Social accounting is primarily concerned with: MCQ with Answer and Explanation

Question
Social accounting is primarily concerned with:
A. Maximizing shareholder wealth
B. Recording petty cash expenses
C. Calculating national income and economic performance of the country
D. Minimizing corporate taxes
Answer: Option C
Solution (By JKSSB Mock Tests)
At a macro level, social accounting (or national income accounting) measures the economic activity, income, and expenditure of a nation.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
If total assets increase by Rs 40,000 and total liabilities increase by Rs 10,000, what is the effect on the owner's equity?
A. Decreases by Rs 40,000
B. Increases by Rs 30,000
C. Decreases by Rs 30,000
D. Increases by Rs 50,000
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Correct Answer: Option B

Explanation:
Since Assets = Liabilities + Equity, 40,000 (Increase) = 10,000 (Increase) + Equity (Increase). Equity must increase by Rs 30,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
If BRS is prepared starting with a credit balance as per Cash Book (overdraft), interest allowed by the bank will be:
A. Treated as an error
B. Added
C. Not treated in BRS
D. Deducted
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Correct Answer: Option D

Explanation:
Interest allowed reduces the actual bank overdraft (Pass book). To make the Cash book overdraft match this lower figure, it must be deducted.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A 'Bank Overdraft' is shown in Balance Sheet as:
A. Current liability
B. Current asset
C. Long-term liability
D. Contra asset
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Correct Answer: Option A

Explanation:
Bank overdraft is repayable on demand, hence a current liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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