Practicing Success

Target Exam

CUET

Subject

Accountancy

Chapter

Use of Spreadsheet in Business Applications

Question:
Which of the following is correct about Provident Fund?
Options:
It is a statutory deduction , as part of social security.
It is decided by the Government under the Provident Fund Act.
It is computed as a percentage of (Basic Pay + Dearness Pay)
All of the above
Correct Answer:
All of the above
Explanation:
Provident Fund (PF) : It is a statutory deduction, as part of social security. It is decided by the Government under the Provident Fund Act and is computed as a percentage of (Basic Pay + Dearness Pay, if applicable).