A social audit is: MCQ with Answer and Explanation

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A social audit is:

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

B. An audit of social clubs

C. Audit of government welfare schemes only

D. Financial audit by social organizations

Answer: Option A

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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GSTR-1 is a return filed for:

A. Details of inward supplies (purchases)

B. TDS deduction

C. Annual consolidated tax

D. Details of outward supplies (sales)

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Correct Answer: Option D

Explanation:
GSTR-1 is the monthly/quarterly return where regular taxpayers declare their outward supplies (sales) and tax liability.

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Question #2

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The 'Faceless Appeal' scheme under income tax was introduced by:

A. Finance Act, 2019

B. Finance Act, 2018

C. Finance Act, 2021

D. Finance Act, 2020

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Correct Answer: Option D

Explanation:
Faceless appeal scheme was introduced in 2020 to impart transparency.

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Question #3

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A 'Suspense Account' is a:

A. Nominal account

B. Personal account

C. Real account

D. Temporary account

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Correct Answer: Option D

Explanation:
Suspense account is a temporary account opened to make trial balance agree.

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

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