A social audit is: MCQ with Answer and Explanation

Question
A social audit is:
A. Financial audit by social organizations
B. An audit of social clubs
C. Audit of government welfare schemes only
D. An evaluation of a company's social responsibility performance
Answer: Option D
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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Provision' for warranty is an example of:
A. Contingent liability not recognised
B. Asset
C. Liability
D. Reserve
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Correct Answer: Option C

Explanation:
Warranty provision meets recognition criteria (present obligation, probable outflow, reliable estimate) and is recorded as a liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A 'Disclaimer of Opinion' is issued when:
A. Auditor cannot obtain sufficient appropriate evidence and possible effects are pervasive
B. Financial statements are correct
C. Everything is fine
D. Misstatements are trivial
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Correct Answer: Option A

Explanation:
Disclaimer means the auditor does not express an opinion due to scope limitation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Under Marginal Costing, stock is valued at:
A. Fixed Cost
B. Variable Manufacturing Cost
C. Prime Cost
D. Total Cost
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Correct Answer: Option B

Explanation:
Marginal costing values inventory strictly on variable costs, treating fixed overheads as period costs written off immediately.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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