A social audit in India under MGNREGA is conducted by: MCQ with Answer and Explanation

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A social audit in India under MGNREGA is conducted by:

A. Gram Sabha through social audit units

B. Chartered accountant

C. External auditor appointed by government

D. CAG directly

Answer: Option A

Solution (By JKSSB Mock Tests)

MGNREGA mandates social audit by Gram Sabha with facilitation by social audit units.

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

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Question #1

The 'Non-Controlling Interest' (NCI) at acquisition date can be measured at:

A. Book value

B. Only fair value

C. Only proportionate share of net assets

D. Either fair value or proportionate share of net assets

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Correct Answer: Option D

Explanation:
Ind AS 103 allows a choice.

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

Question #2

'AS 10' deals with:

A. Property, Plant and Equipment

B. Inventories

C. Revenue

D. Cash flows

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Correct Answer: Option A

Explanation:
AS 10 covers accounting for fixed assets (now Ind AS 16).

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Question #3

In the ledger, what is the meaning of 'c/d'?

A. Cash Deposited

B. Current Date

C. Carried Down

D. Credit Debit

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Correct Answer: Option C

Explanation:
'Carried down' indicates the balancing figure at the end of a period, which will be brought down (b/d) at the start of the next period.

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

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