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. Human Resource Accounting

B. Corporate Social Responsibility (CSR) Accounting

C. Inflation Accounting

D. Forensic Accounting

Answer: Option B

Solution (By JKSSB Mock Tests)

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

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Question #1

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Under single entry system, which of the following is usually not maintained?

A. Personal accounts

B. Real and nominal accounts

C. Cash book

D. Debtors and creditors accounts

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Correct Answer: Option B

Explanation:
Single entry often lacks complete double entry; real and nominal accounts may not be fully maintained.

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Question #2

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Which accounting principle states that revenue should be recognized only when it is actually earned, not necessarily when cash is received?

A. Historical Cost Principle

B. Matching Principle

C. Revenue Recognition Principle

D. Conservatism Principle

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Correct Answer: Option C

Explanation:
The Revenue Recognition (Realization) principle dictates that revenue is recognized when the earning process is virtually complete and an exchange has taken place.

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Question #3

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CSR (Corporate Social Responsibility) is mandatory under the Companies Act 2013 for companies with a net profit of at least:

A. Rs 50 Crores

B. Rs 5 Crores

C. Rs 10 Crores

D. Rs 1 Crore

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Correct Answer: Option B

Explanation:
Section 135 mandates CSR for companies with Net Worth ≥ 500 Cr, Turnover ≥ 1000 Cr, or Net Profit ≥ 5 Cr.

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