The 'Duty Drawback' scheme under Customs provides: MCQ with Answer and Explanation

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The 'Duty Drawback' scheme under Customs provides:

A. No refund

B. Refund of duties on imported inputs used in exported goods

C. Exemption from income tax

D. GST refund

Answer: Option B

Solution (By JKSSB Mock Tests)

Duty drawback refunds customs/excise duties paid on inputs used in exported products.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Debentures are shown in Balance Sheet under:

A. Share capital

B. Current liabilities

C. Long-term borrowings

D. Reserves and surplus

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Correct Answer: Option C

Explanation:
Debentures are long-term borrowings unless they are due within 12 months, then current liabilities.

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

Question #2

If total assets are ₹5,00,000 and outside liabilities are ₹2,00,000, what is the capital?

A. ₹3,00,000

B. ₹5,00,000

C. ₹2,00,000

D. ₹7,00,000

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Correct Answer: Option A

Explanation:
Capital = Assets - Liabilities. Therefore, ₹5,00,000 - ₹2,00,000 = ₹3,00,000.

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Question #3

A petty cash book kept on the Imprest system has an imprest amount of Rs 5,000. If total expenses were Rs 4,200, the reimbursement amount is:

A. Rs 800

B. Rs 9,200

C. Rs 5,000

D. Rs 4,200

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Correct Answer: Option D

Explanation:
The cashier is reimbursed exactly the amount spent (Rs 4,200) so the balance returns to the imprest figure of Rs 5,000.

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

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