A 'Social Audit' differs from financial audit as it: MCQ with Answer and Explanation

Question Report Error

A 'Social Audit' differs from financial audit as it:

A. Is done by a chartered accountant only

B. Is for tax purposes

C. Examines social and environmental performance

D. Ignores stakeholders

Answer: Option C

Solution (By JKExamLibrary)

Social audit evaluates non-financial aspects like social impact.

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

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1 Report Error

S1: Under GST, the 'E-invoice' system generates an Invoice Reference Number (IRN) and a QR code. S2: The IRN is generated by the taxpayer's own accounting software without connecting to the government portal. Which statement(s) is/are correct?

A. Both S1 and S2

B. S2 only

C. S1 only

D. Neither S1 nor S2

View Answer & Solution Discuss

Correct Answer: Option C

Explanation:
S1 is correct; e-invoicing generates an IRN and QR code. S2 is incorrect because the IRN is generated by the Invoice Registration Portal (IRP) of the government, not locally by the taxpayer's software without validation.

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

Question #2 Report Error

S1: Revaluation Account is prepared at the time of admission of a partner. S2: Revaluation Account is prepared at the time of retirement of a partner. Which statement(s) is/are correct?

A. S1 only

B. S2 only

C. Neither S1 nor S2

D. Both S1 and S2

View Answer & Solution Discuss

Correct Answer: Option D

Explanation:
A Revaluation Account is prepared whenever there is a change in the constitution of the firm, including admission, retirement, or death of a partner, to adjust the values of assets and liabilities. Both statements are correct.

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