The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at: MCQ with Answer and Explanation

Question

Share Report Error

The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:

A. Nil customs duty

B. Only GST exemption

C. High duty

D. Concessional rate of customs duty subject to export obligation

Answer: Option D

Solution (By JKSSB Mock Tests)

EPCG allows import of capital goods at reduced duty against export commitment.

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

A provision for doubtful debts is created in accordance with:

A. Conservatism concept

B. Going concern concept

C. Consistency concept

D. Materiality concept

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Conservatism (prudence) requires anticipating possible losses, hence the provision.

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

Question #2

The 'Borrowing Costs' (Ind AS 23) that are directly attributable to acquisition, construction, or production of a qualifying asset are:

A. Expensed immediately

B. Written off over 10 years

C. Capitalised as part of the cost of that asset

D. Ignored

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Borrowing costs on qualifying assets are capitalised.

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

Question #3

The 'Impairment of Assets' (Ind AS 36) applies to:

A. Only fixed assets

B. Only intangible assets

C. All assets

D. All assets except inventories, deferred tax assets, assets arising from employee benefits, financial assets, investment property measured at fair value, and certain others

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Ind AS 36 has a specific scope excluding certain assets covered by other standards.

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

Explore All Accountancy and Book Keeping MCQs