UPSC EPFO 2021 Exam General Accounting Principles Study Material: Union Public Service Commission (UPSC) has postponed EPFO 2021 Exam and will release the new exam dates on its official website - upsc.gov.in. The written exam will be conducted in offline mode across different exam centres for recruitment to 421 posts of Enforcement Officer/ Accounts Officer in Employees’ Provident Fund Organization (EPFO), M/o Labour and Employment.
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The Recruitment Test (RT) will be an Offline Exam (Pen & Paper Based) consisting of Objective Multiple Choice Questions (MCQs):
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| UPSC EPFO Phase-1 |
Total Marks/ Duration |
| Recruitment Test (Offline) (a) General English – To evaluate candidate’s understanding of English language and workman–like use of words (c) Current Events and Developmental Issues (e) General Accounting Principles (f) Industrial Relations and Labour Laws (g) General Science & Knowledge of Computer Applications |
300 Marks (2 Hours) |
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Note:
a) The test will be of two hours duration.
b) All questions will carry equal marks.
c) The test will be objective type questions with multiple choices of answer.
d) The medium of the test will be both Hindi and English.
e) 1/3rd marks will be deducted for wrong answers.
f) PwD candidates shall be allowed compensatory time of 20 minutes per hour in the RT and facility of Scribe
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UPSC EPFO 2021 Exam - Important General Accounting Principles Topics
Here are some important topics from the General Accounting Principles Subject of UPSC EPFO 2021 Exam:
| Topics |
Syllabus |
| Principles of Accounting
|
Accounting for Business Transactions, Analysing and Recording Transactions, Journal, Ledger, Cash Book, Special Purpose Books, Completion of the accounting Cycles |
| Accounting Concepts |
Separate Entity Concept, Money Measurement Concept, Going Concern Concept, Dual Aspect Concern, Realisation Concept, Cost Concept, Accounting Period Concept, Matching Concept |
| Accounting Conventions |
Conservatism, Consistency, Full Disclosure, Materiality |
| Trial Balance and Computers |
Bank Reconciliation Statement, Trial Balance , Errors and their Rectification, Computer and Computerised Accounting System |
| Financial Statements |
Financial Statements –Introduction, Financial Statements of Profit and Not for Profit Organisations, Financial Statements Analysis, Accounting Ratios, Cash Flow Statement |
| Elementary Cost Accounting |
Cost Accounting-An Introduction, Basic Cost Concepts, Cost Sheet, Materials and Stores |
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UPSC EPFO 2021 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?
- An expenditure intended to benefit current year is revenue expenditure.
- Amount paid for acquiring goodwill is capital expenditure.
- Wages paid for installation of a new machine is usually debited to wages account.
- Revenue expenditure is not intended to benefit future period.
Answer: D
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2. Profitability Index of a Project is the ratio of present value of cash inflows to:
- Total cash inflows
- Total cash outflows
- Present value of cash outflows
- 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
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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:
- Data-base
- Data warehouse
- Data mining
- 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
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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
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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
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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:
- Both the statements are correct.
- Both the statements are incorrect.
- Statement (I) is correct while Statement (II) is incorrect.
- Statement (I) is incorrect while Statement (II) is correct.
Answer: A
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