Hello friends as you know EPFO ENFORCEMENT OFFICER EXAM 2016 was successfully conducted by UPSC on 26.02.2017.

So here is most authentic answer keys with reference divided in 7 part series ,so here is part 3 of the series and topic Accounting Principles.

1. Under which schedule of the companies act 2013 ,the formats of financial statements are prescribed ?

(a) Schedule I

(b) Schedule II

(c) Schedule III

(d) Schedule IV

Correct ans is (c) – reference
2. Branch account under debtors system is 

(a) Real account

(b) Personal account

(c) Nominal account

(d) Liability account

Correct ans is (d) – reference
3. The cost of electric power should be apportioned over departments according to

(a) horsepower of motors

(b) number of lights points

(c) horsepower multiplied by machine hours

(d) machine hours

Correct ans is (c) as per various sources 
 Take this accounting slip for reference as well .

4. Legacies are generally

(a) capitalise and taken to balance sheet

(b) treated as income

(c) treated as expenditure

(d) capitalise and taken to suspense 

Correct ans is (a) reference

5. From the information given below ,calculate the sum insurable :

Date – of fire – 01.03.2016

Turnover from 01.03.2015 to 29.02.2016 – Rs. 88,00,000

Agreed GP ratio – 20%

Special circumstances clause provided for the increase of turnover by 10%

(a) 19,36,000

(b) 48,40,000

(c) 10,32,000

(d) 24,20,000

Correct ans is (a) if you want to calm down your keeda here is refrence

6. When goods are purchased for the joint venture, the amount is debited to 

(a) Purchase account

(b) Joint venture account

(c) Venture’s capital account

(d) Profit & loss account

Correct ans is (b) – reference
7. The abnormal loss on consignment is credited to 

(a) Profit and loss account

(b) Consignee’s account

(c) Consignment account

(d) income & expenditure account

Correct ans is (c) reference
8. Consider the following information :

Rate of gross profit – 25% on cost of good sold

Sales – Rs. 20,00,000

Which one of the following is the amount of gross profit ?

(a) Rs. 5,00,000

(b) 6,25,000

(c) 3,75,000

(d) 4,00,000

Correct ans is (a) – reference
9. In the absence of any provision in the partnership agreement ,profit and losses are shared by the partners

(a) in the ratio of the capital of partners

(b) equally

(c) in the ratio of the loans given by them to the partnership firm

(d) in the ratio of the initial capital introduced by the partners

Correct ans is (b) – reference
Note : Next part will be provided soon,sorry for delay due to lack of time we are not able to provide you keys promptly.


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