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

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The 'Customs Act, 1962' levies duty on:

A. Income

B. Goods manufactured in India

C. Imported and exported goods

D. Services

Answer: Option C

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 'Impairment of Assets' (Ind AS 36) applies to:

A. Only intangible assets

B. All assets

C. Only fixed assets

D. All assets except inventories, deferred tax assets, assets arising from employee benefits, financial assets, investment property measured at fair value, and certain others

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Correct Answer: Option D

Explanation:
Ind AS 36 has a specific scope excluding certain assets covered by other standards.

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Question #2

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The 'Engagement Letter' in audit is:

A. A letter of appointment of auditor

B. Tax notice

C. The audit programme

D. A written agreement between auditor and client detailing scope and terms of audit

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Correct Answer: Option D

Explanation:
Engagement letter formalises the audit engagement.

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Question #3

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An amount received from a debtor whose account was previously written off as bad debt is:

A. Credited to Sales A/c

B. Credited to Debtor's A/c

C. Debited to Bad Debts A/c

D. Credited to Bad Debts Recovered A/c

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Correct Answer: Option D

Explanation:
It represents a new gain and is credited to Bad Debts Recovered, a nominal account, without reopening the debtor's account.

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

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