S1: Social accounting reports the social and environmental impact of a business. S2: Social audit is a formal assessment of a company's social accounting systems. Which statement(s) is/are correct? MCQ with Answer and Explanation
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Question #1
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Goodwill of a firm is valued at 2 years purchase of average profits of last 4 years. Profits: 2019- ₹20,000; 2020- ₹30,000; 2021- ₹40,000; 2022- ₹50,000 (including speculative profit ₹10,000). Average profit for goodwill will be:
Correct Answer: Option D
Explanation:
Speculative profit is excluded. Normal profit for last year = 40,000 - 10,000 = 30,000. Total profits: 25,000 + 30,000 + 35,000 + 30,000 = 1,20,000. Average = ₹30,000.
Speculative profit is excluded. Normal profit for last year = 40,000 - 10,000 = 30,000. Total profits: 25,000 + 30,000 + 35,000 + 30,000 = 1,20,000. Average = ₹30,000.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A partner's current account will have a credit balance if:
Correct Answer: Option B
Explanation:
Current account credit balance indicates net amount owed by firm to partner, i.e., profits and interest etc. exceed drawings.
Current account credit balance indicates net amount owed by firm to partner, i.e., profits and interest etc. exceed drawings.
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Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Kisan Credit Card' (KCC) is a scheme for:
Correct Answer: Option C
Explanation:
KCC provides short-term credit to farmers.
KCC provides short-term credit to farmers.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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