Social Accounting in India is mostly used by: MCQ with Answer and Explanation

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Social Accounting in India is mostly used by:

A. Manufacturing companies

B. Small traders

C. Households

D. Public sector enterprises

Answer: Option D

Solution (By JKSSB Mock Tests)

Public sector enterprises and large corporations often prepare social accounting statements to show their contribution to social objectives.

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 'Earnings Per Share' (EPS) as per AS 20 is computed as:

A. Net profit before preference dividend / Equity shares

B. Net profit / Number of equity shares outstanding

C. EBIT / Shares

D. Gross profit / Number of shares

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Correct Answer: Option B

Explanation:
Basic EPS = (Net profit - Preference dividend) / Weighted average equity shares.

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Question #2

The 'Transfer Pricing' regulations in India are contained in:

A. SEBI Act

B. Sections 92 to 92F of Income Tax Act

C. Companies Act

D. GST Act

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Correct Answer: Option B

Explanation:
Transfer pricing provisions apply to international transactions and specified domestic transactions.

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Question #3

A credit sale of ₹10,000 to Ram was posted as ₹1,000. This is an error of:

A. Omission

B. Principle

C. Compensation

D. Commission

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Correct Answer: Option D

Explanation:
Error of commission occurs when a transaction is incorrectly recorded, e.g., wrong amount, wrong posting.

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

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