The UPSC EPFO Principles of Accountancy, Auditing and Insurance Quiz is designed to help candidates practise important questions from Accountancy, Auditing and Insurance for the UPSC EPFO APFC Recruitment Test 2026. The quiz covers key concepts such as accounting principles, journal and ledger, trial balance, final accounts, auditing fundamentals, internal controls, insurance principles and different types of insurance.
Download Principles of Accountancy, Auditing & Insurance Quiz PDF
Candidates can use the UPSC EPFO Accountancy, Auditing and Insurance Practice Quiz as a quick revision resource. The quiz includes exam-oriented objective questions covering important concepts from the APFC syllabus.
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| UPSC EPFO Accountancy, Auditing and Insurance Quiz PDF | Download Now |
| UPSC EPFO APFC Previous Year Papers | Download Now |
Attempt the UPSC EPFO Principles of Accountancy, Auditing and Insurance Quiz
Candidates can now attempt the UPSC EPFO Principles of Accountancy, Auditing and Insurance Quiz to test their preparation. The questions are based on important areas of Accountancy, Auditing, Insurance and related topics mentioned in the APFC syllabus.
1. Which accounting concept requires the business to be treated as distinct from its owner?
2. Which of the following is a capital expenditure?
3. A transaction is recorded only when it can be expressed in monetary terms. Which concept is applied?
4. Which equation correctly represents the basic accounting equation?
5. Goods withdrawn by the proprietor for personal use are generally debited to:
6. Which of the following is a real account under the traditional classification?
7. The traditional rule ‘Debit the receiver, credit the giver’ applies to:
8. When cash is received from a debtor, which account is credited?
9. A journal is commonly described as the book of:
10. Posting refers to the process of:
11. Which book can serve both as a book of original entry and as a ledger account for cash and bank?
12. A contra entry in a three-column cash book generally affects:
13. Which transaction is entered in the purchases book?
14. The main purpose of preparing a trial balance is to:
15. Which error is NOT disclosed by a trial balance?
16. Purchase of furniture wrongly debited to Purchases Account is an example of:
17. If an amount of Rs 540 is posted to an account as Rs 450, the error is best described as:
18. A suspense account is opened when:
19. Outstanding salary at year-end is shown as:
20. Prepaid insurance at the end of an accounting period is:
Quiz Summary
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Which topics are covered in the UPSC EPFO Accountancy, Auditing and Insurance Quiz?
The quiz covers the major areas under Principles of Accountancy, Auditing and Insurance. Candidates should focus on both basic concepts and their practical application while attempting the questions. The Accountancy section includes recording of transactions, final accounts and financial analysis, while Auditing focuses on audit procedures, controls and reports. Insurance questions cover important principles, types of insurance and its role in social security.
- Accounting Basics: Meaning and objectives of accounting, economic events, branches of accounting and accounting terminology
- Accounting Principles: Accounting concepts, conventions, types of accounts and rules of debit and credit
- Recording Transactions: Source documents, accounting equation, journal, ledger and cash book
- Trial Balance and Errors: Preparation of trial balance, types of errors and suspense account
- Bills of Exchange: Bills of exchange, promissory notes, discounting and rebate
- Final Accounts: Trading account, Profit and Loss Account and Balance Sheet
- Financial Analysis: Ratio analysis and cash flow statement
- Auditing: Nature, objectives, scope and types of audit
- Audit Planning and Risk: Audit strategy, audit programme, risk assessment and internal controls
- Audit Procedures: Vouching, verification and audit techniques
- Company Audit: Auditor’s role, company audit and audit of different entities
- Insurance Basics: Meaning of insurance, risk, parties involved and important insurance terms
- Insurance Principles: Utmost good faith, insurable interest, indemnity, subrogation, contribution and proximate cause
- Types of Insurance: Life insurance, term insurance, ULIPs, pension plans, motor, fire and other general insurance
- Additional Topics: Cost accounting, inventory management, taxation basics, amalgamation, absorption, internal reconstruction, joint venture and non-profit accounting
How can the UPSC EPFO Accountancy, Auditing and Insurance Quiz help in preparation?
The quiz provides a focused way to revise a large syllabus through MCQs. Instead of only reading concepts, candidates can use practice questions to check whether they can apply those concepts correctly. It also helps candidates become familiar with objective-type questions and improve their ability to eliminate incorrect options.
- Quick Revision: Revise important concepts in a short time.
- Concept Testing: Check whether the basic accounting, auditing and insurance concepts are clear.
- MCQ Practice: Get regular practice with objective-type questions.
- Weak Area Identification: Find topics where mistakes are repeated.
- Better Accuracy: Review incorrect answers and understand the reason behind each answer.
- Improved Speed: Practise solving questions within a fixed time.
- Exam Readiness: Build confidence for the APFC Recruitment Test.
What is the UPSC EPFO APFC exam pattern 2026?
The UPSC EPFO APFC Recruitment Test 2026 is an objective-type examination conducted in offline pen-and-paper mode. The test carries 300 marks and has a duration of 2 hours. Questions are generally available in English and Hindi, except for the English Language section, and one-third of the marks assigned to a question is deducted for an incorrect answer.
| Particulars | Details |
| Exam Mode | Offline/Pen and Paper |
| Question Type | Objective-Type MCQs |
| Duration | 2 Hours |
| Maximum Marks | 300 |
| Language | English and Hindi, except English Language section |
| Negative Marking | 1/3rd of marks assigned to the question |
| Interview Marks | 100 |
When will the UPSC EPFO APFC Recruitment Test 2026 be conducted?
The UPSC EPFO APFC Recruitment Test 2026 is scheduled to be conducted on 20th December 2026. Candidates should use the remaining preparation time for regular revision, mock tests and topic-wise quizzes to improve their overall performance.
FAQs
The quiz covers important topics from Accountancy, Auditing, Insurance and related areas.
Yes, candidates should thoroughly prepare the Accountancy topics mentioned in the APFC syllabus.
The quiz covers audit fundamentals, planning, risk, internal controls, vouching, verification and company audit.
Candidates should analyse incorrect answers, revise weak topics and regularly reattempt practice questions.
Yes, one-third of the marks assigned to a question is deducted for an incorrect answer.
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