EPFO APFC Principles of Accountancy, Auditing and Insurance Questions

33 solved questions on this page, each with the answer key and a worked solution.

Every question on this page is EPFO APFC (Assistant Provident Fund Commissioner) — EO/AO sets a different subject mix, so its questions are never mixed in here.

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“viii. Principles of Accountancy, Auditing and Insurance”

UPSC lists this verbatim as one of the nine official heads in Appendix-I of the UPSC Special Advertisement No. 52/2026 — Assistant Provident Fund Commissioner, EPFO — not our own bucketing.

2025 · 15 questions

EPFO APFC and EO/AO 2025 · Q96The principle of inventory valuation – “cost or net realisable value, whichever is lower” is based on :
EPFO APFC and EO/AO 2025 · Q97Which one of the following is not a ‘fundamental accounting assumption’ in the preparation of financial statements ?
EPFO APFC and EO/AO 2025 · Q98Which one of the following is a revenue expenditure ?
EPFO APFC and EO/AO 2025 · Q99When purchase of an asset is treated as an expense, in the accounting context, it is called :
EPFO APFC and EO/AO 2025 · Q100In accounting context, which one of the following statements is correct ?
EPFO APFC and EO/AO 2025 · Q101Which one of the following statements is correct ?
EPFO APFC and EO/AO 2025 · Q102Which one of the following statements is not correct ?
EPFO APFC and EO/AO 2025 · Q103Which one of the following is correct ?
EPFO APFC and EO/AO 2025 · Q104Which one of the following costs is generally not included in computing the cost of inventory ?
EPFO APFC and EO/AO 2025 · Q105Which one of the following will be the adjustment journal entry if the rent received in advance is ₹ 2,000 ?
EPFO APFC and EO/AO 2025 · Q106In case of contract of insurance, the principle which states that it is the duty of the insured to take reasonable steps to minimize the loss or…
EPFO APFC and EO/AO 2025 · Q107Which one of the following is not a Contract of Indemnity ?
EPFO APFC and EO/AO 2025 · Q108Which one of the following statements about audit documentation is not correct ?
EPFO APFC and EO/AO 2025 · Q109In the context of auditing, the primary objective of vouching is :
EPFO APFC and EO/AO 2025 · Q110Which one of the following is not the objective of verification in auditing ?

2023 · 15 questions

EPFO APFC 2023 · Q41The insurance claim received on account of machinery damaged completely by fire is
EPFO APFC 2023 · Q42According to the Accounting Standard–1, which of the following are the fundamental accounting assumptions?
EPFO APFC 2023 · Q43Which of the following errors is not detected by Trial Balance?
EPFO APFC 2023 · Q44Which one of the following statements is correct?
EPFO APFC 2023 · Q45Which one of the following is not an error of commission?
EPFO APFC 2023 · Q77In a business firm, assets of the business are valued on the basis of their intrinsic value rather than realizable value. This accounting is based on
EPFO APFC 2023 · Q78Following is the Trial Balance of a firm as on 31-12-2022 : [table — two amount columns, each headed ₹] Trade receivables | 25,00,000 | — Provision…
EPFO APFC 2023 · Q79Which of the following is not a major consideration in the selection and application of accounting policies?
EPFO APFC 2023 · Q80Consider the following information : [table] Date | Particulars | Units | Rate per unit (in ₹) Jan. 1 | Inventory in hand | 200 | 7 Jan. 8 |…
EPFO APFC 2023 · Q81Which of the following is not a capital expenditure?
EPFO APFC 2023 · Q107The value of long-term investment in shares is subject to wide fluctuations. A provision created against fluctuation in value of investments is based…
EPFO APFC 2023 · Q108Which one of the following aspects is not covered in audit?
EPFO APFC 2023 · Q109Which of the following sets the scope, timing and direction of the audit, and guides the development of the more detailed audit plan?
EPFO APFC 2023 · Q110Goodwill Account is a/an
EPFO APFC 2023 · Q111The principle of subrogation in insurance allows

2016 · 3 questions

EPFO APFC 2016 · Q59A firm is purchasing two items, both on credit on the same day. The credit term offered for the first item is 2 1/2 /10, 1/20, net 30; and the credit…
EPFO APFC 2016 · Q62Consider an industry with the following features : • Budgeted monthly fixed cost = ₹ 2,20,000 • Normal monthly output = 12000 per standard labour…
EPFO APFC 2016 · Q69Data regarding inventory of a particular item of usage in the production activities of an organization are : the quantity in stock is 1500 units and…

EPFO APFC Principles of Accountancy, Auditing and Insurance Questions

2025 · 15 questions

2023 · 15 questions

2016 · 3 questions

Other EPFO APFC topics

EPFO APFC Principles of Accountancy, Auditing and Insurance Questions

2025 · 15 questions

2023 · 15 questions

2016 · 3 questions

Other EPFO APFC topics