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

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The objective of social audit is to:

A. Detect financial frauds

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

C. Ensure compliance with tax laws

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 'Deferred Tax' on account of timing differences is calculated using:

A. Enacted tax rates that will apply in the periods when the differences reverse

B. Average tax rate

C. Current year tax rate

D. Minimum Alternate Tax rate

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Correct Answer: Option A

Explanation:
Deferred tax is measured using tax rates that have been enacted or substantively enacted by the reporting date.

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

Question #2

The column 'J.F.' in a ledger account stands for:

A. Journal Factor

B. Journal Format

C. Joint Finance

D. Journal Folio

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Correct Answer: Option D

Explanation:
Journal Folio (J.F.) indicates the page number of the journal from where the specific entry was posted.

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Question #3

What is the maximum penalty for late filing of an Income Tax Return (ITR) under section 234F for a person with income above Rs 5 lakhs?

A. Rs 1,000

B. Rs 10,000

C. Rs 50,000

D. Rs 5,000

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Correct Answer: Option D

Explanation:
Currently, the maximum penalty under section 234F for delayed filing is Rs 5,000 (Rs 1,000 if total income is under 5 lakhs).

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

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