{"id":57560,"date":"2026-09-25T20:57:51","date_gmt":"2026-09-25T15:27:51","guid":{"rendered":"https:\/\/www.oliveboard.in\/blog\/?p=57560"},"modified":"2026-09-25T20:57:52","modified_gmt":"2026-09-25T15:27:52","slug":"general-accounting-principle-notes-upsc-epfo-eo","status":"publish","type":"post","link":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/","title":{"rendered":"General Accounting Principles Notes for UPSC EPFO APFC 2026"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#What_is_the_UPSC_EPFO_Accountancy_Auditing_and_Insurance_syllabus_2026\" >What is the UPSC EPFO Accountancy, Auditing and Insurance syllabus 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#Download_Principles_of_Accountancy_Auditing_Insurance_Quiz_PDF\" >Download Principles of Accountancy, Auditing &amp; Insurance Quiz PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#Attempt_the_UPSC_EPFO_Principles_of_Accountancy_Auditing_and_Insurance_Quiz\" >Attempt the UPSC EPFO Principles of Accountancy, Auditing and Insurance Quiz<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#Sign_Up\" >Sign Up<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#Login\" >Login<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#Forgot_Password\" >Forgot Password<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#i\" >&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#What_are_the_important_Accounting_Principles_and_Concepts_for_UPSC_EPFO_APFC\" >What are the important Accounting Principles and Concepts for UPSC EPFO APFC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#What_are_the_important_Accountancy_topics_for_UPSC_EPFO_APFC_2026\" >What are the important Accountancy topics for UPSC EPFO APFC 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#What_are_the_important_Auditing_and_Insurance_topics_for_UPSC_EPFO_APFC\" >What are the important Auditing and Insurance topics for UPSC EPFO APFC?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#What_are_the_Additional_Accountancy_Topics_for_UPSC_EPFO_APFC_2026\" >What are the Additional Accountancy Topics for UPSC EPFO APFC 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#How_to_Prepare_General_Accounting_Principles_for_UPSC_EPFO_APFC_2026\" >How to Prepare General Accounting Principles for UPSC EPFO APFC 2026?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Preparing for the UPSC EPFO APFC 2026 exam requires candidates to build a clear understanding of Accountancy, Auditing and Insurance. These topics cover accounting principles, financial records, auditing procedures, insurance concepts and risk management. Along with the core topics, candidates should also prepare areas such as Cost Accounting, Inventory Management, Taxation and Joint Ventures.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-upsc-epfo-accountancy-auditing-and-insurance-syllabus-2026\"><span class=\"ez-toc-section\" id=\"What_is_the_UPSC_EPFO_Accountancy_Auditing_and_Insurance_syllabus_2026\"><\/span>What is the UPSC EPFO Accountancy, Auditing and Insurance syllabus 2026?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.oliveboard.in\/upsc-epfo-apfc-syllabus\/?ref=contac-upsc-epfo-paai-sn\" target=\"_blank\" rel=\"noreferrer noopener\">UPSC EPFO APFC syllabus<\/a> includes Accountancy, Auditing and Insurance as a broad area of preparation. Accountancy focuses on recording and reporting financial transactions, Auditing deals with checking financial records and controls, while Insurance covers risk, insurance principles and different types of insurance.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Area<\/th><th>Important Topics<\/th><\/tr><tr><td>Accountancy<\/td><td>Accounting principles, books of accounts, errors, bills of exchange, accounting standards, company accounts, final accounts, ratio analysis and cash flow<\/td><\/tr><tr><td>Auditing<\/td><td>Audit basics, types of audit, audit planning, audit risk, internal controls, vouching, verification, audit procedures, company audit and audit reports<\/td><\/tr><tr><td>Insurance<\/td><td>Insurance basics, risk, parties to insurance, principles of insurance, life insurance, general insurance and social security<\/td><\/tr><tr><td>Additional Topics<\/td><td>Cost accounting, inventory management, taxation, amalgamation and absorption, internal reconstruction, NPOs and joint ventures<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-download-principles-of-accountancy-auditing-amp-insurance-quiz-pdf\"><span class=\"ez-toc-section\" id=\"Download_Principles_of_Accountancy_Auditing_Insurance_Quiz_PDF\"><\/span>Download Principles of Accountancy, Auditing &amp; Insurance Quiz PDF<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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. <\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Particulars<\/strong><\/td><td><strong>Link<\/strong><\/td><\/tr><tr><td>UPSC EPFO Accountancy, Auditing and Insurance Quiz PDF<\/td><td><a href=\"https:\/\/www.oliveboard.in\/upsc-epfo-prep-kit\/?ref=contac-upsc-epfo-paai-sn\" target=\"_blank\" rel=\"noreferrer noopener\">Download Now<\/a><\/td><\/tr><tr><td>UPSC EPFO APFC Previous Year Papers<\/td><td><a href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-previous-year-question-papers\/?ref=contac-upsc-epfo-paai-sn\" target=\"_blank\" rel=\"noreferrer noopener\">Download Now<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-attempt-the-upsc-epfo-principles-of-accountancy-auditing-and-insurance-quiz\"><span class=\"ez-toc-section\" id=\"Attempt_the_UPSC_EPFO_Principles_of_Accountancy_Auditing_and_Insurance_Quiz\"><\/span>Attempt the UPSC EPFO Principles of Accountancy, Auditing and Insurance Quiz<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n<head>\n<meta charset=\"UTF-8\">\n<link rel=\"stylesheet\" href=\"https:\/\/courses.oliveboard.in\/edge\/css\/login-modal-for-blog.css\">\n\n<style>\n#quiz-1-sticky-header {\n  position: sticky;\n  top: 0;\n  z-index: 100;\n  background: #1565c0;\n  color: #fff;\n  padding: 12px 20px;\n  border-radius: 10px 10px 0 0;\n  display: flex;\n  justify-content: space-between;\n  align-items: center;\n  font-size: 16px;\n  font-weight: bold;\n  box-shadow: 0 2px 8px rgba(0,0,0,0.2);\n  margin: -20px -20px 20px -20px;\n}\n\n#quiz-1-score-badge {\n  background: rgba(255,255,255,0.2);\n  padding: 4px 12px;\n  border-radius: 20px;\n  font-size: 15px;\n  white-space: nowrap;\n}\n#quiz-1 * { box-sizing: border-box; }\n\n#quiz-1 .quiz-container {\n  max-width: 700px;\n  margin: auto;\n  padding: 20px;\n  background: #fff;\n  border-radius: 14px;\n  box-shadow: 0 6px 16px rgba(0,0,0,0.12);\n}\n\n#quiz-1 h2 {\n  text-align: center;\n}\n\n#quiz-1 .question {\n  margin-bottom: 22px;\n}\n\n#quiz-1 .question p {\n  font-weight: bold;\n}\n\n#quiz-1 button {\n  width: 100%;\n  padding: 12px;\n  margin: 6px 0;\n  border: none;\n  border-radius: 6px;\n  background: #e0e0e0;\n  color: #000;\n  font-size: 16px;\n  cursor: pointer;\n}\n\n#quiz-1 button:hover {\n  background: #d5d5d5;\n}\n\n#quiz-1 button.correct {\n  background: #4caf50;\n  color: #000;\n}\n\n#quiz-1 button.wrong {\n  background: #f44336;\n  color: #000;\n}\n\n#quiz-1 button.locked {\n  pointer-events: none;\n}\n\n\/* SUMMARY *\/\n#quiz-1 .final-summary {\n  margin-top: 40px;\n  padding: 20px;\n  border-radius: 14px;\n  background: #fafafa;\n  border: 2px solid #4caf50;\n}\n\n#quiz-1 .final-summary h3 {\n  text-align: center;\n  margin-bottom: 20px;\n}\n\n#quiz-1 .summary-row {\n  display: grid;\n  grid-template-columns: 120px 1fr 40px;\n  gap: 10px;\n  align-items: center;\n  margin-bottom: 12px;\n  font-weight: bold;\n}\n\n#quiz-1 .summary-bar {\n  height: 14px;\n  background: #ddd;\n  border-radius: 10px;\n  overflow: hidden;\n}\n\n#quiz-1 .bar-fill {\n  height: 100%;\n  width: 0%;\n}\n\n#quiz-1 .bar-attempted { background: #2196f3; }\n#quiz-1 .bar-correct { background: #4caf50; }\n#quiz-1 .bar-wrong { background: #f44336; }\n#quiz-1 .bar-unattempted { background: #9e9e9e; width: 100%; }\n\n#quiz-1 .final-score {\n  text-align: center;\n  font-size: 22px;\n  margin-top: 20px;\n}\n\n#quiz-1 .score-value {\n  font-size: 30px;\n  margin-left: 8px;\n}\n<\/style>\n<\/head>\n\n<body>\n<div id=\"quiz-1\">\n  <div class=\"quiz-container\">\n<div id=\"quiz-1-sticky-header\">\n  <span> UPSC EPFO Principles of Accountancy, Auditing and Insurance Quiz <\/span>\n  <span id=\"quiz-1-score-badge\">Score: <strong id=\"quiz-1-score-value\">0.00<\/strong><\/span>\n<\/div>\n\n    <!