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 9 of 17
Question 57
As per the traditional approach, the expense to be matched with revenue is based on
Result
Explanation:
The Matching Principle in accounting requires that expenses be matched with the revenues they help generate. These expenses are recorded based on the Historical Cost Principle, which values assets at their original purchase price.
Question 58
Preliminary expenses are the examples of
Result
Explanation:
Preliminary expenses are incurred before a business is incorporated or starts operations. As their benefits are expected to last for several years, they are classified as deferred revenue expenditure and are written off against profits over a period of time.
Question 59
Depreciation of fixed assets is an example of
Result
Explanation:
Depreciation is the systematic allocation of the cost of a tangible fixed asset over its useful life. It is treated as a non-cash operating expense (a revenue expenditure) and is charged against the profits of each accounting period.
Question 60
In the context of accounting, the term IFRS stands for
Result
Explanation:
IFRS is an acronym for International Financial Reporting Standards, which are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world.
Question 61
From the information given below, calculate the sum insurable: Date of fire-01.03.2016 Turnover from 01.03.2015 to 29.02.2016-88,00,000 Agreed GP ratio-20% Special circumstances clause provided for the increase of turnover by 10%
Result
Explanation:
Step 1: Calculate the Adjusted Annual Turnover = Annual Turnover + Expected Increase = ₹88,00,000 + (10% of ₹88,00,000) = ₹96,80,000. Step 2: Calculate the Insurable Sum (Loss of Profit) = Adjusted Turnover * Gross Profit Ratio = ₹96,80,000 * 20% = ₹19,36,000.
Question 62
Income and Expenditure Account is
Result
Explanation:
An Income and Expenditure Account is prepared by non-profit organizations to ascertain the surplus or deficit for a period. Since it records all incomes and expenses, it is a Nominal Account, just like a Profit & Loss Account.
Question 63
Legacies are generally
Result
Explanation:
A legacy is a donation received by a non-profit organization through a will. It is generally treated as a capital receipt (not recurring income) and is therefore capitalized by adding it directly to the Capital Fund in the Balance Sheet.
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