A 'Social Audit' differs from financial audit as it: MCQ with Answer and Explanation

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A 'Social Audit' differs from financial audit as it:

A. Is for tax purposes

B. Is done by a chartered accountant only

C. Examines social and environmental performance

D. Ignores stakeholders

Answer: Option C

Solution (By JKSSB Mock Tests)

Social audit evaluates non-financial aspects like social impact.

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

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Question #1

Under Ind AS 37, a provision should be recognized when:

A. The amount of the obligation is contingent upon the occurrence of a future event.

B. It is probable that an outflow of resources will be required to settle a present obligation, and a reliable estimate can be made.

C. The entity has a general business policy to repair damages to its reputation.

D. There is a possible obligation arising from past events.

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Correct Answer: Option B

Explanation:
Ind AS 37 mandates that a provision is recognized only when there is a present obligation (legal or constructive) from a past event, an outflow of resources is probable, and a reliable estimate can be made.

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Question #2

Interest on capital allowed to a partner is debited to:

A. Profit & Loss Appropriation Account

B. Interest Account

C. Partner's Capital Account

D. Suspense Account

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Correct Answer: Option A

Explanation:
Interest on capital is an appropriation of profit, thus debited to the P&L Appropriation Account and credited to the Partner's Capital Account.

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Question #3

In the Balance Sheet, assets are typically arranged in the order of:

A. Alphabetical order

B. Profitability or Loss

C. Liquidity or Permanence

D. Date of purchase

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Correct Answer: Option C

Explanation:
Marshalling of balance sheet assets is done either in the order of liquidity (most liquid first) or permanence (most fixed first).

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