-- QUESTIONS -->\n\n<div class=\"question\" data-answered=\"false\">\n  <p>1. Which accounting concept requires the business to be treated as distinct from its owner?<\/p>\n  <button data-correct=\"false\">Money measurement concept<\/button>\n  <button data-correct=\"false\">Going concern concept<\/button>\n  <button data-correct=\"false\">Matching concept<\/button>\n  <button data-correct=\"true\">Business entity concept<\/button>\n  <button data-correct=\"false\">Conservatism concept<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>2. Which of the following is a capital expenditure?<\/p>\n  <button data-correct=\"false\">Annual machine maintenance<\/button>\n  <button data-correct=\"false\">Factory electricity charges<\/button>\n  <button data-correct=\"true\">Cost of installing a newly purchased machine<\/button>\n  <button data-correct=\"false\">Routine repairs to machinery<\/button>\n  <button data-correct=\"false\">Office rent<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>3. A transaction is recorded only when it can be expressed in monetary terms. Which concept is applied?<\/p>\n  <button data-correct=\"false\">Dual aspect concept<\/button>\n  <button data-correct=\"false\">Realisation concept<\/button>\n  <button data-correct=\"false\">Consistency concept<\/button>\n  <button data-correct=\"false\">Accrual concept<\/button>\n  <button data-correct=\"true\">Money measurement concept<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>4. Which equation correctly represents the basic accounting equation?<\/p>\n  <button data-correct=\"false\">Assets + Liabilities = Capital<\/button>\n  <button data-correct=\"true\">Assets = Liabilities + Capital<\/button>\n  <button data-correct=\"false\">Assets = Capital &#8211; Liabilities<\/button>\n  <button data-correct=\"false\">Liabilities = Assets + Capital<\/button>\n  <button data-correct=\"false\">Capital = Liabilities &#8211; Assets<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>5. Goods withdrawn by the proprietor for personal use are generally debited to:<\/p>\n  <button data-correct=\"false\">Purchases account<\/button>\n  <button data-correct=\"false\">Sales account<\/button>\n  <button data-correct=\"true\">Drawings account<\/button>\n  <button data-correct=\"false\">Capital account<\/button>\n  <button data-correct=\"false\">Trading account<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>6. Which of the following is a real account under the traditional classification?<\/p>\n  <button data-correct=\"true\">Machinery account<\/button>\n  <button data-correct=\"false\">Salary account<\/button>\n  <button data-correct=\"false\">Capital account<\/button>\n  <button data-correct=\"false\">Commission received account<\/button>\n  <button data-correct=\"false\">Rent account<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>7. The traditional rule &#8216;Debit the receiver, credit the giver&#8217; applies to:<\/p>\n  <button data-correct=\"true\">Personal accounts<\/button>\n  <button data-correct=\"false\">Real accounts<\/button>\n  <button data-correct=\"false\">Nominal accounts<\/button>\n  <button data-correct=\"false\">Contra accounts<\/button>\n  <button data-correct=\"false\">Memorandum accounts<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>8. When cash is received from a debtor, which account is credited?<\/p>\n  <button data-correct=\"false\">Cash account<\/button>\n  <button data-correct=\"true\">Debtor&#8217;s personal account<\/button>\n  <button data-correct=\"false\">Sales account<\/button>\n  <button data-correct=\"false\">Discount allowed account<\/button>\n  <button data-correct=\"false\">Purchases account<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>9. A journal is commonly described as the book of:<\/p>\n  <button data-correct=\"false\">Final entry<\/button>\n  <button data-correct=\"false\">Secondary entry<\/button>\n  <button data-correct=\"false\">Closing entry<\/button>\n  <button data-correct=\"false\">Statutory entry<\/button>\n  <button data-correct=\"true\">Original entry<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>10. Posting refers to the process of:<\/p>\n  <button data-correct=\"false\">Preparing a trial balance<\/button>\n  <button data-correct=\"false\">Closing nominal accounts<\/button>\n  <button data-correct=\"false\">Recording only cash transactions<\/button>\n  <button data-correct=\"false\">Drafting financial statements<\/button>\n  <button data-correct=\"true\">Transferring journal entries to ledger accounts<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>11. Which book can serve both as a book of original entry and as a ledger account for cash and bank?<\/p>\n  <button data-correct=\"false\">Purchase book<\/button>\n  <button data-correct=\"false\">Sales book<\/button>\n  <button data-correct=\"false\">Journal proper<\/button>\n  <button data-correct=\"true\">Cash book<\/button>\n  <button data-correct=\"false\">Bills receivable book<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>12. A contra entry in a three-column cash book generally affects:<\/p>\n  <button data-correct=\"false\">Only the discount columns<\/button>\n  <button data-correct=\"false\">Cash and sales accounts<\/button>\n  <button data-correct=\"false\">Purchases and bank accounts<\/button>\n  <button data-correct=\"true\">Cash and bank columns on both sides of the cash book<\/button>\n  <button data-correct=\"false\">Only the ledger, not the cash book<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>13. Which transaction is entered in the purchases book?<\/p>\n  <button data-correct=\"false\">Cash purchase of goods<\/button>\n  <button data-correct=\"false\">Credit purchase of a machine<\/button>\n  <button data-correct=\"false\">Cash purchase of stationery<\/button>\n  <button data-correct=\"false\">Return of goods to supplier<\/button>\n  <button data-correct=\"true\">Credit purchase of goods meant for resale<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>14. The main purpose of preparing a trial balance is to:<\/p>\n  <button data-correct=\"false\">Detect every type of accounting error<\/button>\n  <button data-correct=\"false\">Ascertain cash profit<\/button>\n  <button data-correct=\"true\">Check the arithmetical accuracy of ledger postings<\/button>\n  <button data-correct=\"false\">Determine the market value of assets<\/button>\n  <button data-correct=\"false\">Replace the balance sheet<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>15. Which error is NOT disclosed by a trial balance?