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UPSC EPFO APFC Accounting Principles Sectional Test 2026 with Answers | Military Brat Defence Academy
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Test: UPSC EPFO APFC Accounting Principles Sectional Test 2026
QID #25868
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which statement best explains Trial balance?
A
Statement of financial position showing assets, liabilities and equity at a point in time
B
Statement listing ledger balances to test arithmetical agreement of debits and credits
C
Expenditure creating or improving a long-term asset or benefit
D
Depreciation method applying a rate to the carrying amount of an asset
Correct Answer: B. Statement listing ledger balances to test arithmetical agreement of debits and credits
Question: Which statement best explains Trial balance?
A. Statement of financial position showing assets, liabilities and equity at a point in time
B. Statement listing ledger balances to test arithmetical agreement of debits and credits
C. Expenditure creating or improving a long-term asset or benefit
D. Depreciation method applying a rate to the carrying amount of an asset
Correct Answer: B. Statement listing ledger balances to test arithmetical agreement of debits and credits
Explanation: Trial balance: Statement listing ledger balances to test arithmetical agreement of debits and credits
QID #25867
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which of the following is best described as: Statement listing ledger balances to test arithmetical agreement of debits and credits
A
Trial balance
B
Journal
C
Unearned income
D
Revenue expenditure
Correct Answer: A. Trial balance
Question: Which of the following is best described as: Statement listing ledger balances to test arithmetical agreement of debits and credits
A. Trial balance
B. Journal
C. Unearned income
D. Revenue expenditure
Correct Answer: A. Trial balance
Explanation: The correct answer is Trial balance. Statement listing ledger balances to test arithmetical agreement of debits and credits
QID #25866
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which statement best explains Ledger?
A
Obligation expected to be settled within the operating cycle or specified short period
B
Book containing individual accounts to which journal entries are posted
C
Book of original entry in which transactions are first recorded chronologically
D
Assets = Liabilities + Equity
Correct Answer: B. Book containing individual accounts to which journal entries are posted
Question: Which statement best explains Ledger?
A. Obligation expected to be settled within the operating cycle or specified short period
B. Book containing individual accounts to which journal entries are posted
C. Book of original entry in which transactions are first recorded chronologically
D. Assets = Liabilities + Equity
Correct Answer: B. Book containing individual accounts to which journal entries are posted
Explanation: Ledger: Book containing individual accounts to which journal entries are posted
QID #25865
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which of the following is best described as: Book containing individual accounts to which journal entries are posted
A
Accounting equation
B
Closing stock
C
Capital expenditure
D
Ledger
Correct Answer: D. Ledger
Question: Which of the following is best described as: Book containing individual accounts to which journal entries are posted
A. Accounting equation
B. Closing stock
C. Capital expenditure
D. Ledger
Correct Answer: D. Ledger
Explanation: The correct answer is Ledger. Book containing individual accounts to which journal entries are posted
QID #25864
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which statement best explains Journal?
A
Statement showing revenues and expenses for a period
B
Assets = Liabilities + Equity
C
Recognition of income and expenses when earned or incurred rather than only when cash moves
D
Book of original entry in which transactions are first recorded chronologically
Correct Answer: D. Book of original entry in which transactions are first recorded chronologically
Question: Which statement best explains Journal?
A. Statement showing revenues and expenses for a period
B. Assets = Liabilities + Equity
C. Recognition of income and expenses when earned or incurred rather than only when cash moves
D. Book of original entry in which transactions are first recorded chronologically
Correct Answer: D. Book of original entry in which transactions are first recorded chronologically
Explanation: Journal: Book of original entry in which transactions are first recorded chronologically
QID #25863
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which of the following is best described as: Book of original entry in which transactions are first recorded chronologically
A
Journal
B
Balance sheet
C
Current liability
D
Revenue expenditure
Correct Answer: A. Journal
Question: Which of the following is best described as: Book of original entry in which transactions are first recorded chronologically
A. Journal
B. Balance sheet
C. Current liability
D. Revenue expenditure
Correct Answer: A. Journal
Explanation: The correct answer is Journal. Book of original entry in which transactions are first recorded chronologically
QID #25862
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which statement best explains Double-entry system?
A
Depreciation method charging an equal amount each year, subject to residual value
B
Every transaction has at least two corresponding debit-credit effects
C
Statement reconciling differences between bank balance per books and bank statement
D
Amount received before the related income is earned
Correct Answer: B. Every transaction has at least two corresponding debit-credit effects
Question: Which statement best explains Double-entry system?
A. Depreciation method charging an equal amount each year, subject to residual value
B. Every transaction has at least two corresponding debit-credit effects
C. Statement reconciling differences between bank balance per books and bank statement
D. Amount received before the related income is earned
Correct Answer: B. Every transaction has at least two corresponding debit-credit effects
Explanation: Double-entry system: Every transaction has at least two corresponding debit-credit effects
QID #25861
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which of the following is best described as: Every transaction has at least two corresponding debit-credit effects
A
Double-entry system
B
Closing stock
C
Cash basis
D
Unearned income
Correct Answer: A. Double-entry system
Question: Which of the following is best described as: Every transaction has at least two corresponding debit-credit effects
A. Double-entry system
B. Closing stock
C. Cash basis
D. Unearned income
Correct Answer: A. Double-entry system
Explanation: The correct answer is Double-entry system. Every transaction has at least two corresponding debit-credit effects
QID #25860
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which statement best explains Accounting equation?
A
Depreciation method applying a rate to the carrying amount of an asset
B
Expense incurred but not yet paid
C
Assets = Liabilities + Equity
D
Depreciation method charging an equal amount each year, subject to residual value
Correct Answer: C. Assets = Liabilities + Equity
Question: Which statement best explains Accounting equation?
A. Depreciation method applying a rate to the carrying amount of an asset
B. Expense incurred but not yet paid
C. Assets = Liabilities + Equity
D. Depreciation method charging an equal amount each year, subject to residual value
Correct Answer: C. Assets = Liabilities + Equity
Explanation: Accounting equation: Assets = Liabilities + Equity
QID #25859
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium
Which of the following is best described as: Assets = Liabilities + Equity
A
Bad debt
B
Working capital
C
Accounting equation
D
Income statement
Correct Answer: C. Accounting equation
Question: Which of the following is best described as: Assets = Liabilities + Equity
A. Bad debt
B. Working capital
C. Accounting equation
D. Income statement
Correct Answer: C. Accounting equation
Explanation: The correct answer is Accounting equation. Assets = Liabilities + Equity
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