The 'Corporate Social Responsibility' (CSR) spending is mandatory for companies meeting specified criteria under: MCQ with Answer and Explanation

Question
The 'Corporate Social Responsibility' (CSR) spending is mandatory for companies meeting specified criteria under:
A. Income Tax Act
B. SEBI guidelines
C. GST Act
D. Section 135 of Companies Act, 2013
Answer: Option D
Solution (By JKSSB Mock Tests)
Section 135 mandates CSR spending for eligible companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Tax Audit' under Section 44AB is required for a professional if gross receipts exceed:
A. ₹25 lakh
B. ₹1 crore
C. ₹50 lakh
D. ₹2 crore
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Correct Answer: Option C

Explanation:
For professionals, tax audit threshold is gross receipts > ₹50 lakh.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which concept assumes that the business will continue to exist indefinitely?
A. Consistency Concept
B. Going Concern Concept
C. Materiality Concept
D. Accrual Concept
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Correct Answer: Option B

Explanation:
The Going Concern concept assumes that the enterprise will continue its operations for the foreseeable future with no intention to liquidate.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A budget that is designed to change in accordance with the level of activity actually attained is a:
A. Flexible Budget
B. Zero-based Budget
C. Rolling Budget
D. Fixed Budget
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Correct Answer: Option A

Explanation:
A flexible budget adjusts for varying levels of output, clearly separating fixed and variable costs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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