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

Integrated Reporting (IR) differs from traditional financial reporting because it:
A. Combines financial and non-financial data to show how value is created over time
B. Only reports cash flows
C. Eliminates the balance sheet
D. Is used strictly for internal management
Answer: Option A
Solution (By JKSSB Mock Tests)
IR provides a holistic view of the organization by interconnecting financial performance with sustainability, capitals (human, natural), and strategy.

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Practice More Accountancy and Book Keeping Questions

Question #1
Which of the following is not a direct tax?
A. Minimum Alternate Tax
B. Securities Transaction Tax
C. Customs duty
D. Corporate tax

Correct Answer: Option C


Explanation:
Customs duty is an indirect tax. Corporate tax, STT, MAT are direct taxes.

Question #2
A bank reconciliation statement is prepared to reconcile the balance of:
A. Sales book and passbook
B. Cash book (bank column) and passbook
C. Purchase book and cash book
D. Cash book (cash column) and passbook

Correct Answer: Option B


Explanation:
BRS reconciles the bank balance as per cash book and bank statement (passbook).

Question #3
In financial management, the 'Time Value of Money' concept implies that:
A. Money today is worth less than money tomorrow
B. Money has no value over time
C. Money today is worth more than the same money in the future
D. Inflation does not affect money

Correct Answer: Option C


Explanation:
The time value of money states that a sum of money is worth more now than the same sum will be at a future date due to its earning capacity.