The 'Basic Customs Duty' is levied under: MCQ with Answer and Explanation

Question

Share Report Error

The 'Basic Customs Duty' is levied under:

A. Customs Tariff Act, 1975

B. Finance Act

C. Income Tax Act

D. GST Act

Answer: Option A

Solution (By JKSSB Mock Tests)

Basic customs duty is imposed under Customs Tariff Act.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

In the absence of a partnership deed, what is the rule regarding salaries to partners?

A. Salary based on hours worked

B. Equal salary to all partners

C. Salary proportional to capital

D. No partner is entitled to a salary

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Section 13(a) of the Indian Partnership Act, 1932 states that partners are not entitled to receive any remuneration for participating in the business.

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

Question #2

Share Report

The 'Price Earning' (P/E) ratio is calculated as:

A. Market price per share / Earnings per share

B. Dividend / Market price

C. Earnings per share / Market price per share

D. Market price / Book value

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
P/E ratio indicates how much investors are willing to pay per rupee of earnings.

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

Question #3

Share Report

The 'Fair Value' measurement is a key feature of:

A. Partnership Act

B. Ind AS

C. Cash basis accounting

D. Income Tax Act

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Ind AS extensively uses fair value for financial instruments, investment property, etc.

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

Explore All Accountancy and Book Keeping MCQs