The 'Employee Provident Fund' (EPF) contribution is shared by: MCQ with Answer and Explanation

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The 'Employee Provident Fund' (EPF) contribution is shared by:

A. Government

B. Employer only

C. Both employee and employer

D. Employee only

Answer: Option C

Solution (By JKSSB Mock Tests)

Employee and employer both contribute 12% of wages (basic + DA) to EPF.

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

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Practice More Accountancy and Book Keeping Questions

Question #1

The 'Goods and Services Tax Network' (GSTN) is:

A. A not-for-profit non-government company providing IT infrastructure for GST

B. A tax tribunal

C. A government department

D. A bank

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Correct Answer: Option A

Explanation:
GSTN is a special purpose vehicle that provides the IT backbone for GST registration, return filing, etc.

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

Question #2

The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on:

A. 1st January every year

B. Diwali every year

C. Date of incorporation of the company

D. 1st April every year

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Correct Answer: Option D

Explanation:
The Assessment Year in India is a uniform 12-month period beginning on the 1st of April and ending on the 31st of March.

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

Question #3

A 'Letter of Credit' is a:

A. Credit note

B. Debit note

C. Bank guarantee for payment

D. Voucher

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Correct Answer: Option C

Explanation:
Letter of credit is a bank's commitment to pay the seller on behalf of buyer, reducing risk.

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

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