Social Accounting in India is mostly used by: MCQ with Answer and Explanation

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Social Accounting in India is mostly used by:

A. Manufacturing companies

B. Households

C. Public sector enterprises

D. Small traders

Answer: Option C

Solution (By JKExamLibrary)

Public sector enterprises and large corporations often prepare social accounting statements to show their contribution to social objectives.

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

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Question #1 Report Error

In cost accounting, the prime cost is equal to:

A. Direct materials + Direct labor + Direct expenses

B. Factory cost + Admin overheads

C. Cost of production + Selling overheads

D. Total cost - Profit

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Correct Answer: Option A

Explanation:
Prime cost is the aggregate of all direct costs, specifically direct materials, direct labor, and direct expenses.

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

Question #2 Report Error

The 'Face-less Assessment' under Income Tax is carried out by:

A. NFRA

B. National e-Assessment Centre (NeAC) / Regional e-Assessment Centres

C. Assessing Officer in local office

D. CAG

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Correct Answer: Option B

Explanation:
Faceless assessment is done through electronic means by specialised units.

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

Question #3 Report Error

A 'Drawings' account is a:

A. Nominal account

B. Real account

C. Personal account

D. Valuation account

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Correct Answer: Option C

Explanation:
Drawings account represents the proprietor, hence it is a personal account.

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

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