The 'Cost Records' under Companies Act 2013 are required to be maintained by: MCQ with Answer and Explanation

Question
The 'Cost Records' under Companies Act 2013 are required to be maintained by:
A. Companies engaged in specified sectors as per MCA rules
B. Only service companies
C. All companies
D. Only manufacturing companies
Answer: Option A
Solution (By JKSSB Mock Tests)
The central government specifies class of companies required to maintain cost records.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which document is prepared to inform the supplier that his account has been debited due to purchase returns?
A. Credit Note
B. Invoice
C. Cash Memo
D. Debit Note
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Correct Answer: Option D

Explanation:
A debit note is sent to the supplier indicating that their account has been debited (reduced) in our books due to returned goods.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the General Financial Rules (GFR) 2017, every government servant is expected to maintain absolute integrity and:
A. Absolute devotion to duty
B. Both absolute honesty and absolute devotion to duty
C. Absolute honesty
D. Absolute political neutrality
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Correct Answer: Option B

Explanation:
Rule 3 of GFR 2017 states that every government servant is expected to maintain absolute integrity, absolute honesty, and absolute devotion to duty in the performance of their official duties.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Corporate Social Responsibility' (CSR) spending is mandatory for companies meeting specified criteria under:
A. Section 135 of Companies Act, 2013
B. GST Act
C. Income Tax Act
D. SEBI guidelines
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Correct Answer: Option A

Explanation:
Section 135 mandates CSR spending for eligible companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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