Green Accounting and Sustainability Quiz

What is the primary goal of Green Accounting?

• Maximizing financial returns

• Integrating environmental costs into financial reporting

• Reducing tax liabilities for businesses

• Eliminating the need for financial disclosures

Which accounting method adjusts GDP for environmental costs?

• Triple Bottom Line Accounting

• Accrual Accounting

• Cash Flow Accounting

• Green Accounting

Which of the following is an example of an environmental cost?

• Interest paid on a business loan

• Cost of installing a water recycling system

• Employee salary expenses

• Marketing costs

Which international standard is commonly followed for Sustainability Reporting?

• SEBI Regulations

• IFRS

• Global Reporting Initiative (GRI)

• Income Tax Act

Which of the following is a key limitation of Green Accounting?

• High implementation costs

• Increases business profitability

• Fully standardized reporting procedures

• Eliminates the need for financial statements

What is the minimum CSR spending required for companies under the Companies Act, 2013?

• 1% of net profits

• 5% of total turnover

• 2% of average net profits over three preceding years

• 10% of revenue

Which of the following best describes Social Accounting?

• Recording only financial transactions

• Measuring a business's social and environmental impact

• Focusing on profit maximization only

• Eliminating the need for taxation

Which among the following is not an approach in social accounting?

• Classical

• Pictorial

• Modern

• Descriptive

What is the main purpose of Corporate Financial Reporting (CFR)?

• Maximizing company profits

• Providing financial information to stakeholders for transparency and accountability

• Avoiding taxation by minimizing reported profits

• Reporting only to shareholders

Which of the following is a disadvantage of sustainability reporting?

• Helps in risk identification

• Enhances corporate reputation

• Involves high costs and complexity in data collection

• Improves decision-making