Social Accounting primarily benefits: MCQ with Answer and Explanation

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Social Accounting primarily benefits:

A. Shareholders only

B. Government only

C. Competitors

D. Society at large by disclosing social costs and benefits

Answer: Option D

Solution (By JKSSB Mock Tests)

It provides information to stakeholders about the social impact of an entity.

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

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Question #1

The 'Trial Balance' is a:

A. Subsidiary book

B. Principal book

C. Statement

D. Memorandum book

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Correct Answer: Option C

Explanation:
It is a statement, not a book of accounts.

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Question #2

The process of critically reviewing a company's budget to justify every cost as if the activity is being undertaken for the first time is called:

A. Zero-Based Budgeting

B. Flexible Budgeting

C. Master Budgeting

D. Performance Budgeting

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Correct Answer: Option A

Explanation:
Zero-Based Budgeting mandates that no budget base is carried forward automatically; everything must be justified from ground zero.

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Question #3

The 'Faceless Penalty' scheme under income tax was introduced in:

A. 2017

B. 2019

C. 2020

D. 2021

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Correct Answer: Option D

Explanation:
Faceless penalty scheme was launched in 2021 to impart transparency.

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