Social accounting is mandatory for: MCQ with Answer and Explanation

Question

Share Report Error

Social accounting is mandatory for:

A. All companies

B. All banks

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

D. All public sector units

Answer: Option C

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The term 'Debtors' represent:

A. Amounts owed by the business

B. Bills payable

C. Outstanding expenses

D. Amounts owed to the business by customers

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Debtors are persons/entities who owe money to the business for goods/services provided on credit.

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

Question #2

A social audit is:

A. Audit of government welfare schemes only

B. An evaluation of a company's social responsibility performance

C. An audit of social clubs

D. Financial audit by social organizations

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Social audit assesses a company's performance in social, environmental, and ethical areas, beyond financials.

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

Question #3

The primary purpose of preparing a Bank Reconciliation Statement (BRS) is to:

A. Correct errors in the ledger

B. Determine the net profit

C. Identify causes of difference between cash book and pass book balances

D. Calculate bank interest

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
BRS is prepared to reconcile the bank balance as per the cash book with the balance as per the bank statement (pass book).

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

Explore All Accountancy and Book Keeping MCQs