The 'Foreign Trade Policy 2023' has introduced: MCQ with Answer and Explanation

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The 'Foreign Trade Policy 2023' has introduced:

A. Abolition of all schemes

B. Only service export incentives

C. One-time amnesty for export obligation defaults, new e-commerce export hubs, etc.

D. Increased import tariffs

Answer: Option C

Solution (By JKSSB Mock Tests)

FTP 2023 focused on ease of doing business, amnesty, and new initiatives.

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

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Question #1

A 'Trial Balance' is a:

A. Subsidiary book

B. Statement

C. Part of journal

D. Ledger account

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Correct Answer: Option B

Explanation:
Trial Balance is a statement listing all ledger balances to verify arithmetical accuracy.

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

Question #2

The minimum number of members in a private company is:

A. 2

B. 3

C. 7

D. 10

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Correct Answer: Option A

Explanation:
Private company requires minimum 2 members.

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Question #3

The 'Consistency' concept means that:

A. Accounting policies should be changed every year

B. Only cash basis should be used

C. Same accounting policies should be applied from one period to another

D. Different methods can be used arbitrarily

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Correct Answer: Option C

Explanation:
Consistency ensures comparability; accounting policies should be consistently applied over time, changes only for valid reasons.

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

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