Under the concept of 'Triple Bottom Line' (TBL) reporting, a company focuses on: MCQ with Answer and Explanation

Under the concept of 'Triple Bottom Line' (TBL) reporting, a company focuses on:
A. Profits, Dividends, and Retained Earnings
B. People, Planet, and Profit
C. Revenues, Expenses, and Taxes
D. Assets, Liabilities, and Equity
Answer: Option B
Solution (By JKSSB Mock Tests)
TBL is a framework advocating that companies commit to social (People) and environmental (Planet) concerns just as they do on financial (Profit) goals.

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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Equalisation Levy' was expanded in 2020 to cover:
A. Physical goods
B. E-commerce supply of goods and services by non-resident e-commerce operators
C. All digital transactions
D. All services

Correct Answer: Option B


Explanation:
Finance Act 2020 expanded scope to include e-commerce operators, even if they don't have a permanent establishment.

Question #2
The 'Excess Grant' is:
A. Grant not utilized
B. Expenditure in excess of voted grant
C. Token grant
D. Supplementary grant

Correct Answer: Option B


Explanation:
Excess grant is the amount spent over the original grant, requiring regularization by Parliament.

Question #3
What is the maximum penalty for late filing of an Income Tax Return (ITR) under section 234F for a person with income above Rs 5 lakhs?
A. Rs 10,000
B. Rs 5,000
C. Rs 50,000
D. Rs 1,000

Correct Answer: Option B


Explanation:
Currently, the maximum penalty under section 234F for delayed filing is Rs 5,000 (Rs 1,000 if total income is under 5 lakhs).