The 'Integrated Reporting' framework is developed by: MCQ with Answer and Explanation

Question
The 'Integrated Reporting' framework is developed by:
A. ICAI
B. IFRS Foundation
C. International Integrated Reporting Council (IIRC)
D. FASB
Answer: Option C
Solution (By JKSSB Mock Tests)
IIRC (now part of IFRS Foundation) developed the International Framework.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In a Cash Book with discount columns, the total of the 'Discount Received' column is posted to the:
A. Debit of Discount Received A/c
B. Debit of Creditors A/c
C. Credit of Discount Received A/c
D. Credit of Cash A/c
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Correct Answer: Option C

Explanation:
Discount Received is a gain (nominal account rule: credit all gains), so the periodic total is posted to the credit side of the Discount Received ledger account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is typically maintained using the imprest system?
A. Sales Ledger
B. Petty Cash Book
C. Main Cash Book
D. Purchase Day Book
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Correct Answer: Option B

Explanation:
The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of these is a Direct Tax?
A. Customs Duty
B. Excise Duty
C. Goods and Services Tax
D. Income Tax
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Correct Answer: Option D

Explanation:
Income tax is a direct tax because the liability and burden of the tax fall on the same individual.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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