly explains why cash purchases are excluded from the Purchases Book.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Carriage outward is shown in:
A. Trading A/c
B. Manufacturing A/c
C. Profit & Loss A/c
D. Balance Sheet
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Correct Answer: Option C

Explanation:
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A capital expenditure of ₹5,000 erroneously recorded as revenue expenditure will result in:
A. Overstatement of profit
B. Understatement of profit
C. No effect on profit
D. Overstatement of assets
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Correct Answer: Option B

Explanation:
Capital expenditure should be capitalized; if charged as revenue, expenses increase, profit is understated.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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