S1: Social accounting reports the social and environmental impact of a business. S2: Social audit is a formal assessment of a company's social accounting systems. Which statement(s) is/are correct? MCQ with Answer and Explanation
S1: Social accounting reports the social and environmental impact of a business. S2: Social audit is a formal assessment of a company's social accounting systems. Which statement(s) is/are correct?
A. S1 only
B. Both S1 and S2
C. S2 only
D. Neither S1 nor S2
Answer: Option B
Solution (By JKSSB Mock Tests)
Social accounting communicates the social and environmental effects of a company's actions. Social audit is the systematic evaluation of these social accounting reports to ensure accountability. Both are correct.
Under the Income Tax Act, if a taxpayer has a business profit of ₹3,00,000 and a brought forward business loss of ₹2,00,000, what is the total income after set-off?
Explanation:
Brought forward business loss can be set off against current year business profit. Total income = ₹3,00,000 (Profit) - ₹2,00,000 (B/F Loss) = ₹1,00,000.
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