Check Important Accounts Topic and Question asked in General Accounting Principles

UPSC EPFO 2023 General Accounting Principles Study Material: Read about important topics and questions with answers that are asked in  Accounts for recruitment to 577 Enforcement Officer/ Accounts Officer posts.

UPSC EPFO 2023 General Accounting Principles Study Material: 

UPSC will conduct the UPSC EPFO examination on 2nd July 2023. Candidates who will write the UPSC EPFO examination should know the important questions that can be asked in the examination. Candidates who qualify for the UPSC EPFO exam shall be called for appointment against the 577 posts of EO/AO and APFC.

The Recruitment Test (RT) will be an Offline Exam (Pen & Paper Based) consisting of Objective Multiple Choice Questions (MCQs):

Note:

1. a) The test will be two hours in duration.
2. b) All questions will carry equal marks.
3. c) The test will be objective-type questions with multiple choices of answers.
4. d) The medium of the test will be both Hindi and English.
5. e) 1/3rd of marks will be deducted for wrong answers.
6. f) PwBD candidates shall be allowed compensatory time of 20 minutes per hour in the RT and facility of Scribe

UPSC EPFO 2023 Exam – Important General Accounting Principles Topics

Here are some important topics from the General Accounting Principles Subject of the UPSC EPFO 2023 Exam:

Also Read – 

UPSC EPFO Important Topics

UPSC EPFO Best Books                     

UPSC EPFO 2023 Exam – Important General Accounting Principles Questions

Below are some important questions covering the main concepts of General Accounting Principles:

1. Which one of the following statements is not true?

1. An expenditure intended to benefit the current year is revenue expenditure.
2. The amount paid for acquiring goodwill is capital expenditure.
3. Wages paid for the installation of a new machine are usually debited to wages account.
4. Revenue expenditure is not intended to benefit future periods.

Answer: D

Check UPSC EPFO 2023 Exam Preparation Tips & Strategy

2. Profitability Index of a Project is the ratio of the present value of cash inflows to:

1. Total cash inflows
2. Total cash outflows
3. Present value of cash outflows
4. Initial cost minus Depreciation

Answer: C

3. The abnormal loss on consignment is credited to:

(a) Profit and Loss Account

(b) Consignee’s Account

(c) Consignment Account

(d) Income and Expenditure Account

Answer: C

4. An enormous collection of data on various topics from a variety of internal and external sources, compiled by a firm for its own use or for use by its clients, is called:

1. Database
2. Data warehouse
3. Data mining
4. M.I.S.

Answer: D

5. As per the traditional approach, the expense to be matched with revenue is based on:

(a) Original Cost

(b) Opportunity Cost

(c) Replacement Cost

(d) Cash Cost

Answer: A

6. Preliminary expenses are the examples of

(a) capital expenditure

(b) capital gain

(c) deferred revenue expenditure

(d) revenue expenditure/expense

Answer: C

7. Depreciation of fixed assets is an example of:

(a) deferred revenue expenditure

(b) capital expenditure

(c) capital gain

(d) revenue expenditure/expense

Answer: D

8. In the context of accounting, the term IFRS stands for:

(a) International Financial Reporting Standards

(b) Indian Financial Reporting Standards

(c) Indian Financial Reporting System

(d) International Financial Reporting System

Answer: A

9. Income and Expenditure Account is:

(a) Real Account

(b) Personal Account

(c) Nominal Account

(d) Capital Account

Answer: C

10. The following are the two statements regarding concept of profit. Indicate the correct code of the statements being correct or incorrect.

Statement (I): Accounting profit is a surplus of total revenue over and above all paid-out costs, including both manufacturing and overhead expenses.

Statement (II): Economic or pure profit is a residual left after all contractual costs have been met, including the transfer costs of management, insurable risks, depreciation and payments to shareholders sufficient to maintain investment at its current level.

Code:

1. Both statements are correct.
2. Both statements are incorrect.
3. Statement (I) is correct while Statement (II) is incorrect.
4. Statement (I) is incorrect while Statement (II) is correct.

Answer: A

11. What is the underlying account concept that supports no anticipation of profits but provision for all possible losses?

1. Matching
2. Materiality
3. Consistency 
4. Conservation

Answer: D

12. Which of the following concerns prepares Receipts and Payments Account?

1. Trading concerns 
2. Non-trading concerns
3. Manufacturing concerns
4. Companies registered under Companies Act

Answer: B

13. Which of the following denotes Gross Profit?

1. Cost of goods sold + Opening stock
2. Sales less cost of goods sold
3. Sales less Purchases
4. Net profit less Expenses of the Period

Answer: B

14. Which one of the following accounting concepts is applied by an entity, when events such as new competitor entering in the market and rift between production and marketing departments are not disclosed in the books  of accounts?

1. Matching
2. Money Measurement
3. Revenue Recognition
4. Cost

Answer: B

15. When goods are purchased for the Joint Venture, the amount is debited to

1. Purchase Account
2. Joint Venture Account
3. Venturer’s Capital Account
4. Profit and Loss Account

Answer: B

UPSC EPFO Exam Analysis

The difficulty level of UPSC EPFO Exam was moderate to difficult. To check the UPSC EPFO Exam Analysis check the article here.

UPSC EPFO Previous Year Question Paper

The UPSC EPFO question paper 2023 is the most beneficial and trusted source of information to get the actual level of examination. Check out the UPSC EPFO Previous Year Question Paper