The 'Duty Drawback' scheme under Customs provides: MCQ with Answer and Explanation
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Question #1
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The main purpose of preparing a Trial Balance is:
Correct Answer: Option A
Explanation:
Trial balance ensures that total debits equal total credits, verifying posting and balancing accuracy.
Trial balance ensures that total debits equal total credits, verifying posting and balancing accuracy.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Deduction under Section 80C' is available up to maximum of:
Correct Answer: Option A
Explanation:
Under Section 80C, maximum deduction is ₹1,50,000.
Under Section 80C, maximum deduction is ₹1,50,000.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Under GST, the Reverse Charge Mechanism (RCM) means:
Correct Answer: Option D
Explanation:
Normally, the supplier collects and pays GST. Under RCM, the buyer/recipient is directly liable to pay the tax to the government.
Normally, the supplier collects and pays GST. Under RCM, the buyer/recipient is directly liable to pay the tax to the government.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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