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. Both employee and employer

B. Employee only

C. Employer only

D. Government

Answer: Option A

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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Question #1

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In the context of PFMS, what is the primary purpose of the 'Online Payroll and Attendance System' (e-Payroll) module?

A. To collect tax deductions from private sector employees

B. To generate and process salary bills for government employees digitally

C. To process pensions for retired employees

D. To manage the procurement of office supplies

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Correct Answer: Option B

Explanation:
The e-Payroll module in PFMS is designed to digitize the generation, processing, and payment of salary bills for government employees, ensuring transparency and reducing paperwork.

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

Question #2

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NFRA has jurisdiction over:

A. Only banks

B. Only public sector units

C. Listed companies and large unlisted companies

D. All companies

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Correct Answer: Option C

Explanation:
NFRA covers listed companies and such class of unlisted companies as prescribed.

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

Question #3

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The use of 'Smart Contracts' in accounting is a direct result of development in:

A. Cost Control

B. Blockchain Technology

C. PFMS

D. Double Entry System

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Correct Answer: Option B

Explanation:
Smart contracts are self-executing contracts with terms written into lines of code, running on blockchain networks.

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

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