A social audit is typically conducted by: MCQ with Answer and Explanation

Question Report Error

A social audit is typically conducted by:

A. Only government officials

B. Only chartered accountants

C. Only management

D. Stakeholders, including community representatives

Answer: Option D

Solution (By JKExamLibrary)

Social audit involves participation of various stakeholders, including the local community, to evaluate social performance.

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

The 'Written Representations' from management are required to:

A. Complement other audit evidence and confirm management's responsibilities

B. Replace all other audit evidence

C. Be the sole evidence

D. Only for fraud

View Answer & Solution Discuss

Correct Answer: Option A

Explanation:
Written representations support, but do not substitute for, sufficient appropriate evidence.

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

Question #2 Report Error

Call money market deals in loans for a maximum period of:

A. 24 hours only

B. 1 year

C. 1 day to 14 days

D. 5 years

View Answer & Solution Discuss

Correct Answer: Option C

Explanation:
Call money refers to overnight loans, while notice money covers loans from 2 to 14 days, generally used for inter-bank transactions.

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

Question #3 Report Error

Legacy donation is generally treated as:

A. Liability

B. Revenue receipt

C. Deferred revenue

D. Capital receipt

View Answer & Solution Discuss

Correct Answer: Option D

Explanation:
Legacy is a voluntary contribution of a significant nature, usually treated as capital receipt.

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

Explore All Accountancy and Book Keeping MCQs