The 'Anti-Dumping Duty' is imposed to: MCQ with Answer and Explanation

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The 'Anti-Dumping Duty' is imposed to:

A. Promote exports

B. Protect domestic industry from cheap imports sold below normal value

C. Increase imports

D. Reduce customs duty

Answer: Option B

Solution (By JKSSB Mock Tests)

Anti-dumping duty is a trade remedy measure.

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

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Question #1

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A liability arising from a past event, whose existence depends on a future uncertain event, is known as:

A. Current Liability

B. Contingent Liability

C. Fixed Liability

D. Deferred Liability

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Correct Answer: Option B

Explanation:
Contingent liabilities depend on the outcome of a future event (like a pending lawsuit) and are disclosed in footnotes.

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Question #2

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A 'Cost Centre' is:

A. A sales territory

B. A location, person, or item of equipment for which costs are accumulated

C. A method of pricing

D. A unit of product

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Correct Answer: Option B

Explanation:
Cost centre is a segment of the organization where costs are collected, e.g., department, machine.

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Question #3

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A: A Real Account is never closed at the end of the accounting year. R: Real accounts represent assets and properties of the business. Choose the correct option.

A. A is true but R is false

B. Both A and R are true and R is the correct explanation of A

C. A is false but R is true

D. Both A and R are true but R is NOT the correct explanation of A

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Correct Answer: Option B

Explanation:
Real accounts represent assets, which carry forward their balances to the next year because they represent ongoing resources of the business. R correctly explains why they are permanent and never closed.

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

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