The 'Customs Act, 1962' levies duty on: MCQ with Answer and Explanation

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The 'Customs Act, 1962' levies duty on:

A. Services

B. Goods manufactured in India

C. Income

D. Imported and exported goods

Answer: Option D

Solution (By JKSSB Mock Tests)

Customs duty is on imports and exports.

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

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Question #1

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The 'Indian Government Accounting Standards' (IGAS) are based on:

A. Mixed basis

B. Mercantile basis

C. Cash basis

D. Accrual basis

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Correct Answer: Option C

Explanation:
IGAS are primarily cash-based, with certain disclosures on accrual basis.

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

Question #2

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The 'Prevention of Money Laundering Act' (PMLA) in India requires reporting of:

A. Suspicious transactions

B. GST filings

C. Tax payments

D. All cash transactions

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Correct Answer: Option A

Explanation:
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.

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

Question #3

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In a partnership, interest on drawings is charged to:

A. Trading A/c

B. Balance Sheet

C. Partners' Capital A/c

D. P&L A/c

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Correct Answer: Option C

Explanation:
Interest on drawings is a gain for the firm, credited to P&L Appropriation A/c and debited to partners' capital/current accounts.

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

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