When a firm adopts 'Lean Accounting', it primarily tries to: MCQ with Answer and Explanation

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When a firm adopts 'Lean Accounting', it primarily tries to:

A. Eliminate waste and align accounting processes with lean manufacturing principles

B. Under-report profits to save tax

C. Reduce the number of accountants

D. Stop issuing balance sheets

Answer: Option A

Solution (By JKSSB Mock Tests)

Lean accounting supports lean manufacturing by eliminating complex, non-value-adding accounting transactions and focusing on value stream costing.

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

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Question #1

The 'ASB' stands for:

A. Accounting Standards Board of ICAI

B. Audit and Standards Bureau

C. Accounting Standards Bureau

D. Auditing Standards Board

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Correct Answer: Option A

Explanation:
ASB is Accounting Standards Board, constituted by ICAI to formulate accounting standards.

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

Question #2

Which of the following is a direct tax levied by the Union Government?

A. Income tax

B. Excise duty on alcohol

C. Sales tax

D. Entertainment tax

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Correct Answer: Option A

Explanation:
Income tax is a direct tax. Excise on alcohol is state subject. Sales tax/VAT is state. Entertainment tax is local.

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Question #3

A social audit in India under MGNREGA is conducted by:

A. Chartered accountant

B. CAG directly

C. Gram Sabha through social audit units

D. External auditor appointed by government

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Correct Answer: Option C

Explanation:
MGNREGA mandates social audit by Gram Sabha with facilitation by social audit units.

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

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