Social Accounting relies on capturing a firm's impact on its environment. Which standard is widely used globally for such reporting? MCQ with Answer and Explanation

Question

Social Accounting relies on capturing a firm's impact on its environment. Which standard is widely used globally for such reporting?

A. XBRL

B. GRI (Global Reporting Initiative) Standards

C. IFRS 9

D. Ind AS 115

Answer: Option B

Solution (By JKSSB Mock Tests)

GRI provides the most widely used comprehensive framework globally for sustainability and social impact reporting.

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

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The use of 'Smart Contracts' in accounting is a direct result of development in:

A. PFMS

B. Blockchain Technology

C. Double Entry System

D. Cost Control

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Correct Answer: Option B

Explanation:
Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.

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Question #2

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The 'GST on Non-Affordable Housing' (other than affordable) is:

A. 28%

B. 12% with ITC

C. 18%

D. 5% without ITC

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Correct Answer: Option D

Explanation:
Non-affordable residential real estate projects are taxed at 5% without ITC.

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Question #3

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Cost Accounting defines 'Cost Centre' as:

A. The total profit of the organization

B. The bank account where funds are kept

C. A person, location, or item of equipment for which costs may be ascertained for control

D. A unit of product ready for sale

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Correct Answer: Option C

Explanation:
A cost centre is a logical segment (like a department or machine) used to accumulate and trace costs for management purposes.

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

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