Which concept attempts to measure the cost and benefits of a firm's activities to the society? MCQ with Answer and Explanation

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Which concept attempts to measure the cost and benefits of a firm's activities to the society?

A. Forensic Accounting

B. Human Resource Accounting

C. Inflation Accounting

D. Corporate Social Responsibility (CSR) Accounting

Answer: Option D

Solution (By JKSSB Mock Tests)

CSR/Social accounting at the micro level identifies and measures the net social contribution of a business organization.

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

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Question #1

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When goods are distributed as free samples, the adjustment entry requires:

A. Debiting Purchases A/c, Crediting Advertisement A/c

B. Debiting Free Samples A/c, Crediting Cash A/c

C. Debiting P&L A/c, Crediting Sales A/c

D. Debiting Advertisement A/c, Crediting Trading A/c (or Purchases A/c)

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Correct Answer: Option D

Explanation:
Free samples are an advertising expense (debit), and they reduce the stock of purchased goods at cost price (credit Purchases/Trading).

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Question #2

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Carriage outward is shown in:

A. Balance Sheet

B. Trading A/c

C. Profit & Loss A/c

D. Manufacturing A/c

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Correct Answer: Option C

Explanation:
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.

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Question #3

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A distributed ledger technology providing a secure and immutable record of transactions is:

A. Tally Prime

B. Cloud Accounting

C. Blockchain Accounting

D. ERP System

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Correct Answer: Option C

Explanation:
Blockchain creates decentralized, tamper-proof ledgers, significantly reducing the scope for fraud and simplifying the auditing process.

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