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

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The 'Baggage Rules' under Customs provide for:

A. Duty on all luggage

B. No allowance

C. Duty-free allowances for passengers arriving in India

D. Duty on cargo

Answer: Option C

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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Question #1

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The accounting equation for a business on a particular date: Assets ₹5,00,000; Liabilities ₹2,00,000. Capital will be:

A. ₹3,00,000

B. ₹5,00,000

C. ₹2,00,000

D. ₹7,00,000

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Correct Answer: Option A

Explanation:
Capital = Assets - Liabilities = ₹5,00,000 - ₹2,00,000 = ₹3,00,000.

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Question #2

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A complete omission to record a transaction in the journal will cause the Trial Balance to:

A. Show double the difference

B. Show a difference equal to half the transaction amount

C. Show a difference equal to the transaction amount

D. Tally without any difference

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Correct Answer: Option D

Explanation:
Since both debit and credit aspects are omitted completely, the Trial Balance equation remains balanced.

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Question #3

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Which ratio is a strict measure of a firm's immediate ability to pay off current liabilities?

A. Quick Ratio (Acid Test Ratio)

B. Proprietary Ratio

C. Debt-Equity Ratio

D. Current Ratio

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Correct Answer: Option A

Explanation:
The Quick Ratio excludes inventory and prepaid expenses, comparing only highly liquid assets (cash, receivables) to current liabilities.

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