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

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A social audit is typically conducted by:

A. Only management

B. Only government officials

C. Only chartered accountants

D. Stakeholders, including community representatives

Answer: Option D

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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Question #1

S1: Income Tax is a direct tax. S2: Income Tax is levied by the State Governments in India. Which statement(s) is/are correct?

A. Neither S1 nor S2

B. S1 only

C. Both S1 and S2

D. S2 only

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Correct Answer: Option B

Explanation:
Income Tax is a direct tax levied on the income of individuals and entities. However, it is levied and collected by the Central Government, not the State Governments. S1 is correct, S2 is incorrect.

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

Question #2

Which of the following is true regarding a Trial Balance?

A. It is a part of the double entry system.

B. It is prepared at the end of every month.

C. It detects errors of principle.

D. It proves the arithmetical accuracy of books.

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Correct Answer: Option D

Explanation:
Trial balance only checks arithmetical accuracy; it does not detect all errors, especially errors of principle.

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

Question #3

A debenture is a:

A. Short-term asset

B. Instrument acknowledging a debt

C. Form of preference share

D. Document of ownership

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Correct Answer: Option B

Explanation:
A debenture is a written instrument issued under the common seal of the company acknowledging a long-term debt to the holders.

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

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