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

The 'Integrated Reporting' framework is developed by:

A. ICAI

B. International Integrated Reporting Council (IIRC)

C. IFRS Foundation

D. FASB

Answer: Option B

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 Report Error

When starting a BRS with a debit balance as per the Cash Book, cheques issued but not yet presented for payment should be:

A. Deducted

B. Ignored

C. Added

D. Divided

Correct Answer: Option C

Explanation:
These cheques decreased the cash book balance but not the pass book. To match the pass book, they must be added back.

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

Question #2 Report Error

In a voucher system, which voucher is used to record credit sales?

A. Journal voucher

B. Debit voucher

C. Credit voucher

D. Cash voucher

Correct Answer: Option A

Explanation:
Credit sales involve no immediate cash, so a journal voucher (non-cash voucher) is used to record the transaction.

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

Question #3 Report Error

Subscription received in advance by a non-profit organization is:

A. Capital fund

B. An income

C. A liability

D. An asset

Correct Answer: Option C

Explanation:
Advance subscription is a liability as it pertains to future period.

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