Solve All EPFO 2016 Questions Online and Download Your Answer PDF
Prepare for the EPFO exam effectively with the EPFO 2016 old question paper. This post provides the complete set of questions along with accurate answers and detailed explanations for each question. Whether you want to practice, analyze previous trends, or boost your exam preparation, this solved paper will help you understand the exam pattern, question types, and answer strategies. Download or view the paper online and get ready to score better in your EPFO exams.
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Flashcard Quiz - Page 10 of 17
Question 64
The abnormal loss on consignment is credited to
Result
Explanation:
To find the correct profit or loss on a consignment, the value of any abnormal loss (due to accidents, etc.) is first credited to the Consignment Account. This removes its effect from the account, and the net loss is then transferred to the general Profit and Loss Account.
Question 65
When goods are purchased for the Joint Venture, the amount is debited to
Result
Explanation:
In a joint venture, a specific Joint Venture Account is created to track all transactions. All expenses and purchases related to the venture are debited to this account to calculate the venture's profit or loss.
Question 66
Consider the following information: Rate of gross profit-25% on cost of goods sold Sales- 20,00,000 Which one of the following is the amount of gross profit?
Result
Explanation:
A 25% profit on cost is equivalent to a 20% profit on sales (since 25% = 1/4 on cost, so profit is 1/5 of sales, which is 20%). Therefore, Gross Profit = 20% of Sales = 0.20 * ₹20,00,000 = ₹4,00,000.
Question 67
Branch Account under Debtors System is
Result
Explanation:
Under the Debtors System, the Branch Account is prepared by the head office to determine the profit or loss of the branch. As it serves the purpose of a Profit & Loss account for the branch, it is considered a Nominal Account.
Question 68
The cost of electric power should be apportioned over different departments according to
Result
Explanation:
The most accurate and equitable basis for apportioning electricity costs for machinery is based on actual consumption. This is best estimated by multiplying the power rating of the motor (horsepower) by the number of hours it was used (machine hours), often measured in kilowatt-hours (kWh).
Question 69
Under which Schedule of the Companies Act, 2013, the formats of financial statements are prescribed?
Result
Explanation:
Schedule III of the Indian Companies Act, 2013, provides the prescribed general instructions and format for the preparation and presentation of a company's financial statements (Balance Sheet and Statement of Profit and Loss).
Question 70
In the absence of any provision in the partnership agreement, profits and losses are shared by the partners
Result
Explanation:
The Indian Partnership Act, 1932, states that if the partnership deed is silent on the matter, all partners shall share profits and bear losses equally, irrespective of their capital contributions.
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