ACCOUNTING Principles MCQ for UPSC EPFO AO/EO|

Important questions of accounting,
GENERAL ACCOUNTING PRINCIPLES for UPSC EPFO AO/EO 2020,
CLASS XI
Financial Accounting - I
Unit I: Introduction to Accounting
Accounting - Meaning, Objectives, Accounting as source of information, Internal and External users of accounting information and their needs.
Basic Accounting Terms - Asset, Liability, Capital, Expense, Income, Expenditure, Revenue, Debtors, Creditors, Goods, Cost, Gain, Stock, Purchase, Sales, Loss, Profit, Voucher, Discount, Transaction, Drawings.
Unit II: Theory Base of Accounting
Accounting Principles - Meaning and Nature.
Accounting Concepts: Entity, Money Measurement, Going Concern, Accounting Period, Cost Concept, Dual Aspect, Revenue Recognition (Realisation), Matching, Accrual, Full Disclosure, Consistency, Conservatism, Materiality.
Accounting Standards - Concept and List of Indian Accounting Standards.
Accounting Mechanism - Single Entry and Double Entry.
Bases of Accounting - Cash Basis, Accrual Basis.
Unit III: Recording of Business Transactions
Recording of Transactions: Books of original entry - Journal, Special purpose books:
(i) Cash book - Simple, Cashbook with bank column and Petty cashbook,
(ii) Purchases book, Sales book, Purchases returns book, Sale returns book; Ledger: Meaning, Utility, Format; Posting from journal and subsidiary books; Balancing of accounts.
Bank Reconciliation Statement: Meaning, Need and Preparation, Correct cash balance.
Unit IV: Trial Balance and Rectification of Errors
Trial Balance: Meaning, Objectives and Preparation.
Errors: Types of Errors; Errors affecting trial balance; Errors not affecting trial balance.
Detection and Rectification of Errors (one sided and two sided); uses of suspense account.
Unit V: Depreciation, Provisions and Reserves
Depreciation: Meaning and Need for charging depreciation, Factors affecting depreciation, Methods of depreciation - Straight line method, Written down value method (excluding change in method),
Unit VI: Accounting for Bills of Exchange Transactions
Bills of exchange and Promissory note: Definition, Features, Parties, Specimen and Distinction.
Important Terms: Term of Bill, Concept of Accommodation Bill, Days of grace, Date of maturity, Bill after date, Negotiation, Endorsement, Discounting of bill, Dishonour, Retirement and Renewal of a bill.
Accounting treatment of bill transactions.
Semester II: Financial Accounting - II
Unit VII: Financial Statements
Financial Statements: Meaning and Users.
Distinction between capital expenditure and revenue expenditure.
Trading and Profit and Loss Account: Gross profit, Operating profit, Net profit.
Balance Sheet: Need, Grouping, Marshalling of assets and liabilities, Vertical presentation of financial statement.
Preparation of trading and profit and loss account and balance sheet of sole proprietorship.
Unit VIII: Accounts from Incomplete Records
Preparation of trading and profit and loss account and balance sheet.
Ascertaining missing figures in Total debtors account, Total creditors account, Bill receivables,
Bills payables and Cash book and Opening statement of affairs.
Semester III: Accounting for Not-for-Profit Organisations and Partnership Firms
Unit I: Accounting Not-for-Profit Organisation
Not-for-profit organisation: Meaning and Examples.
Receipts and Payments: Meaning and Concept of fund based and non-fund based accounting.
Preparation of Income and Expenditure account and Balance sheet from receipt and payment account with additional information.
Unit II: Accounting for Partnership
Nature of Partnership Firm: Partnership deed (meaning, importance).
Final Accounts of Partnership: Fixed v/s Fluctuating capital, Division of profit among partners, Profit and Loss Appropriation account.
Semester IV: Company Accounts and Financial Statement Analysis
Unit V: Accounting for Share and Debenture Capital
(Periods 42)
Share Capital: Meaning, Nature and Types.
Forfeiture of Shares: Accounting treatment, Re-issue of forfeited shares.
Presentation of shares and Debentures Capital in company’s balance sheet.
Issue of Debenture,
Redemption of debenture.
Out of proceeds of fresh issue, accumulated profits and sinking fund.
Unit VI: Analysis of Financial Statements
Financial Statements of a Company:
Financial Analysis: Meaning, Significance and Purpose, Limitations.
Tools for Financial Analysis: Comparative statements, Common size statements.
Accounting Ratios: Meaning and Objectives, Types of ratios:
Liquidity Ratios: Current ratio, Liquidity ratio.
Solvency Ratio: Debt to equity, Total assets to debt, Proprietary ratio.
Activity Ratio: Inventory turnover, Debtors turnover, Payables turnover, Working capital turnover, Fixed assets turnover, Current assets turnover.
Profitability Ratio: Gross profit, Operating ratio, Net profit ratio, Return on Investment, Earning per Share, Dividend per Share, Profit Earning ratio.

