A social audit report is: MCQ with Answer and Explanation

Question
A social audit report is:
A. Part of tax audit
B. Conducted by the Comptroller and Auditor General only
C. Legally mandatory for all companies
D. Voluntary or mandated by specific statutes like Mahatma Gandhi NREGA
Answer: Option D
Solution (By JKSSB Mock Tests)
Social audit is mandated for certain government schemes (e.g., MGNREGA) and may be voluntary for others. It is not universally mandatory for all companies.
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 primary objective of cost accounting is:
A. To ascertain selling price
B. To ascertain cost and control cost
C. To prepare financial accounts
D. To calculate tax
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Correct Answer: Option B

Explanation:
Cost accounting focuses on recording, classifying, and controlling costs to aid management decisions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is not recorded in the Cash Book?
A. Bank charges
B. Cash sales
C. Cash purchases
D. Credit purchases
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Correct Answer: Option D

Explanation:
Credit purchases are recorded in purchase book, not cash book.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Insolvency and Bankruptcy Code' (IBC) 2016 provides:
A. For winding up of companies only
B. Audit procedures
C. Tax collection
D. Time-bound resolution of insolvency and bankruptcy
Discuss
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Correct Answer: Option D

Explanation:
IBC aims at resolution in a time-bound manner, maximising asset value.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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