<\/p>\n  <button data-correct=\"false\">Posting a debit entry as a credit entry in one account<\/button>\n  <button data-correct=\"false\">Wrong totaling of one ledger account<\/button>\n  <button data-correct=\"true\">Complete omission of a transaction<\/button>\n  <button data-correct=\"false\">Posting only one side of a transaction<\/button>\n  <button data-correct=\"false\">Carrying forward a ledger balance incorrectly<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>16. Purchase of furniture wrongly debited to Purchases Account is an example of:<\/p>\n  <button data-correct=\"true\">Error of principle<\/button>\n  <button data-correct=\"false\">Error of casting<\/button>\n  <button data-correct=\"false\">Error of complete omission<\/button>\n  <button data-correct=\"false\">Compensating error<\/button>\n  <button data-correct=\"false\">Error of duplication<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>17. If an amount of Rs 540 is posted to an account as Rs 450, the error is best described as:<\/p>\n  <button data-correct=\"false\">Error of principle<\/button>\n  <button data-correct=\"false\">Compensating error<\/button>\n  <button data-correct=\"false\">Complete omission<\/button>\n  <button data-correct=\"true\">Error of commission<\/button>\n  <button data-correct=\"false\">Error of original entry affecting both sides equally<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>18. A suspense account is opened when:<\/p>\n  <button data-correct=\"false\">Cash book shows an overdraft<\/button>\n  <button data-correct=\"false\">Depreciation is not provided<\/button>\n  <button data-correct=\"false\">All errors have been rectified<\/button>\n  <button data-correct=\"true\">The trial balance does not agree and the difference is temporarily carried forward<\/button>\n  <button data-correct=\"false\">A bill is dishonoured<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>19. Outstanding salary at year-end is shown as:<\/p>\n  <button data-correct=\"false\">An asset only<\/button>\n  <button data-correct=\"true\">An expense in the profit and loss account and a current liability in the balance sheet<\/button>\n  <button data-correct=\"false\">A deduction from salary expense only<\/button>\n  <button data-correct=\"false\">A capital loss<\/button>\n  <button data-correct=\"false\">A contingent liability only<\/button>\n<\/div>\n\n<div class=\"question\" data-answered=\"false\">\n  <p>20. Prepaid insurance at the end of an accounting period is:<\/p>\n  <button data-correct=\"false\">A current liability<\/button>\n  <button data-correct=\"false\">A capital reserve<\/button>\n  <button data-correct=\"true\">A current asset<\/button>\n  <button data-correct=\"false\">An outstanding expense<\/button>\n  <button data-correct=\"false\">A contingent asset<\/button>\n<\/div>\n\n    <!-- FINAL SUMMARY -->\n    <div class=\"final-summary\">\n      <h3>Quiz Summary <\/h3>\n\n      <div class=\"summary-row\">\n        <span>Attempted<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-attempted\" data-summary=\"attempted\"><\/div><\/div>\n        <span data-count=\"attempted\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Correct<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-correct\" data-summary=\"correct\"><\/div><\/div>\n        <span data-count=\"correct\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Wrong<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-wrong\" data-summary=\"wrong\"><\/div><\/div>\n        <span data-count=\"wrong\">0<\/span>\n      <\/div>\n\n      <div class=\"summary-row\">\n        <span>Unattempted<\/span>\n        <div class=\"summary-bar\"><div class=\"bar-fill bar-unattempted\" data-summary=\"unattempted\"><\/div><\/div>\n        <span data-count=\"unattempted\">0<\/span>\n      <\/div>\n\n      <div class=\"final-score\">\n        Final Score: <span class=\"score-value\" data-score>0.0<\/span>\n      <\/div>\n    <\/div>\n\n  <\/div>\n<\/div>\n<div class=\"modal modal-obls\" id=\"modal-signup\">\n        <div class=\"modal-background\"><\/div>\n        <div class=\"modal-content\">\n           <div class=\"obls-group\" id=\"obls-group1\">\n               <div class=\"obls-blk\">\n                   <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/img-delivery.svg\" alt=\"\"><\/span>\n                   <h2 id=\"display-register-text\"><span class=\"ez-toc-section\" id=\"Sign_Up\"><\/span>Sign Up<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                   <div class=\"loginas-group loginas-group1 loginas-group-single\">\n <div id=\"g_id_onload\" data-client_id=\"506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com\" ,=\"\" data-use_fedcm_for_prompt=\"true\" data-callback=\"handleOnetapResponse\">\n    <\/div>\n    <div class=\"g_id_signin\" data-type=\"standard\"><div class=\"S9gUrf-YoZ4jf\" style=\"position: relative;\"><div><\/div><iframe src=\"https:\/\/accounts.google.com\/gsi\/button?type=standard&amp;is_fedcm_supported=true&amp;client_id=506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com&amp;iframe_id=gsi_437394_8652&amp;cas=pwXumGxyCMNtIbjaV30qchi2A1vUar%2Faz%2FOE5HQ%2B0Zc\" class=\"L5Fo6c-PQbLGe\" allow=\"identity-credentials-get\" id=\"gsi_437394_8652\" title=\"Sign in with Google Button\" style=\"display: block; position: relative; top: 0px; left: 0px; height: 44px; width: 204px; border: 0px; margin: -2px -10px;\"><\/iframe><\/div><\/div>\n                   <\/div>\n                   <h6 class=\"signup-subheader\">Or, register with email<\/h6>\n                   <label class=\"errormsg txt-red courseUp\"><\/label>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                        <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"course-uemail\" required=\"\">\n                        <span class=\"floating-label\" style=\"top: 19px; font-size: 12px;\">Email Id<\/span>\n                   <\/div>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mobile-black.svg\" alt=\"\"><\/span>\n                        <input type=\"text\" maxlength=\"10\" name=\"monum\" class=\"formcontrol ob-inputfield\" id=\"course-uphone\" required=\"\">\n                        <span class=\"floating-label\">Mobile Number<\/span>\n                   <\/div>\n                   <div class=\"formcontrol-group\">\n                        <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-lock.svg\" alt=\"\"><\/span>\n                        <input type=\"password\" name=\"pwd\" class=\"formcontrol ob-inputfield\" id=\"course-upassword\" required=\"\">\n                        <span class=\"floating-label\">Password<\/span>\n                   <\/div>\n                   <button type=\"button\" class=\"btn btn-md btn-tblue btn-obls\" onclick=\"courseUpValidation('home','IBPS','https:\/\/u1.oliveboard.in\/exams\/?c=dashboard&amp;i=common');return false;\" id=\"courseup\">REGISTER<\/button>\n                    <p class=\"obls-footer\">Already a user?<button type=\"button\" class=\"btn btn-xs btn-switch-obls btn-show-modal-login\" id=\"btn-show-modal-login\">Login<\/button><\/p>\n               <\/div> \n            <\/div> \n        <\/div>\n        <button class=\"modal-close is-large modal-obls-close\" aria-label=\"close\"><\/button>\n    <\/div>\n\n<div class=\"modal modal-obls\" id=\"modal-login\">\n        <div class=\"modal-background\"><\/div>\n        <div class=\"modal-content\">\n           <div class=\"obls-group\" id=\"obls-group2\">\n               <div class=\"obls-blk\">\n                   <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/img-run-health.svg\" alt=\"\"><\/span>\n                   <div id=\"login-group-abc\" class=\"lfp-group-abc\"><!