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 'Intangible Asset' (AS 26) is recognised if:

A. It is internally generated

B. It is probable that future economic benefits will flow and cost can be measured reliably

C. It has physical substance

D. It is purchased

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Correct Answer: Option B

Explanation:
Intangible assets are recognised when they meet the definition and recognition criteria.

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Question #2

The Indian Partnership Act that governs general partnerships is of the year:

A. 1956

B. 1932

C. 1930

D. 2013

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Correct Answer: Option B

Explanation:
The Indian Partnership Act was enacted in 1932.

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Question #3

In government accounting, the 'Appropriation Audit' is conducted by:

A. Chartered accountant

B. Tax auditor

C. CAG

D. Internal auditor

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Correct Answer: Option C

Explanation:
CAG audits appropriation accounts to ensure expenditure is within the grants authorized by Parliament.

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

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