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

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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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Question #1

The 'Income Tax Refund' received is:

A. Liability

B. Capital receipt

C. Revenue receipt

D. Deferred revenue

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Correct Answer: Option C

Explanation:
Income tax refund is a revenue receipt as it pertains to business profits.

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

Question #2

In case of a partnership firm, registration is:

A. Not possible

B. Mandatory

C. Not compulsory but advisable

D. Required only for banking

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Correct Answer: Option C

Explanation:
Registration of partnership firm is optional, though unregistered firms face some disabilities.

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Question #3

Which metric evaluates the financial value of the social and environmental outcomes created by an organization?

A. Earnings Per Share (EPS)

B. Social Return on Investment (SROI)

C. Internal Rate of Return (IRR)

D. Return on Capital Employed (ROCE)

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Correct Answer: Option B

Explanation:
SROI is a method for measuring values not traditionally reflected in financial statements, assessing social and environmental impact.

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

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