Social Accounting primarily measures: MCQ with Answer and Explanation

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Social Accounting primarily measures:

A. Tax paid to government

B. Only financial performance

C. Impact of an entity on society and environment

D. Dividends to shareholders

Answer: Option C

Solution (By JKSSB Mock Tests)

It quantifies social costs and benefits generated by an enterprise.

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

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Question #1

Which of the following is a feature of marginal costing?

A. It includes fixed overheads in product cost

B. It values inventory at full cost

C. It distinguishes between fixed and variable costs

D. It is used for external reporting

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Correct Answer: Option C

Explanation:
Marginal costing strictly separates costs into fixed and variable components, charging only variable costs to the product.

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Question #2

The 'Going Concern' assumption in audit is evaluated by:

A. Tax department

B. Auditor to assess whether the entity can continue in operation

C. Shareholders

D. Management only

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Correct Answer: Option B

Explanation:
Auditor must consider the appropriateness of management's use of going concern basis.

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Question #3

Which of the following is not a feature of a partnership?

A. Unlimited liability

B. Sharing of profits

C. Agreement between partners

D. Separate legal entity

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Correct Answer: Option D

Explanation:
A partnership firm does not have a separate legal entity distinct from its partners (except limited liability partnerships).

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