UPSC Prep Engine
Principle of Accountancy & Auditing

Financial Accounting Principles & Standards

GAAP concepts, Accrual vs Cash, Double entry, Trial Balance, Depreciation, Ind AS 115, and Ind AS 36.

Target: EPFO APFC 2026•Topic-Level RAG Context Active•Model: Nemotron 3.5 Lightning 30B / 120B

Subtopics in Financial Accounting Principles & Standards

Accounting Concepts, Conventions & Double Entry

Entity, Going Concern, Accrual, Matching, Conservatism, Materiality, Journal, Ledger, and Trial Balance.

Indian Accounting Standards (Ind AS)

Ind AS 115 (Revenue from Contracts), Ind AS 36 (Impairment of Assets), Ind AS 16 (PPE), and Ind AS 2 (Inventories).

Topic Overview

GAAP concepts, Accrual vs Cash, Double entry, Trial Balance, Depreciation, Ind AS 115, and Ind AS 36.

Historical UPSC EPFO PYQ Relevance

3 Matched PYQs
2025•EPFO APFC•General Ability Test• Q.37
Full Question
Which of the following Development Financial Institutions were set up in India between 1950s and 1960s?
1
Industrial Finance Corporation of India (IFCI)
2
Industrial Credit and Investment Corporation of India (ICICI)
3
Industrial Development Bank of India (IDBI)
4
National Bank for Financing Infrastructure and Development (NaBFID)
2025•EPFO APFC•General Ability Test• Q.50
Full Question
Which of the following subjects/provisions fall(s) under the Directive Principles of State Policy of the Constitution of India?
1
Uniform Civil Code for all persons living in India
2
Provision for early childhood care and education to children up to the age of 14 years
3
Promotion of international peace and security
2025•EPFO APFC•General Ability Test• Q.97
Full Question
Which one of the following is not a 'fundamental accounting assumption' in the preparation of financial statements?

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