The 'Social Audit' under Indian schemes is mandated for: MCQ with Answer and Explanation

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The 'Social Audit' under Indian schemes is mandated for:

A. All companies

B. All government schemes

C. Mahatma Gandhi NREGA

D. Private hospitals

Answer: Option C

Solution (By JKSSB Mock Tests)

Social audit is statutory for MGNREGA.

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

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Question #1

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Which of the following errors will cause the Trial Balance to disagree?

A. Complete omission of a transaction

B. Casting the Sales Return book short by Rs 100

C. Posting Rs 500 to the debit of Machinary instead of Wages

D. Recording a transaction in the wrong subsidiary book

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Correct Answer: Option B

Explanation:
Short casting (undercasting) a subsidiary book affects only one side of the ledger, resulting in a mismatch in the Trial Balance.

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Question #2

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A 'Partner by Holding Out' is:

A. A person who represents himself as a partner but is not

B. A minor admitted to benefits

C. A deceased partner's legal heir

D. A retired partner

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Correct Answer: Option A

Explanation:
A person who by his conduct or words allows others to believe he is a partner may be held liable as partner by estoppel or holding out.

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Question #3

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The accounting equation for a business on a particular date: Assets ₹5,00,000; Liabilities ₹2,00,000. Capital will be:

A. ₹3,00,000

B. ₹2,00,000

C. ₹5,00,000

D. ₹7,00,000

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Correct Answer: Option A

Explanation:
Capital = Assets - Liabilities = ₹5,00,000 - ₹2,00,000 = ₹3,00,000.

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