The 'Customs Bonded Warehouse' allows: MCQ with Answer and Explanation

The 'Customs Bonded Warehouse' allows:
A. Re-export without any record
B. Immediate sale of imported goods
C. Storage of imported goods without payment of customs duty until clearance
D. Destruction of goods
Answer: Option C
Solution (By JKSSB Mock Tests)
Bonded warehouses store imported goods under customs supervision; duty is deferred.

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Practice More Accountancy and Book Keeping Questions

Question #1
Under-casting of a Sales book by Rs 1,000 will result in:
A. Debit column of Trial Balance being short by Rs 1,000
B. Suspense account with a debit balance
C. Credit column of Trial Balance being short by Rs 1,000
D. No effect on the Trial Balance totals

Correct Answer: Option C


Explanation:
Sales have a credit balance. If it's under-casted, the total credit postings will be Rs 1,000 less, making the credit column short.

Question #2
The 'GST Council' decisions require how much majority?
A. Two-thirds majority
B. Unanimous
C. Simple majority of members present
D. Three-fourths of weighted votes

Correct Answer: Option D


Explanation:
As per Article 279A, decisions are by majority of not less than three-fourths of weighted votes of members present and voting, with Union's weight one-third and states' two-thirds.

Question #3
Under GST, the 'Composition Scheme' is not available to a person who:
A. Makes inter-state supplies
B. All of the above
C. Is engaged in the manufacture of ice cream and pan masala
D. Is engaged in the supply of services

Correct Answer: Option B


Explanation:
The Composition Scheme is barred for suppliers of services (except restaurants), those making inter-state supplies, casual/non-resident taxable persons, and manufacturers of specified goods like ice cream, pan masala, and tobacco. Therefore, all options apply.