The objective of social audit is to: MCQ with Answer and Explanation

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The objective of social audit is to:

A. Ensure compliance with tax laws

B. Assess the social impact of an organization's activities

C. Detect financial frauds

D. Maximize profits

Answer: Option B

Solution (By JKSSB Mock Tests)

Social audit evaluates how well an organization achieves its social and environmental goals, assessing its broader impact on society.

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

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Question #1

The 'Concept of Prudence' under Ind AS is:

A. Not specifically identified as a separate concept; neutrality overrides prudence

B. A fundamental accounting assumption

C. Always applied

D. An overriding principle

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Correct Answer: Option A

Explanation:
The Conceptual Framework under Ind AS/IFRS does not include prudence as a separate qualitative characteristic; it emphasises neutrality.

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Question #2

A company issues 10% debentures of ₹100 each at a discount of 5%, redeemable at a premium of 10%. What is the total loss on issue per debenture to be written off over the life of the debenture?

A. ₹15

B. ₹0

C. ₹5

D. ₹10

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Correct Answer: Option A

Explanation:
Loss on issue = Discount on issue + Premium on redemption = ₹5 + ₹10 = ₹15 per debenture. This total loss is written off over the tenure of the debentures.

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Question #3

The 'Lease Liability' under Ind AS 116 is measured at:

A. Fair value

B. Cost

C. Present value of lease payments not yet paid

D. Undiscounted sum

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Correct Answer: Option C

Explanation:
Lease liability is initially measured at present value of future lease payments.

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