-- start login group -->\n                       <h2><span class=\"ez-toc-section\" id=\"Login\"><\/span>Login<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                       <label class=\"errormsg txt-red courseIn\"><\/label>\n                       <div class=\"formcontrol-group disable-loginemail\">\n                            <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                            <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"course-email\" required=\"\">\n                            <span class=\"floating-label\">Email Id<\/span>\n                       <\/div>\n                       <div class=\"loginnext-group\" id=\"loginnext-group\"><!-- pass and captcha -->\n                           <div class=\"formcontrol-group\">\n                                <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-lock.svg\" alt=\"\"><\/span>\n                                <input type=\"password\" name=\"pwd\" class=\"formcontrol ob-inputfield\" id=\"course-password\" required=\"\">\n                                <span class=\"floating-label\">Password<\/span>\n                           <\/div>\n                           <div style=\"display:none\" id=\"img-oblcaptcha\" class=\"captcha-img-blk\">\n                           <\/div>\n                           <div style=\"display:none\" class=\"formcontrol-group captcha-input-blk\">\n                                <input type=\"text\" name=\"pwd1\" value=\"1\" class=\"formcontrol ob-inputfield\" id=\"lcaptcha-code\" required=\"\">\n                                <span class=\"floating-label\">Enter text you see in the image<\/span>\n                           <\/div>\n                       <\/div><!-- pass and captcha -->\n                       \n                       <div class=\"btn-forgotpwd-group\"><button id=\"btn-forgotpwd\" class=\"btn btn-forgotpwd\">Forgot Password?<\/button><\/div>\n                       <button type=\"button\" id=\"coursein1\" class=\"btn btn-md btn-tblue btn-obls\" onclick=\"courseInValidation1()\">Next<\/button>\n                       <button type=\"button\" id=\"coursein\" class=\"btn btn-md btn-tblue btn-obls coursein\" onclick=\"courseInValidation('https:\/\/u1.oliveboard.in\/exams\/?c=dashboard&amp;i=common')\">Submit<\/button>\n                       <form method=\"post\" action=\"https:\/\/login.oliveboard.in\/login\/next.php\" id=\"snf1\">\n                        <input type=\"hidden\" name=\"email\" value=\"\" id=\"lemailnext\">\n                        <\/form>\n                   <\/div><!-- end login group -->\n                   <div id=\"forgotpwd-group-abc\" class=\"lfp-group-abc forgotpwd-group-abc\"><!-- start forgotpwd group -->\n                       <h2><span class=\"ez-toc-section\" id=\"Forgot_Password\"><\/span>Forgot Password<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                       <p class=\"secintro-txt\">Please enter the Email ID we will send you a Email with the link to reset the password.<\/p>\n                       <label class=\"errormsg txt-red rePassMsg\"><\/label>\n                       <div class=\"formcontrol-group formcontrol-group-fp\">\n                            <span class=\"icon\"><img decoding=\"async\" src=\"\/img\/ic-mail.svg\" alt=\"\"><\/span>\n                            <input type=\"email\" name=\"email\" class=\"formcontrol ob-inputfield\" id=\"remail\" required=\"\">\n                            <span class=\"floating-label\">Email Id<\/span>\n                       <\/div>\n                       <div class=\"loginas-group loginas-group1\">\n                            <button type=\"button\" id=\"btn-fpwd-cancel\" class=\"btn btn-md btn-white btn-cancel btn-fpwd-cancel\">Cancel<\/button>\n                            <button type=\"button\" id=\"lreset\" class=\"btn btn-md btn-tblue btn-fpwd-submit\" onclick=\"resetPassword()\">Submit<\/button>\n                       <\/div>\n                    <\/div><!-- end forgotpwd group --> \n                   <h6 class=\"login-subheader\">Or, login with<\/h6>\n                   <div class=\"loginas-group loginas-group2 loginas-group-single\">\n\n <div id=\"g_id_onload\" data-client_id=\"506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com\" ,=\"\" data-use_fedcm_for_prompt=\"true\" data-callback=\"handleOnetapResponse\">\n    <\/div>\n    <div class=\"g_id_signin\" data-type=\"standard\"><div class=\"S9gUrf-YoZ4jf\" style=\"position: relative;\"><div><div tabindex=\"0\" role=\"button\" aria-labelledby=\"button-label\" class=\"nsm7Bb-HzV7m-LgbsSe  hJDwNd-SxQuSe i5vt6e-Ia7Qfc uaxL4e-RbRzK\"><div class=\"nsm7Bb-HzV7m-LgbsSe-MJoBVe\"><\/div><div class=\"nsm7Bb-HzV7m-LgbsSe-bN97Pc-sM5MNb \"><div class=\"nsm7Bb-HzV7m-LgbsSe-Bz112c\"><svg version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 48 48\" class=\"LgbsSe-Bz112c\"><g><path fill=\"#EA4335\" d=\"M24 9.5c3.54 0 6.71 1.22 9.21 3.6l6.85-6.85C35.9 2.38 30.47 0 24 0 14.62 0 6.51 5.38 2.56 13.22l7.98 6.19C12.43 13.72 17.74 9.5 24 9.5z\"><\/path><path fill=\"#4285F4\" d=\"M46.98 24.55c0-1.57-.15-3.09-.38-4.55H24v9.02h12.94c-.58 2.96-2.26 5.48-4.78 7.18l7.73 6c4.51-4.18 7.09-10.36 7.09-17.65z\"><\/path><path fill=\"#FBBC05\" d=\"M10.53 28.59c-.48-1.45-.76-2.99-.76-4.59s.27-3.14.76-4.59l-7.98-6.19C.92 16.46 0 20.12 0 24c0 3.88.92 7.54 2.56 10.78l7.97-6.19z\"><\/path><path fill=\"#34A853\" d=\"M24 48c6.48 0 11.93-2.13 15.89-5.81l-7.73-6c-2.15 1.45-4.92 2.3-8.16 2.3-6.26 0-11.57-4.22-13.47-9.91l-7.98 6.19C6.51 42.62 14.62 48 24 48z\"><\/path><path fill=\"none\" d=\"M0 0h48v48H0z\"><\/path><\/g><\/svg><\/div><span class=\"nsm7Bb-HzV7m-LgbsSe-BPrWId\">Sign in with Google<\/span><span class=\"L6cTce\" id=\"button-label\">Sign in with Google. Opens in new tab<\/span><\/div><\/div><\/div><iframe src=\"https:\/\/accounts.google.com\/gsi\/button?type=standard&amp;is_fedcm_supported=true&amp;client_id=506321490093-i3j96ah9gn1sv3khntnd1rnv5jebt5j4.apps.googleusercontent.com&amp;iframe_id=gsi_437400_306436&amp;cas=pwXumGxyCMNtIbjaV30qchi2A1vUar%2Faz%2FOE5HQ%2B0Zc\" class=\"L5Fo6c-PQbLGe\" allow=\"identity-credentials-get\" id=\"gsi_437400_306436\" title=\"Sign in with Google Button\" style=\"display: block; position: relative; top: 0px; left: 0px; height: 0px; width: 0px; border: 0px;\"><\/iframe><\/div><\/div>\n\n\n                   <\/div>\n                    <p class=\"obls-footer\">New to Oliveboard?<button class=\"btn btn-xs btn-switch-obls\" id=\"btn-show-modal-signup\">Register<\/button><\/p>\n               <\/div> \n            <\/div> \n            <div class=\"success-msg-group\" id=\"success-msg-group\"><!-- success msg -->\n                <div class=\"success-msg-blk\" id=\"success-msg-blk\">\n                    <span class=\"img-box\"><img decoding=\"async\" src=\"\/img\/success-ellipse.svg\" alt=\"\"><\/span>\n                    <h2 id=\"fpwd-success-msg-title\"><span class=\"ez-toc-section\" id=\"i\"><\/span>&nbsp;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n                    <p id=\"fpwd-success-msg-text\">&nbsp;<\/p>\n                    <div class=\"login-btn\">\n                        <button type=\"button\" class=\"btn btn-md btn-tblue modal-obls-close\">Ok<\/button>\n                    <\/div>\n\n                <\/div>\n            <\/div><!