A social audit is: MCQ with Answer and Explanation

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A social audit is:

A. Audit of government welfare schemes only

B. Financial audit by social organizations

C. An evaluation of a company's social responsibility performance

D. An audit of social clubs

Answer: Option C

Solution (By JKSSB Mock Tests)

Social audit assesses a company's performance in social, environmental, and ethical areas, beyond financials.

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

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Question #1

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Which of the following items is not an appropriation of profit in a partnership firm?

A. Interest on partners' capital

B. Interest on partners' drawings

C. Rent paid to a partner's premises

D. Salary to partners

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Correct Answer: Option C

Explanation:
Rent paid to partner is a charge against profit (debited to P&L A/c), not an appropriation. Others are appropriations.

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Question #2

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A manager is entitled to a 5% commission on net profit BEFORE charging his commission. If profit is Rs 1,05,000, his commission is:

A. Rs 10,500

B. Rs 5,000

C. Rs 5,250

D. Rs 4,750

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Correct Answer: Option C

Explanation:
Commission = Profit * (Rate/100) = 1,05,000 * 5% = Rs 5,250.

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Question #3

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Ind AS (Indian Accounting Standards) are converged with:

A. IFRS (International Financial Reporting Standards)

B. UK GAAP

C. US GAAP

D. Chinese Accounting Standards

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Correct Answer: Option A

Explanation:
To align with global practices, India developed Ind AS which are substantially converged with IFRS.

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

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