The 'Special Economic Zone' (SEZ) units are considered: MCQ with Answer and Explanation

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The 'Special Economic Zone' (SEZ) units are considered:

A. Like DTA

B. Partially inside

C. Outside the customs territory of India

D. Within the customs territory of India

Answer: Option C

Solution (By JKSSB Mock Tests)

SEZ is treated as foreign territory for customs purposes.

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

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Question #1

The 'Master File' under transfer pricing documentation is a part of:

A. Audit report

B. GST return

C. Income tax return

D. Transfer pricing documentation (three-tiered structure)

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Correct Answer: Option D

Explanation:
Master file, local file, and CbCR form the three-tier transfer pricing documentation.

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

Question #2

The 'Sufficient Appropriate Audit Evidence' means:

A. Only quantity

B. Only quality

C. Any evidence

D. Quantity (sufficiency) and quality (appropriateness - relevance and reliability) of evidence

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Correct Answer: Option D

Explanation:
Sufficient relates to quantity, appropriate to quality.

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

Question #3

The 'Independence' of an auditor is required because:

A. To comply with company law only

B. To reduce fees

C. To increase revenue

D. To maintain objectivity and impartiality in the audit opinion

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Correct Answer: Option D

Explanation:
Independence ensures unbiased opinion.

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

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