-- success msg -->\n\n        <\/div>\n        <button class=\"modal-close is-large modal-obls-close\" aria-label=\"close\"><\/button>\n    <\/div>\n\n<script src=\"https:\/\/s3-ap-southeast-1.amazonaws.com\/sg2.oliveboard.in\/static\/js\/jquery.js\"><\/script>\n\n<script>\nvar boxurl = window.location.href + '?log=1';\n\nfunction getUrlParam(name, defaultValue) {\n    const params = new URLSearchParams(window.location.search);\n    return params.has(name) ? params.get(name) : defaultValue;\n}\n\nvar l_log = getUrlParam('log', 0);\n<\/script>\n<script src=\"https:\/\/www.oliveboard.in\/js\/coursecommon.js?v=12\"><\/script>\n\n\n<script>\n(() => {\n  const quizContainer = document.getElementById('quiz-1');\n  const STORAGE_KEY = 'quiz_1_state';\n  let score = 0;\n  let attempted = 0;\n  let correct = 0;\n  let wrong = 0;\n\n  const questions = quizContainer.querySelectorAll(\".question\");\n  const total = questions.length;\n\n  function loadState() {\n    try { return JSON.parse(sessionStorage.getItem(STORAGE_KEY) || '{}'); }\n    catch { return {}; }\n  }\n\n  function saveState(data) {\n    sessionStorage.setItem(STORAGE_KEY, JSON.stringify(data));\n  }\n\n  function updateUI() {\n    const unattempted = total - attempted;\n    quizContainer.querySelector('[data-count=\"attempted\"]').textContent = attempted;\n    quizContainer.querySelector('[data-count=\"correct\"]').textContent = correct;\n    quizContainer.querySelector('[data-count=\"wrong\"]').textContent = wrong;\n    quizContainer.querySelector('[data-count=\"unattempted\"]').textContent = unattempted;\n    quizContainer.querySelector('[data-summary=\"attempted\"]').style.width = (attempted \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"correct\"]').style.width = (correct \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"wrong\"]').style.width = (wrong \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-summary=\"unattempted\"]').style.width = (unattempted \/ total) * 100 + \"%\";\n    quizContainer.querySelector('[data-score]').textContent = score.toFixed(2);\n\n    \/\/ Live score update in sticky header\n    document.getElementById('quiz-1-score-value').textContent = score.toFixed(2);\n  }\n\n  function restoreQuestion(q, chosenIndex, wasCorrect) {\n    q.dataset.answered = \"true\";\n    const buttons = q.querySelectorAll(\"button\");\n    buttons.forEach(b => b.classList.add(\"locked\"));\n    if (wasCorrect) {\n      buttons[chosenIndex].classList.add(\"correct\");\n    } else {\n      buttons[chosenIndex].classList.add(\"wrong\");\n      q.querySelector(\"[data-correct='true']\").classList.add(\"correct\");\n    }\n  }\n\n  \/\/ Restore saved answers on page load\n  const savedAnswers = loadState();\nquestions.forEach((q, qIndex) => {\n    const saved = savedAnswers[qIndex];\n    if (saved !== undefined) {\n      attempted++;\n      if (saved.correct) { correct++; }\n      else { wrong++; }\n      restoreQuestion(q, saved.chosenIndex, saved.correct);\n    }\n  });\n  score = parseFloat((correct * 1 - wrong * 0.33).toFixed(2));\n  updateUI();\n\n  \/\/ Attach click handlers\n  questions.forEach((q, qIndex) => {\n    q.querySelectorAll(\"button\").forEach((btn, btnIndex) => {\n      btn.addEventListener(\"click\", () => {\n        if (q.dataset.answered === \"true\") return;\n        q.dataset.answered = \"true\";\n        attempted++;\n\n        if (attempted > 9 && l_log == 0) {\n          $('#modal-signup').addClass('is-active');\n        }\n\n        q.querySelectorAll(\"button\").forEach(b => b.classList.add(\"locked\"));\n        const isCorrect = btn.dataset.correct === \"true\";\n\n if (isCorrect) {\n          btn.classList.add(\"correct\");\n          correct++;\n        } else {\n          btn.classList.add(\"wrong\");\n          wrong++;\n          q.querySelector(\"[data-correct='true']\").classList.add(\"correct\");\n        }\n        score = parseFloat((correct * 1 - wrong * 0.25).toFixed(2));\n\n        savedAnswers[qIndex] = { chosenIndex: btnIndex, correct: isCorrect };\n        saveState(savedAnswers);\n        updateUI();\n      });\n    });\n  });\n\n  updateUI();\n})();\n<\/script>\n\n<\/body>\n<\/html>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-apfc-mock-test\/?ref=contac-upsc-epfo-paai-sn\" target=\"_blank\" rel=\"noreferrer noopener\">Attempt A Free UPSC EPFO APFC Mock Test Today!<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-important-accounting-principles-and-concepts-for-upsc-epfo-apfc\"><span class=\"ez-toc-section\" id=\"What_are_the_important_Accounting_Principles_and_Concepts_for_UPSC_EPFO_APFC\"><\/span>What are the important Accounting Principles and Concepts for UPSC EPFO APFC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accounting principles provide a basic framework for recording and presenting financial transactions. Candidates should understand the meaning and application of important concepts such as business entity, money measurement, going concern, accounting period, cost, dual aspect, revenue recognition, matching, full disclosure, consistency, conservatism, materiality and objectivity.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Concept<\/th><th>Key Idea<\/th><\/tr><tr><td>Business Entity<\/td><td>Business and owner are treated as separate entities.<\/td><\/tr><tr><td>Money Measurement<\/td><td>Transactions measurable in money are recorded.<\/td><\/tr><tr><td>Going Concern<\/td><td>Business is assumed to continue its operations.<\/td><\/tr><tr><td>Accounting Period<\/td><td>Financial performance is measured for a specific period.<\/td><\/tr><tr><td>Cost Concept<\/td><td>Assets are generally recorded based on acquisition cost.<\/td><\/tr><tr><td>Dual Aspect<\/td><td>Every transaction has two accounting effects.<\/td><\/tr><tr><td>Matching<\/td><td>Related expenses are matched with relevant revenue.<\/td><\/tr><tr><td>Full Disclosure<\/td><td>Relevant financial information should be properly disclosed.<\/td><\/tr><tr><td>Consistency<\/td><td>Accounting methods should be applied consistently.<\/td><\/tr><tr><td>Conservatism<\/td><td>Avoid unnecessary overstatement of income or assets.<\/td><\/tr><tr><td>Materiality<\/td><td>Important information should receive proper attention.<\/td><\/tr><tr><td>Objectivity<\/td><td>Records should be supported by reliable evidence.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-important-accountancy-topics-for-upsc-epfo-apfc-2026\"><span class=\"ez-toc-section\" id=\"What_are_the_important_Accountancy_topics_for_UPSC_EPFO_APFC_2026\"><\/span>What are the important Accountancy topics for UPSC EPFO APFC 2026?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Accountancy questions can cover both basic concepts and practical accounting treatment. Candidates should focus on understanding how transactions are recorded, classified and presented in financial statements.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Books of Accounts:<\/strong> Journal, ledger, cash book and trial balance.<\/li>\n\n\n\n<li><strong>Accounting Errors:<\/strong> Types of errors and their correction.<\/li>\n\n\n\n<li><strong>Bills of Exchange:<\/strong> Basic terms, parties and accounting treatment.<\/li>\n\n\n\n<li><strong>Accounting Standards:<\/strong> Basic principles and purpose.<\/li>\n\n\n\n<li><strong>Company Accounts:<\/strong> Share capital and basic company accounting.<\/li>\n\n\n\n<li><strong>Final Accounts:<\/strong> Trading account, profit and loss account and balance sheet.<\/li>\n\n\n\n<li><strong>Ratio Analysis:<\/strong> Liquidity, profitability, solvency and activity ratios.<\/li>\n\n\n\n<li><strong>Cash Flow:<\/strong> Operating, investing and financing activities.