The 'Advance Authorisation' scheme under Foreign Trade Policy allows: MCQ with Answer and Explanation

Question
The 'Advance Authorisation' scheme under Foreign Trade Policy allows:
A. Duty-free import of inputs for export production
B. Tax holiday
C. Income tax exemption
D. Cash subsidy
Answer: Option A
Solution (By JKSSB Mock Tests)
Advance authorisation permits duty-free import of inputs that are physically incorporated in export product.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A costing system that focuses on continuous small improvements in manufacturing processes to reduce costs is known as:
A. Life Cycle Costing
B. Target Costing
C. Standard Costing
D. Kaizen Costing
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Correct Answer: Option D

Explanation:
Kaizen costing is a Japanese concept involving continuous, incremental improvements to reduce costs during the manufacturing phase.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
When preparing a BRS starting with an overdraft as per the Pass Book, checks deposited but not yet cleared should be:
A. Divided
B. Added
C. Ignored
D. Deducted
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Correct Answer: Option B

Explanation:
Deposited checks lower the Cash Book overdraft. To make the Pass Book overdraft match the lower Cash Book overdraft, the amount must be added (reducing the negative balance).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
S1: An error of principle occurs when a transaction is recorded in the wrong class of account. S2: An error of omission occurs when a transaction is completely omitted from the books. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. S2 only
C. Both S1 and S2
D. S1 only
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Correct Answer: Option C

Explanation:
An error of principle violates fundamental accounting rules (e.g., treating a capital expense as revenue). An error of complete omission means the transaction is not recorded at all. Both definitions are correct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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