A 'Cost Audit' is mandated for certain companies under: MCQ with Answer and Explanation

Question
A 'Cost Audit' is mandated for certain companies under:
A. Income Tax Act
B. Companies Act, 2013
C. GST Act
D. SEBI regulations
Answer: Option B
Solution (By JKSSB Mock Tests)
Cost audit is required for specified companies as per Section 148 of Companies Act, 2013.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Which of the following is an objective of conducting a Social Audit?
A. To check arithmetical accuracy of the cash book
B. To evaluate if a program is achieving its stated social objectives transparently
C. To audit the personal wealth of directors
D. To compute corporate tax liability
Discuss
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Correct Answer: Option B

Explanation:
Social audits assess the social impact and ethical behavior of an organization relative to its aims, ensuring accountability to stakeholders.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Place of Supply' for inter-state supply is:
A. Location of recipient
B. The state where movement terminates
C. Location of supplier
D. Any state
Discuss
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Correct Answer: Option B

Explanation:
For inter-state, place of supply generally is the destination state.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a characteristic of a company?
A. Unlimited liability of members
B. Perpetual succession
C. Common seal (now optional)
D. Separate legal entity
Discuss
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Correct Answer: Option A

Explanation:
Company members have limited liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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