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-apfc-study-plan\/?ref=contac-upsc-epfo-paai-sn\" target=\"_blank\" rel=\"noreferrer noopener\">Check out the UPSC EPFO Study Plan<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-important-auditing-and-insurance-topics-for-upsc-epfo-apfc\"><span class=\"ez-toc-section\" id=\"What_are_the_important_Auditing_and_Insurance_topics_for_UPSC_EPFO_APFC\"><\/span>What are the important Auditing and Insurance topics for UPSC EPFO APFC?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Auditing focuses on the examination of financial records and related evidence, while Insurance deals with financial protection against specified risks. Candidates should understand the basic concepts and their practical application rather than relying only on definitions.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><th>Auditing<\/th><th>Insurance<\/th><\/tr><tr><td>Meaning and objectives of auditing<\/td><td>Meaning and importance of insurance<\/td><\/tr><tr><td>Types of audit<\/td><td>Risk and types of risk<\/td><\/tr><tr><td>Audit planning<\/td><td>Parties to insurance<\/td><\/tr><tr><td>Audit risk<\/td><td>Principles of insurance<\/td><\/tr><tr><td>Internal controls<\/td><td>Life insurance<\/td><\/tr><tr><td>Vouching and verification<\/td><td>General insurance<\/td><\/tr><tr><td>Audit procedures<\/td><td>Insurance and social security<\/td><\/tr><tr><td>Company audit<\/td><td>Basic insurance concepts<\/td><\/tr><tr><td>Audit reports<\/td><td>Financial protection<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-additional-accountancy-topics-for-upsc-epfo-apfc-2026\"><span class=\"ez-toc-section\" id=\"What_are_the_Additional_Accountancy_Topics_for_UPSC_EPFO_APFC_2026\"><\/span>What are the Additional Accountancy Topics for UPSC EPFO APFC 2026?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Apart from the core Accountancy, Auditing and Insurance topics, candidates should also cover some additional areas that can strengthen their preparation. These topics mainly require an understanding of basic concepts, accounting treatment and important terminology.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost Accounting:<\/strong> Cost concepts, classification of costs and basic costing methods.<\/li>\n\n\n\n<li><strong>Inventory Management:<\/strong> Inventory control, types of inventory and valuation concepts.<\/li>\n\n\n\n<li><strong>Taxation Basics:<\/strong> Direct and indirect taxes and basic taxation terminology.<\/li>\n\n\n\n<li><strong>Amalgamation and Absorption:<\/strong> Meaning, purchase consideration and basic accounting treatment.<\/li>\n\n\n\n<li><strong>Internal Reconstruction:<\/strong> Capital reorganisation and treatment of accumulated losses.<\/li>\n\n\n\n<li><strong>Non-Profit Organisations:<\/strong> Receipts and Payments Account, Income and Expenditure Account and Balance Sheet.<\/li>\n\n\n\n<li><strong>Joint Ventures:<\/strong> Meaning, co-venturers, profit or loss and basic accounting treatment.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.oliveboard.in\/upsc-epfo-prep-kit\/?ref=contac-upsc-epfo-paai-sn\" target=\"_blank\" rel=\"noreferrer noopener\">Download the UPSC EPFO Prep Kit<\/a><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-to-prepare-general-accounting-principles-for-upsc-epfo-apfc-2026\"><span class=\"ez-toc-section\" id=\"How_to_Prepare_General_Accounting_Principles_for_UPSC_EPFO_APFC_2026\"><\/span>How to Prepare General Accounting Principles for UPSC EPFO APFC 2026?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A focused approach can make Accountancy, Auditing and Insurance easier to manage. Candidates should first build conceptual clarity and then move towards question practice and revision.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Start with basic accounting concepts and debit-credit rules.<\/li>\n\n\n\n<li>Practise Journal, Ledger and Trial Balance questions.<\/li>\n\n\n\n<li>Revise important accounting formulas and ratios.<\/li>\n\n\n\n<li>Understand the basic concepts of Auditing and Internal Controls.<\/li>\n\n\n\n<li>Learn the principles of Insurance with simple examples.<\/li>\n\n\n\n<li>Cover Life Insurance and General Insurance separately.<\/li>\n\n\n\n<li>Practise questions after completing each topic.<\/li>\n\n\n\n<li>Revise regularly through Previous Year Questions and mock tests.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1790349742085\"><strong class=\"schema-faq-question\">1. What is the General Accounting Principles syllabus for UPSC EPFO APFC 2026?<\/strong> <p class=\"schema-faq-answer\">It covers Accountancy, Auditing, Insurance and additional topics such as Cost Accounting, Taxation and Inventory Management.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790349744182\"><strong class=\"schema-faq-question\">2. What are the important Accounting topics for UPSC EPFO APFC?<\/strong> <p class=\"schema-faq-answer\">Important topics include accounting principles, books of accounts, errors, bills of exchange, final accounts, ratio analysis and cash flow.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790349745050\"><strong class=\"schema-faq-question\">3. Which Auditing topics should I prepare for UPSC EPFO APFC 2026?<\/strong> <p class=\"schema-faq-answer\">Candidates should prepare audit basics, types of audit, audit planning, audit risk, internal controls, vouching, verification and audit reports.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790349746038\"><strong class=\"schema-faq-question\">4. What are the important Insurance topics for the APFC exam?<\/strong> <p class=\"schema-faq-answer\">Insurance basics, risk, parties to insurance, principles of insurance, life insurance and general insurance are important topics.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1790349746743\"><strong class=\"schema-faq-question\">5. Is Ratio Analysis included in the UPSC EPFO APFC Accountancy syllabus?<\/strong> <p class=\"schema-faq-answer\">Yes, candidates should prepare important liquidity, profitability, solvency and activity ratios.<\/p> <\/div> <\/div>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n<ul class=\"wp-block-latest-posts__list is-grid columns-3 wp-block-latest-posts\"><li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/upsc-epfo-previous-year-question-papers\/\">UPSC EPFO PYPs, Download EPFO Previous Year Question Papers<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/company-audit\/\">UPSC EPFO Company Audit Practice Quiz and Download Free PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/auditors-audit\/\">UPSC EPFO Auditor\u2019s Audit Meaning, Objectives, Process &amp; Responsibilities<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/vouching-and-verification-in-auditing\/\">UPSC EPFO Vouching and Verification in Auditing Questions &amp; Download PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/risk-assessment-and-internal-control\/\">UPSC EPFO Risk Assessment and Internal Control Practice Quiz &amp; PDF<\/a><\/li>\n<li><a class=\"wp-block-latest-posts__post-title\" href=\"https:\/\/www.oliveboard.in\/blog\/audit-strategy-planning-programme\/\">Attempt UPSC EPFO Audit Strategy, Planning &amp; Programme Quiz<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Preparing for the UPSC EPFO APFC 2026 exam requires candidates to build a clear understanding of Accountancy, Auditing and Insurance.<\/p>\n","protected":false},"author":60,"featured_media":252570,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10210,2586,10237,10321],"tags":[],"class_list":["post-57560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-epfo","category-notes","category-preparation-resources","category-upsc-epfo","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v26.