The 'MAT credit' can be carried forward for: MCQ with Answer and Explanation

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The 'MAT credit' can be carried forward for:

A. 15 years

B. 8 years

C. Indefinite

D. 5 years

Answer: Option A

Solution (By JKSSB Mock Tests)

MAT credit can be carried forward for 15 assessment years.

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

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Question #1

In the modern approach, an increase in asset is:

A. No entry

B. Transferred

C. Debited

D. Credited

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Correct Answer: Option C

Explanation:
In modern equation approach, increase in asset is debited; decrease credited.

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

Question #2

The 'Advance Authorisation' scheme under Foreign Trade Policy is related to:

A. Duty-free import of inputs required for export production

B. Capital goods import

C. Import of goods without export obligation

D. Service exports

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Correct Answer: Option A

Explanation:
Advance Authorisation allows duty-free import of inputs, which are physically incorporated in the export product.

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

Question #3

Rectifying an error of entering Rs 800 as Rs 80 in the Sales Book involves:

A. Debiting Sales A/c by Rs 720

B. Debiting Suspense A/c by Rs 720

C. Crediting Suspense A/c by Rs 720

D. Crediting Sales A/c by Rs 720 and Debiting Customer A/c by Rs 720

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Correct Answer: Option D

Explanation:
Since it was undercast by Rs 720 in the original book, both the Customer (Debit) and Sales (Credit) accounts need to be increased by Rs 720.

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

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