The 'Companies Act, 2013' mandates CSR spending for companies with: MCQ with Answer and Explanation

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The 'Companies Act, 2013' mandates CSR spending for companies with:

A. All companies

B. Only listed companies

C. Net worth ≥ ₹500 crore, or turnover ≥ ₹1,000 crore, or net profit ≥ ₹5 crore

D. No mandate

Answer: Option C

Solution (By JKSSB Mock Tests)

Section 135 specifies the criteria for mandatory CSR.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'GST Compensation Cess' was originally guaranteed for how many years?

A. 3 years

B. Indefinite

C. 10 years

D. 5 years

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Correct Answer: Option D

Explanation:
Compensation to states for revenue loss was guaranteed for five years from July 1, 2017.

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Question #2

The 'Pradhan Mantri Jan Dhan Yojana' (PMJDY) aims at:

A. Only insurance

B. Financial inclusion by providing bank accounts to unbanked

C. Only pension

D. Tax exemption

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Correct Answer: Option B

Explanation:
PMJDY is a national mission for financial inclusion.

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Question #3

S1: A debit voucher is prepared for cash payments. S2: A journal voucher is prepared for non-cash transactions. Which statement(s) is/are correct?

A. Both S1 and S2

B. S2 only

C. Neither S1 nor S2

D. S1 only

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Correct Answer: Option B

Explanation:
A payment voucher (not debit voucher) is prepared for cash payments. A journal voucher is indeed used for non-cash transactions like depreciation or rectification of errors. S1 is incorrect, S2 is correct.

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