[@dr.sakshi5868]

1. conservatism 2. historical cost concept 3. revenue realization 4. business entity 5. accounting prd

[@mehak.commerce.classes.]

Conservatism concept Historical concept Revenue recognition Business entity concept Accounting period

[@shramannr8792]

👍❤️

[@huzaifbhat7838]

Fully comprehensive mcqs for this topic. Thnx a lot.

[@abhishekrana3463]

बहुत ही ज्ञानप्रद हैं, कृपया इस तरह के और class बनाइये

[@sonaligupta3094]

1 conservatism 2 historical cost 3 revenue recognition 4 business entity 5 accounting period

[@SSCTRICKSSUPER20]

5/5 ✅ All right 👍 excellent

[@ajaysah2940]

Super se upar 👌👌👌...plzz upload rest of the part

[@anitakumari9792]

Thanks sir , very helpful video 👍

[@maitreyi374]

Thanks for this video. And please continue this, as it is very helpful in getting concepts clearly.

[@vijaybajetha301]

Sir bahut helpful series hai aapki..plz questions ko continue kijiye

[@vijaybajetha301]

1.. conservation 2.. historical 3..accural 4.. business entity 5.. accounting period

[@hk512]

Nice session.. keep this series continue

[@SSCTRICKSSUPER20]

thanku harshad

[@hk512]

1. Conservatism 2 Historical 3 accrual 4 business entity 5 accounting period

[@SSCTRICKSSUPER20]

✅

[@iqrastudyvlog]

Great

[@megharawat2310]

Conservative,,,historical cost,revenue realization,,business entity,,,accounting period...

[@SSCTRICKSSUPER20]

ALL RIGHT ✅ 5/5 👍Excellent

[@AnnuKumari-jd7jl]

Very nice👍

[@SSCTRICKSSUPER20]

thnq

[@payalrathore281]

Sir where are other 48 lecture of MCQ

[@nishantpal2188]

Sir when will next lecture will be uploaded. Thanks for your effort.

[@SSCTRICKSSUPER20]

exam postponed ..so lecture upload rate will be gradual and slow.

[@renukawagh4712]

Thanks sir 🤗

[@vinisrivastava1110]

1. Conservatism concept 2. Historical concept 3. Revenue realisation concept 4. Business entity concept 5. Accounting period concept Is my answer correct?

[@SSCTRICKSSUPER20]

Yes, all correct

[@ANJALISINGH-iy3ye]

2.c

[@santytanwar6243]

Sir next 20 question ki Vedio kb ayegi?

[@vijaybajetha301]

Daily 20 questions na b ho to koi bat ni bt daily ya alternate days me accounting or labour law k questions practice kraiye plzzz

[@ANJALISINGH-iy3ye]

1.a

[@udanias4852]

Sir Hindi me questions solve kraye please please sir English nhi smagh aati hai

[@SSCTRICKSSUPER20]

okk

[@vikashkumar-gd2gh]

Sir exam date aa gya h ab mcq kraye sir

[@SudhirBRawat]

sir aage vdi

[@shalinijaiswal7324]

Right /wrong

[@Munna-er9uv]

1000 ho gaya????