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>General Accounting Principles Notes for UPSC EPFO APFC 2026<\/title>\n<meta name=\"description\" content=\"Prepare effectively for the UPSC EPFO APFC exam with our General Accounting Principles Notes covering key accounting and auditing topics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"General Accounting Principles Notes for UPSC EPFO APFC 2026\" \/>\n<meta property=\"og:description\" content=\"Preparing for the UPSC EPFO APFC 2026 exam requires candidates to build a clear understanding of Accountancy, Auditing and Insurance. These topics cover\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\" \/>\n<meta property=\"og:site_name\" content=\"Oliveboard\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Oliveboard\" \/>\n<meta property=\"article:published_time\" content=\"2026-09-25T15:27:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-09-25T15:27:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"730\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Tripti Mishra\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:site\" content=\"@Oliveboard\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tripti Mishra\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\"},\"author\":{\"name\":\"Tripti Mishra\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5\"},\"headline\":\"General Accounting Principles Notes for UPSC EPFO APFC 2026\",\"datePublished\":\"2026-09-25T15:27:51+00:00\",\"dateModified\":\"2026-09-25T15:27:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\"},\"wordCount\":1724,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp\",\"articleSection\":[\"EPFO\",\"Notes\",\"Prep Resources\",\"UPSC EPFO\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#respond\"]}]},{\"@type\":[\"WebPage\",\"FAQPage\"],\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\",\"name\":\"General Accounting Principles Notes for UPSC EPFO APFC 2026\",\"isPartOf\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp\",\"datePublished\":\"2026-09-25T15:27:51+00:00\",\"dateModified\":\"2026-09-25T15:27:52+00:00\",\"description\":\"Prepare effectively for the UPSC EPFO APFC exam with our General Accounting Principles Notes covering key accounting and auditing topics.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#breadcrumb\"},\"mainEntity\":[{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349742085\"},{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349744182\"},{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349745050\"},{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746038\"},{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746743\"}],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp\",\"contentUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp\",\"width\":730,\"height\":480},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.oliveboard.in\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Government Exams\",\"item\":\"https:\/\/www.oliveboard.in\/blog\/category\/government-exams\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"EPFO\",\"item\":\"https:\/\/www.oliveboard.in\/blog\/category\/government-exams\/epfo\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"General Accounting Principles Notes\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#website\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/\",\"name\":\"Oliveboard\",\"description\":\"Free Govt. Exam Alerts &amp; Resources\",\"publisher\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.oliveboard.in\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#organization\",\"name\":\"Oliveboard\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png\",\"contentUrl\":\"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png\",\"width\":150,\"height\":40,\"caption\":\"Oliveboard\"},\"image\":{\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/Oliveboard\",\"https:\/\/x.com\/Oliveboard\",\"https:\/\/www.instagram.com\/oliveboard.in\/\",\"https:\/\/www.youtube.com\/channel\/UCRvrHAyNdOMI_JBkE2pjZtw?sub_confirmation=1\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5\",\"name\":\"Tripti Mishra\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g\",\"caption\":\"Tripti Mishra\"},\"description\":\"Hi, I'm Tripti, a senior content writer at Oliveboard, where I manage blog content along with community engagement across platforms like Telegram and WhatsApp. With 3+ years of experience in content and SEO optimization related to banking exams, I have led content for popular exams like SSC, banking, railway, and state exams.\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349742085\",\"position\":1,\"url\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349742085\",\"name\":\"1. What is the General Accounting Principles syllabus for UPSC EPFO APFC 2026?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"It covers Accountancy, Auditing, Insurance and additional topics such as Cost Accounting, Taxation and Inventory Management.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349744182\",\"position\":2,\"url\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349744182\",\"name\":\"2. What are the important Accounting topics for UPSC EPFO APFC?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Important topics include accounting principles, books of accounts, errors, bills of exchange, final accounts, ratio analysis and cash flow.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349745050\",\"position\":3,\"url\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349745050\",\"name\":\"3. Which Auditing topics should I prepare for UPSC EPFO APFC 2026?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Candidates should prepare audit basics, types of audit, audit planning, audit risk, internal controls, vouching, verification and audit reports.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746038\",\"position\":4,\"url\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746038\",\"name\":\"4. What are the important Insurance topics for the APFC exam?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Insurance basics, risk, parties to insurance, principles of insurance, life insurance and general insurance are important topics.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"},{\"@type\":\"Question\",\"@id\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746743\",\"position\":5,\"url\":\"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746743\",\"name\":\"5. Is Ratio Analysis included in the UPSC EPFO APFC Accountancy syllabus?\",\"answerCount\":1,\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Yes, candidates should prepare important liquidity, profitability, solvency and activity ratios.\",\"inLanguage\":\"en-US\"},\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"General Accounting Principles Notes for UPSC EPFO APFC 2026","description":"Prepare effectively for the UPSC EPFO APFC exam with our General Accounting Principles Notes covering key accounting and auditing topics.