UPSC EPFO ââExam 2021 General Accounting Principles Study Material: Check out General Accounting Principles and Important Questions with Answers for Preparing for the UPSC EPFO ââ2021 Exam for Recruitment to 421 Executing Agent / Accountant Positions.
UPSC EPFO ââExam 2021 General Accounting Principles Study Material: The Union Public Service Commission (UPSC) has postponed the EPFO ââ2021 exam and will post the new exam dates on its official website – upsc.gov.in. The written exam will take place in offline mode in different examination centers for the recruitment of 421 executing agent / accountant positions within the organization of the employee provident fund (EPFO), M / o Work and employment.
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The recruitment test (RT) will be an offline exam (on paper and pen) composed of objective multiple choice questions (MCQs):
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a) The test will last two hours.
b) All questions will be scored equally.
c) The test will be composed of objective type questions with several choices of answers.
d) The test medium will be both Hindi and English.
e) 1/3rd points will be deducted for incorrect answers.
f) PwD applicants will be entitled to 20 minutes per hour compensatory time in the RT and Scribe installation
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UPSC EPFO ââ2021 Exam – Important Topics on General Accounting Principles
Here are some important topics from the General Accounting Principles topic of the UPSC EPFO ââ2021 Exam:
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The principles of accounting
Accounting of business transactions, analysis and recording of transactions, journal, general ledger, cash book, special purpose books, completion of accounting cycles
Separate Entity Concept, Money Measurement Concept, Business Continuity Concept, Dual Aspect Concern, Achievement Concept, Cost Concept, Accounting Period Concept, Correspondence Concept
Conservatism, consistency, full disclosure, materiality
Trial balance and computers
Bank reconciliation statement, trial balance, errors and their correction, computerized computerized accounting system
Financial Statements – Introduction, Financial Statements of Profit and Nonprofit Organizations, Analysis of Financial Statements, Accounting Ratios, Statement of Cash Flows
Basic cost accounting
Cost Accounting – Introduction, Basic Cost Concepts, Cost Sheet, Materials and Stores
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UPSC EPFO ââ2021 Exam – Important Questions About General Accounting Principles
Below are some important questions covering the main concepts of general accounting principles:
1. Which of the following statements is not true?
- An expenditure intended to benefit the current year is a revenue expenditure.
- The amount paid for the acquisition of goodwill is a capital expense.
- Salaries paid for the installation of a new machine are usually debited from the salary account.
- The revenue expenditure is not intended to benefit the future period.
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2. The profitability index of a project is the ratio between the present value of cash inflows and:
- Total cash inflows
- Total cash outflows
- Present value of cash outflows
- Initial cost less depreciation
3. The abnormal consignment loss is credited to:
(a) Income statement
(b) Recipient’s account
(c) Deposit account
(d) Income and expenditure account
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4. A huge collection of data on various subjects from various internal and external sources, compiled by a company for its own use or for the use of its customers, is called:
- Data storage
- Data mining
5. According to the traditional approach, the expenses to be matched with the income are based on:
(a) Initial cost
(b) Opportunity cost
(c) Replacement cost
(d) Cash cost
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6. Preliminary expenses are examples of
(a) capital expenditure
(b) capital gain
(c) deferred revenue expenditure
(d) income expenditure / expenditure
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7. Depreciation of fixed assets is a example of:
(a) deferred revenue expenditure
(b) capital expenditure
(c) capital gain
(d) income expenditure / expenditure
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8. In the context of accounting, the term IFRS means:
(a) International Financial Reporting Standards
(b) Indian Financial Reporting Standards
(c) Indian Financial Information System
(d) International Financial Information System
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9. The income and expenditure account is:
(a) Real account
(b) Personal account
(c) Nominal account
(d) Capital account
10. The following are the two statements regarding the concept of profit. Enter the correct code for declarations that are correct or incorrect.
Statement (I): Accounting profit is an excess of total income over and above all costs paid, including manufacturing and overhead costs.
Statement (II): Economic or pure profit is a residue that remains after all contractual costs have been covered, including management transfer costs, insurable risks, depreciation and payments to shareholders sufficient to maintain the investment at its current level. .
- Both statements are correct.
- Both statements are incorrect.
- Statement (I) is correct while statement (II) is incorrect.
- Statement (I) is incorrect while statement (II) is correct.