Social accounting primarily focuses on: MCQ with Answer and Explanation

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Social accounting primarily focuses on:

A. Maximizing shareholder wealth

B. Auditing internal controls

C. Calculating tax liabilities

D. Reporting the social and environmental impact of a business

Answer: Option D

Solution (By JKSSB Mock Tests)

Social accounting measures and reports the social, environmental, and economic effects of business activities on the community.

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

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Question #1

In a two-column cash book, the bank column showed a credit balance of ₹5,000. This means:

A. Bank overdraft ₹5,000

B. Petty cash ₹5,000

C. Cash at bank ₹5,000

D. Fixed deposit ₹5,000

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Correct Answer: Option A

Explanation:
Credit balance in bank column indicates liability towards bank, i.e., overdraft.

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Question #2

In Cost-Volume-Profit (CVP) analysis, 'Angle of Incidence' represents:

A. The angle of the fixed cost line

B. The angle between total sales line and total cost line above the BEP

C. The percentage of variable cost to sales

D. The point of zero profit

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Correct Answer: Option B

Explanation:
A wider angle of incidence on a break-even chart indicates a higher rate of profit generation once the break-even point is crossed.

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Question #3

In a flexible budget, the budgeted cost for a given level of activity is based on:

A. Previous year actuals only

B. Zero base

C. Fixed budget only

D. Recognition of cost behaviour patterns (fixed and variable)

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Correct Answer: Option D

Explanation:
Flexible budget adjusts for different activity levels by separating fixed and variable costs.

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