The 'Payment of Bonus Act, 1965' is applicable to: MCQ with Answer and Explanation

Question

Share Report Error

The 'Payment of Bonus Act, 1965' is applicable to:

A. Only government employees

B. All employees

C. Employees drawing wages up to ₹21,000 per month

D. Only private sector

Answer: Option C

Solution (By JKSSB Mock Tests)

The Act applies to employees with wages ≤ ₹21,000 per month (threshold may vary with amendments).

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

In standard costing, the Material Yield Variance is calculated as:

A. (Standard Yield - Actual Yield) x Standard Cost per unit of Yield

B. (Standard Price - Actual Price) x Actual Quantity

C. (Actual Mix - Standard Mix) x Standard Price

D. (Actual Yield - Standard Yield) x Standard Cost per unit of Yield

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Material Yield Variance measures the difference between the actual output and the standard output expected from the actual input. It is calculated as (Standard Yield - Actual Yield) x Standard Cost per unit of Yield. A positive value indicates a favorable variance.

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

Question #2

The 'Customs Act, 1962' empowers the Central Government to:

A. Impose GST

B. Collect income tax

C. Regulate imports and exports and levy customs duties

D. Regulate company law

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Customs Act governs import and export of goods and levy of customs duties.

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

Question #3

The financial statement that shows the financial position of an entity at a specific date is:

A. Cash Flow Statement

B. Profit & Loss Account

C. Trading Account

D. Balance Sheet

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Balance Sheet is a statement of assets and liabilities as on a specific date, showing financial position.

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

Explore All Accountancy and Book Keeping MCQs