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. Private hospitals

C. Mahatma Gandhi NREGA

D. All government schemes

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

The 'Independence' of an auditor is required because:

A. To reduce fees

B. To maintain objectivity and impartiality in the audit opinion

C. To increase revenue

D. To comply with company law only

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Correct Answer: Option B

Explanation:
Independence ensures unbiased opinion.

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Question #2

The 'Social Welfare Surcharge' is levied on:

A. Basic customs duty

B. GST

C. Income tax

D. All taxes

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Correct Answer: Option A

Explanation:
Social welfare surcharge is levied on the aggregate of duties of customs, except certain items.

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Question #3

The process of transferring entries from the Journal to the respective accounts is called:

A. Summarising

B. Posting

C. Balancing

D. Journalising

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Correct Answer: Option B

Explanation:
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.

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