Under the Companies Act 2013, the 'Serious Fraud Investigation Office' (SFIO) is empowered to investigate frauds that are: MCQ with Answer and Explanation
Under the Companies Act 2013, the 'Serious Fraud Investigation Office' (SFIO) is empowered to investigate frauds that are:
A. Of any amount
B. Only related to listed companies
C. Above ₹10 Crores or involving public interest
D. Involving public interest
Answer: Option C
Solution (By JKSSB Mock Tests)
As per the Companies Act and related notifications, the SFIO (now often operating under the EBOW) investigates cases involving ₹10 Crores or more, or cases that involve public interest, or affect multiple states.
Explanation:
Rent Account represents an expense, which is a nominal account. The rule is 'Debit all expenses and losses, credit all incomes and gains'.
Explanation:
Variance is the difference between the budgeted (standard) cost or revenue and the actual cost or revenue, used for performance evaluation.
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