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

Question

Share Report Error

The 'Customs Bonded Warehouse' allows:

A. Re-export without any record

B. Immediate sale of imported goods

C. Destruction of goods

D. Storage of imported goods without payment of customs duty until clearance

Answer: Option D

Solution (By JKSSB Mock Tests)

Bonded warehouses store imported goods under customs supervision; duty is deferred.

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

Which formula determines the Return on Equity (ROE)?

A. Net Profit / Total Assets

B. Operating Profit / Capital Employed

C. Gross Profit / Sales

D. Net Profit available to Equity Shareholders / Equity Shareholder's Funds

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
ROE measures the profitability of equity funds, showing how much profit a company generates with the money shareholders have invested.

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

Question #2

Which of the following is a feature of a company as per Companies Act?

A. Unlimited liability

B. Perpetual succession

C. Cannot own property

D. No separate legal entity

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
A company has perpetual succession, separate legal entity, limited liability, and can own property.

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

Question #3

A business paid ₹12,000 as insurance premium for the year ending 31st March 2025, out of which ₹3,000 relates to next year. Insurance expense for current year is:

A. ₹15,000

B. ₹3,000

C. ₹12,000

D. ₹9,000

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Prepaid ₹3,000, so current year expense = 12,000 - 3,000 = ₹9,000.

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

Explore All Accountancy and Book Keeping MCQs