Social accounting is mandatory for: MCQ with Answer and Explanation

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Social accounting is mandatory for:

A. No universal mandate, but some large entities voluntarily disclose

B. All banks

C. All public sector units

D. All companies

Answer: Option A

Solution (By JKSSB Mock Tests)

Social accounting is largely voluntary except for some mandated disclosures like CSR.

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

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Question #1

The 'Impersonal Accounts' are further classified into:

A. Real and Nominal

B. Representative and Personal

C. Current and Non-current

D. Natural and Artificial

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Correct Answer: Option A

Explanation:
Impersonal accounts include real (assets) and nominal (expenses/losses, incomes/gains).

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Question #2

A petty cashier is given Rs 2,000 as float. He spends Rs 1,750 during the month. Under the imprest system, how much will he receive at the start of the next month?

A. Rs 1,750

B. Rs 3,750

C. Rs 250

D. Rs 2,000

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Correct Answer: Option A

Explanation:
Reimbursement equals the exact amount spent (Rs 1,750) so the float is restored back to the imprest limit of Rs 2,000.

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Question #3

Direct taxes are progressive in nature because:

A. Rate is same for all

B. They are only on goods

C. Rate increases with income level

D. They are collected indirectly

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Correct Answer: Option C

Explanation:
Direct taxes like income tax have higher rates for higher income slabs, making them progressive.

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

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