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
QID #25858
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Which of the following is correctly associated with Parliament cannot alter the basic structure of the Constitution through amendment?
A
Eleventh Schedule
B
Article 21A
C
Twelfth Schedule
D
Basic structure doctrine
Correct Answer: D. Basic structure doctrine
Question: Which of the following is correctly associated with Parliament cannot alter the basic structure of the Constitution through amendment?
A. Eleventh Schedule
B. Article 21A
C. Twelfth Schedule
D. Basic structure doctrine
Correct Answer: D. Basic structure doctrine
Explanation: The Supreme Court developed the basic structure doctrine in Kesavananda Bharati.
QID #25857
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Basic structure doctrine is correctly associated with which of the following?
A
Attorney General for India
B
Parliament cannot alter the basic structure of the Constitution through amendment
C
Separation of judiciary from executive in public services of the State
D
Finance Commission
Correct Answer: B. Parliament cannot alter the basic structure of the Constitution through amendment
Question: Basic structure doctrine is correctly associated with which of the following?
A. Attorney General for India
B. Parliament cannot alter the basic structure of the Constitution through amendment
C. Separation of judiciary from executive in public services of the State
D. Finance Commission
Correct Answer: B. Parliament cannot alter the basic structure of the Constitution through amendment
Explanation: The Supreme Court developed the basic structure doctrine in Kesavananda Bharati.
QID #25856
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Which of the following is correctly associated with Subjects relating to Municipalities?
A
Article 21
B
Article 148
C
Article 50
D
Twelfth Schedule
Correct Answer: D. Twelfth Schedule
Question: Which of the following is correctly associated with Subjects relating to Municipalities?
A. Article 21
B. Article 148
C. Article 50
D. Twelfth Schedule
Correct Answer: D. Twelfth Schedule
Explanation: The Twelfth Schedule lists functions related to Municipalities.
QID #25855
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Twelfth Schedule is correctly associated with which of the following?
A
Anti-defection provisions
B
Subjects relating to Municipalities
C
Superintendence, direction and control of elections vested in the Election Commission
D
Power and procedure for amendment of the Constitution
Correct Answer: B. Subjects relating to Municipalities
Question: Twelfth Schedule is correctly associated with which of the following?
A. Anti-defection provisions
B. Subjects relating to Municipalities
C. Superintendence, direction and control of elections vested in the Election Commission
D. Power and procedure for amendment of the Constitution
Correct Answer: B. Subjects relating to Municipalities
Explanation: The Twelfth Schedule lists functions related to Municipalities.
QID #25854
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Which of the following is correctly associated with Subjects relating to Panchayats?
A
Eleventh Schedule
B
Article 21A
C
Article 51A
D
Article 324
Correct Answer: A. Eleventh Schedule
Question: Which of the following is correctly associated with Subjects relating to Panchayats?
A. Eleventh Schedule
B. Article 21A
C. Article 51A
D. Article 324
Correct Answer: A. Eleventh Schedule
Explanation: The Eleventh Schedule lists subjects that may be entrusted to Panchayats.
QID #25853
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Eleventh Schedule is correctly associated with which of the following?
A
Finance Commission
B
Equality of opportunity in public employment
C
Subjects relating to Panchayats
D
Parliament cannot alter the basic structure of the Constitution through amendment
Correct Answer: C. Subjects relating to Panchayats
Question: Eleventh Schedule is correctly associated with which of the following?
A. Finance Commission
B. Equality of opportunity in public employment
C. Subjects relating to Panchayats
D. Parliament cannot alter the basic structure of the Constitution through amendment
Correct Answer: C. Subjects relating to Panchayats
Explanation: The Eleventh Schedule lists subjects that may be entrusted to Panchayats.
QID #25852
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Which of the following is correctly associated with Anti-defection provisions?
A
Article 368
B
Article 76
C
Article 19
D
Tenth Schedule
Correct Answer: D. Tenth Schedule
Question: Which of the following is correctly associated with Anti-defection provisions?
A. Article 368
B. Article 76
C. Article 19
D. Tenth Schedule
Correct Answer: D. Tenth Schedule
Explanation: The Tenth Schedule contains anti-defection provisions.
QID #25851
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Tenth Schedule is correctly associated with which of the following?
A
Definition of a Money Bill
B
Anti-defection provisions
C
Power and procedure for amendment of the Constitution
D
Comptroller and Auditor-General of India
Correct Answer: B. Anti-defection provisions
Question: Tenth Schedule is correctly associated with which of the following?
A. Definition of a Money Bill
B. Anti-defection provisions
C. Power and procedure for amendment of the Constitution
D. Comptroller and Auditor-General of India
Correct Answer: B. Anti-defection provisions
Explanation: The Tenth Schedule contains anti-defection provisions.
QID #25850
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Which of the following is correctly associated with Union, State and Concurrent Lists?
A
Seventh Schedule
B
Twelfth Schedule
C
Article 16
D
Article 76
Correct Answer: A. Seventh Schedule
Question: Which of the following is correctly associated with Union, State and Concurrent Lists?
A. Seventh Schedule
B. Twelfth Schedule
C. Article 16
D. Article 76
Correct Answer: A. Seventh Schedule
Explanation: The Seventh Schedule distributes legislative subjects through Union, State and Concurrent Lists.
QID #25849
UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Constitution of India Sectional Test 2026 Medium
Seventh Schedule is correctly associated with which of the following?
A
Anti-defection provisions
B
Subjects relating to Municipalities
C
Union, State and Concurrent Lists
D
Power and procedure for amendment of the Constitution
Correct Answer: C. Union, State and Concurrent Lists
Question: Seventh Schedule is correctly associated with which of the following?
A. Anti-defection provisions
B. Subjects relating to Municipalities
C. Union, State and Concurrent Lists
D. Power and procedure for amendment of the Constitution
Correct Answer: C. Union, State and Concurrent Lists
Explanation: The Seventh Schedule distributes legislative subjects through Union, State and Concurrent Lists.
Free MCQs with Answers and Explanations
This MCQ library is created for MNS, Nursing Officer, English, GK, MBA and competitive exam students. Every question has option-wise content, instant checking, a dedicated SEO view page and social share support.
