EPFO & Central Regulatory Recruitment (EO / AO & APFC)

Industrial Relations & Labor Legislation question bank (General Accounting Principles & Industrial Relations)

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Q1.

[EPFO & Industrial Relations - Recruitment Question #1] Under the Employees' Provident Funds and Miscellaneous Provisions Act, 1952, what is the standard statutory contribution rate payable by both employer and employee for eligible establishments?

(A)

15% of basic salary strictly

(B)

8.33% of total cost to company (CTC)

(C)

12% of basic wages, dearness allowance and retaining allowance

(D)

10% of gross total salary

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Q2.

[General Accounting Principles - Recruitment Question #2] Which fundamental accounting concept stipulates that revenue must be recognized in the accounting period in which it is earned, regardless of when cash is received?

(A)

Cost Historical Concept

(B)

Cash Basis Concept

(C)

Accrual Concept / Revenue Realization Principle

(D)

Conservatism / Prudence Concept

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