The 'Baggage Rules' under Customs provide for: MCQ with Answer and Explanation

Question
The 'Baggage Rules' under Customs provide for:
A. No allowance
B. Duty-free allowances for passengers arriving in India
C. Duty on all luggage
D. Duty on cargo
Answer: Option B
Solution (By JKSSB Mock Tests)
Baggage Rules specify the quantity and value of goods that can be brought duty-free.
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 of the following would cause a difference in Cash Book and Pass Book?
A. All of the above
B. Interest credited by bank
C. Bank charges debited by bank
D. Direct deposit by a customer into bank
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Correct Answer: Option A

Explanation:
All these items may be recorded by bank but not yet by customer, causing timing differences.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: The Indian Financial System comprises both organized and unorganized sectors. S2: The organized sector includes moneylenders and indigenous bankers. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. Both S1 and S2
C. S1 only
D. S2 only
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Correct Answer: Option C

Explanation:
The Indian Financial System has both organized (banks, RBI, stock exchanges) and unorganized (moneylenders, indigenous bankers) sectors. S2 is incorrect because moneylenders belong to the unorganized sector.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
An unearned income is classified as:
A. Expense
B. Liability
C. Asset
D. Income
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Correct Answer: Option B

Explanation:
Unearned income (advance received) represents obligation to render service, hence a liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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