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. Partially inside

B. Like DTA

C. Within the customs territory of India

D. Outside the customs territory of India

Answer: Option D

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

Which of the following is an example of a fixed cost?

A. Direct material

B. Carriage outward

C. Factory rent

D. Direct labour (piece rate)

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Correct Answer: Option C

Explanation:
Factory rent remains constant irrespective of production volume, hence fixed cost.

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

Question #2

Which of the following is an error of principle?

A. Purchase of goods recorded in purchase book but not posted to supplier's account

B. Credit sale to Ram posted to Shyam's account

C. Sales of old furniture credited to Sales Account

D. Wages paid for installation of machinery debited to Wages Account

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Correct Answer: Option D

Explanation:
Wages for installation of machinery should be capitalised (machinery). Debiting Wages Account treats it as revenue expenditure, violating principles.

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Question #3

The 'Tax on Provident Fund contributions' above specified limit was introduced by:

A. Finance Act, 2020

B. 2019

C. Finance Act, 2021

D. No tax

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Correct Answer: Option C

Explanation:
Interest on employee contributions exceeding ₹2.5 lakh per annum (₹5 lakh for government employees) in PF is taxable from FY 2021-22.

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