The 'Export Oriented Unit' (EOU) scheme provides: MCQ with Answer and Explanation

Question
The 'Export Oriented Unit' (EOU) scheme provides:
A. No benefit
B. GST exemption only
C. Income tax holiday only
D. Customs and excise duty exemption on imports and domestic procurement
Answer: Option D
Solution (By JKSSB Mock Tests)
EOUs enjoy various tax and duty exemptions to boost exports.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
In a journal entry, a brief explanation of the transaction written below the entry is called:
A. Folio
B. Narration
C. Voucher
D. Posting
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Correct Answer: Option B

Explanation:
Narration is a short description of the transaction written in brackets immediately below the journal entry.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'True and Fair View' is an overriding requirement of:
A. Tax returns
B. Financial statements
C. Management accounts
D. GST returns
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Correct Answer: Option B

Explanation:
Financial statements must present a true and fair view of the entity's financial position and performance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
While preparing a bank reconciliation statement from the passbook overdraft balance, a cheque deposited but not yet collected by the bank should be:
A. Added
B. Deducted
C. No effect
D. Depends on amount
Discuss
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Correct Answer: Option B

Explanation:
Starting with overdraft as per passbook, a deposit in transit increases the overdraft in passbook (makes it less negative). To reconcile to cash book overdraft, we deduct it because the cash book already recorded it and shows a lower overdraft. So deduct.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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