Social audit differs from financial audit mainly because: MCQ with Answer and Explanation

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Social audit differs from financial audit mainly because:

A. It focuses solely on tax evasion

B. It examines social impact and ethical behavior rather than just financial accuracy

C. It is always conducted by the CAG

D. It is done on a daily basis

Answer: Option B

Solution (By JKSSB Mock Tests)

A social audit evaluates how well a company is achieving its social objectives and its impact on the community and environment.

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

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Question #1

GST collected on sales is credited to:

A. Sales Account

B. Output GST Liability Account

C. Input GST Credit Account

D. Purchase Account

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Correct Answer: Option B

Explanation:
GST collected from customers is a liability to government, recorded as Output GST.

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

Question #2

In the preparation of Income and Expenditure Account, outstanding expenses at the end are:

A. Ignored

B. Deducted from the respective expense

C. Added to the respective expense

D. Shown as income

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Correct Answer: Option C

Explanation:
Outstanding expenses increase the total expense for the period.

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

Question #3

The 'Minimum Alternate Tax' (MAT) rate for companies is:

A. 22%

B. 15% (plus surcharge and cess)

C. 18.5%

D. 15%

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Correct Answer: Option B

Explanation:
MAT is 15% of book profits (plus surcharge and cess).

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

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