The 'Directorate General of Foreign Trade' (DGFT) is under: MCQ with Answer and Explanation

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The 'Directorate General of Foreign Trade' (DGFT) is under:

A. Ministry of Commerce and Industry

B. Ministry of External Affairs

C. RBI

D. Ministry of Finance

Answer: Option A

Solution (By JKSSB Mock Tests)

DGFT is the nodal agency for foreign trade policy under Ministry of Commerce.

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

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Question #1

The accounting standard dealing with Property, Plant and Equipment (PPE) is:

A. AS 10

B. AS 2

C. AS 9

D. AS 26

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Correct Answer: Option A

Explanation:
AS 10 regulates the accounting for Property, Plant, and Equipment, covering recognition, measurement, and depreciation.

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

Question #2

Prime Cost consists of:

A. Indirect Material + Indirect Labor + Indirect Expenses

B. Factory Cost + Administrative Overheads

C. Direct Material + Direct Labor + Direct Expenses

D. Direct Material + Direct Labor + Factory Overheads

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Correct Answer: Option C

Explanation:
Prime cost is the aggregate of all direct costs: direct materials, direct labor, and direct/chargeable expenses.

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

Question #3

If a partner retires, the balance in his capital account is either paid off or transferred to his:

A. Loan Account

B. Current Account

C. Drawings Account

D. Suspense Account

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Correct Answer: Option A

Explanation:
If the firm cannot pay cash immediately, the retiring partner's dues are transferred to a Loan Account, carrying an interest of 6% p.a.

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