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

Question
The 'Customs Bonded Warehouse' allows:
A. Immediate sale of imported goods
B. Storage of imported goods without payment of customs duty until clearance
C. Re-export without any record
D. Destruction of goods
Answer: Option B
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
Under single entry system, profit = closing capital - opening capital + drawings - additional capital introduced. This statement is:
A. Incorrect
B. Correct
C. Only for companies
D. Partially correct, needs other adjustments
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
In single entry, adjusted profit is derived from capital comparison: Profit = Closing capital + Drawings - Opening capital - Additional capital.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is a test of audit?
A. Vouching
B. Planning
C. Reporting
D. Verification
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Vouching is the primary test of audit, involving the examination of documentary evidence to support the transactions recorded in the books of accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The Central Board of Direct Taxes (CBDT) functions under which department of the Ministry of Finance?
A. Department of Financial Services
B. Department of Revenue
C. Department of Expenditure
D. Department of Economic Affairs
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
CBDT handles direct tax administration and forms part of the Department of Revenue.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: