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

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The 'Basic Customs Duty' is levied under:

A. Income Tax Act

B. Finance Act

C. Customs Tariff Act, 1975

D. GST Act

Answer: Option C

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

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Question #1

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Which of the following is typically maintained using the imprest system?

A. Purchase Day Book

B. Petty Cash Book

C. Main Cash Book

D. Sales Ledger

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Correct Answer: Option B

Explanation:
The Petty Cash Book uses the imprest system where a fixed float is maintained and actual expenses are reimbursed periodically.

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Question #2

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The 'Social Audit' under Indian schemes is mandated for:

A. All companies

B. All government schemes

C. Mahatma Gandhi NREGA

D. Private hospitals

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Correct Answer: Option C

Explanation:
Social audit is statutory for MGNREGA.

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

Question #3

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The 'Rights Issue' is offered to:

A. Public

B. Employees

C. Existing shareholders in proportion to their holding

D. Promoters

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Correct Answer: Option C

Explanation:
Rights shares are offered to existing equity shareholders on a pro-rata basis.

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

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