The 'Advance Authorisation' scheme under Foreign Trade Policy is related to: MCQ with Answer and Explanation

Question
The 'Advance Authorisation' scheme under Foreign Trade Policy is related to:
A. Import of goods without export obligation
B. Duty-free import of inputs required for export production
C. Service exports
D. Capital goods import
Answer: Option B
Solution (By JKSSB Mock Tests)
Advance Authorisation allows duty-free import of inputs, which are physically incorporated in the export product.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which accounting system violates the matching principle?
A. Cash System
B. Accrual System
C. Fund-based System
D. Mercantile System
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Correct Answer: Option A

Explanation:
The cash system violates the matching principle because it does not match the revenues of a specific period with the expenses incurred to generate them.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under Activity Based Costing (ABC), the number of purchase orders processed is an example of a:
A. Cost Driver
B. Cost Pool
C. Cost Object
D. Direct Cost
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Correct Answer: Option A

Explanation:
A cost driver is the factor that creates or influences a cost. The number of orders 'drives' the purchasing department's costs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Under the single entry system, if Closing Capital is Rs 50,000, Opening Capital is Rs 30,000, and Drawings are Rs 10,000, what is the profit?
A. Rs 20,000
B. Rs 30,000
C. Rs 40,000
D. Rs 10,000
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Correct Answer: Option B

Explanation:
Profit = Closing Capital + Drawings - Opening Capital = 50,000 + 10,000 - 30,000 = Rs 30,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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