A social audit is typically conducted by: MCQ with Answer and Explanation

Question
A social audit is typically conducted by:
A. Only management
B. Stakeholders, including community representatives
C. Only chartered accountants
D. Only government officials
Answer: Option B
Solution (By JKSSB Mock Tests)
Social audit involves participation of various stakeholders, including the local community, to evaluate social performance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Under GST, the 'Taxable Event' is:
A. Production
B. Supply of goods or services
C. Manufacture
D. Sale
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Correct Answer: Option B

Explanation:
GST is levied on 'supply' rather than manufacture or sale alone.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
If a person fails to link PAN with Aadhaar, the PAN becomes:
A. Inoperative
B. Cancelled permanently
C. Suspended
D. Invalid
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Correct Answer: Option A

Explanation:
Under Income Tax rules, an unlinked PAN becomes 'inoperative', preventing the filing of ITRs and inviting higher TDS.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Provision' is recognized when:
A. For all future losses
B. Management decides
C. It is certain
D. There is a present obligation, probable outflow, reliable estimate
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Correct Answer: Option D

Explanation:
As per AS 29, provision is recognized when these three conditions are met.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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