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/","og_locale":"en_US","og_type":"article","og_title":"General Accounting Principles Notes for UPSC EPFO APFC 2026","og_description":"Preparing for the UPSC EPFO APFC 2026 exam requires candidates to build a clear understanding of Accountancy, Auditing and Insurance. These topics cover","og_url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/","og_site_name":"Oliveboard","article_publisher":"https:\/\/www.facebook.com\/Oliveboard","article_published_time":"2026-09-25T15:27:51+00:00","article_modified_time":"2026-09-25T15:27:52+00:00","og_image":[{"width":730,"height":480,"url":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp","type":"image\/webp"}],"author":"Tripti Mishra","twitter_card":"summary_large_image","twitter_creator":"@Oliveboard","twitter_site":"@Oliveboard","twitter_misc":{"Written by":"Tripti Mishra","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#article","isPartOf":{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/"},"author":{"name":"Tripti Mishra","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5"},"headline":"General Accounting Principles Notes for UPSC EPFO APFC 2026","datePublished":"2026-09-25T15:27:51+00:00","dateModified":"2026-09-25T15:27:52+00:00","mainEntityOfPage":{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/"},"wordCount":1724,"commentCount":0,"publisher":{"@id":"https:\/\/www.oliveboard.in\/blog\/#organization"},"image":{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp","articleSection":["EPFO","Notes","Prep Resources","UPSC EPFO"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#respond"]}]},{"@type":["WebPage","FAQPage"],"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/","url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/","name":"General Accounting Principles Notes for UPSC EPFO APFC 2026","isPartOf":{"@id":"https:\/\/www.oliveboard.in\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage"},"image":{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage"},"thumbnailUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp","datePublished":"2026-09-25T15:27:51+00:00","dateModified":"2026-09-25T15:27:52+00:00","description":"Prepare effectively for the UPSC EPFO APFC exam with our General Accounting Principles Notes covering key accounting and auditing topics.","breadcrumb":{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#breadcrumb"},"mainEntity":[{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349742085"},{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349744182"},{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349745050"},{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746038"},{"@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746743"}],"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#primaryimage","url":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp","contentUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/04\/UPSC-EPFO-3-2.webp","width":730,"height":480},{"@type":"BreadcrumbList","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.oliveboard.in\/blog\/"},{"@type":"ListItem","position":2,"name":"Government Exams","item":"https:\/\/www.oliveboard.in\/blog\/category\/government-exams\/"},{"@type":"ListItem","position":3,"name":"EPFO","item":"https:\/\/www.oliveboard.in\/blog\/category\/government-exams\/epfo\/"},{"@type":"ListItem","position":4,"name":"General Accounting Principles Notes"}]},{"@type":"WebSite","@id":"https:\/\/www.oliveboard.in\/blog\/#website","url":"https:\/\/www.oliveboard.in\/blog\/","name":"Oliveboard","description":"Free Govt. Exam Alerts &amp; Resources","publisher":{"@id":"https:\/\/www.oliveboard.in\/blog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.oliveboard.in\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.oliveboard.in\/blog\/#organization","name":"Oliveboard","url":"https:\/\/www.oliveboard.in\/blog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/","url":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png","contentUrl":"https:\/\/www.oliveboard.in\/blog\/wp-content\/uploads\/2021\/11\/logo.png","width":150,"height":40,"caption":"Oliveboard"},"image":{"@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/Oliveboard","https:\/\/x.com\/Oliveboard","https:\/\/www.instagram.com\/oliveboard.in\/","https:\/\/www.youtube.com\/channel\/UCRvrHAyNdOMI_JBkE2pjZtw?sub_confirmation=1"]},{"@type":"Person","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/d85e63b0781e1a55771b9894184814a5","name":"Tripti Mishra","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.oliveboard.in\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e9ff3153b7365669b619433e04937baec4da53cdb38c345d8283a33479dba3b6?s=96&d=mm&r=g","caption":"Tripti Mishra"},"description":"Hi, I'm Tripti, a senior content writer at Oliveboard, where I manage blog content along with community engagement across platforms like Telegram and WhatsApp. With 3+ years of experience in content and SEO optimization related to banking exams, I have led content for popular exams like SSC, banking, railway, and state exams."},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349742085","position":1,"url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349742085","name":"1. What is the General Accounting Principles syllabus for UPSC EPFO APFC 2026?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"It covers Accountancy, Auditing, Insurance and additional topics such as Cost Accounting, Taxation and Inventory Management.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349744182","position":2,"url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349744182","name":"2. What are the important Accounting topics for UPSC EPFO APFC?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Important topics include accounting principles, books of accounts, errors, bills of exchange, final accounts, ratio analysis and cash flow.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349745050","position":3,"url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349745050","name":"3. Which Auditing topics should I prepare for UPSC EPFO APFC 2026?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Candidates should prepare audit basics, types of audit, audit planning, audit risk, internal controls, vouching, verification and audit reports.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746038","position":4,"url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746038","name":"4. What are the important Insurance topics for the APFC exam?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Insurance basics, risk, parties to insurance, principles of insurance, life insurance and general insurance are important topics.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746743","position":5,"url":"https:\/\/www.oliveboard.in\/blog\/general-accounting-principle-notes-upsc-epfo-eo\/#faq-question-1790349746743","name":"5. Is Ratio Analysis included in the UPSC EPFO APFC Accountancy syllabus?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, candidates should prepare important liquidity, profitability, solvency and activity ratios.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/57560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/users\/60"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/comments?post=57560"}],"version-history":[{"count":10,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/57560\/revisions"}],"predecessor-version":[{"id":252571,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/posts\/57560\/revisions\/252571"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media\/252570"}],"wp:attachment":[{"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/media?parent=57560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/categories?post=57560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oliveboard.in\/blog\/wp-json\/wp\/v2\/tags?post=57560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}