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GENERAL ACCOUNTING PRINCIPLES MCQS
1-Accounting provides information on
(A) Cost and income for managers
(B) Company’s tax liability for a particular year
(C) Financial conditions of an institution
(D) All of the above
(Ans: D)
2-The long term assets that have no physical existence but are rights that have value is known as
(A) Current assets
(B) Fixed assets
(C) Intangible assets
(D) Investments
(Ans: C)
3-The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
(A) Current assets
(B) Fixed assets
(C) Intangible assets
(D) Investments
(Ans: A)
4-Patents, Copyrights and Trademarks are
(A) Current assets
(B) Fixed assets
(C) Intangible assets
(D) Investments
(Ans: C)
5-The following is not a type of liability
(A) Short term
(B) Current
(C) Fixed
(D) Contingent
(Ans: A)
6-The liabilities that are payable in more than a year and are not be liquidated from current assets
(A) Current liabilities
(B) Fixed liabilities
(C) Contingent liabilities
(D) All of the above
(Ans: B)
7-The debts, which are to be repaid within a short period (year or less) are known as
(A) Current liabilities
(B) Fixed liabilities
(C) Contingent liabilities
(D) All of the above
(Ans: A)
8-The sales income (Credit and Cash) of a business during a given period is called
(A) Transactions
(B) Sales returns
(C) Turnover
(D) Purchase returns
(Ans: C)
9-Any written evidence in support of a business transaction is called
(A) Journal
(B) Ledger
(C) Ledger posting
(D) Voucher
(Ans: D)
10-The accounts that records expenses, gains and losses are
(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) None of the above
(Ans: C)
11-Real accounts records
(A) Dealings with creditors or debtors
(B) Dealings in commodities
(C) Gains and losses
(D) All of the above
(Ans: B)
:GREAT DEALS ON PDF NOTES: COMPLETE NOTES AT 3000/- OR 3 TOPICS 1500/- OR 5 TOPICS 2000/-. WAP 8961215410 FOR DETAILS
SAMPLE STUDY MATERIALS EPFO ENFORCEMENT OFFICER EXAM
https://drive.google.com/open?id=1tXPQPFLWNuoZZCDQokrecbOm8gGIO-g2
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Social Security:PM Kisan Maan Dhan Yojana
Pradhan Mantri Kisan Maan-Dhan Yojana (PM-KMY) is an old age pension scheme for all land holding Small and Marginal Farmers (SMFs) in the country. It is a voluntary and contributory pension scheme for the entry age group of 18 to 40 years. The Scheme is effective from the 9thAugust, 2019.
SALIENT FEATURES- It is voluntary and contributory for farmers in the entry age group of 18 to 40 years and a monthly pension of Rs. 3000/- will be provided to them on attaining the age of 60 years.
- The farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. the age of 60 years. The farmers will have to make a monthly contribution of Rs.55 to Rs.200, depending on their age of entry, in the Pension Fund till they reach the retirement date i.e. the age of 60 years.
- The monthly contributions will fall due on the same day every month as enrolment date. The beneficiaries may alsochose an option to pay theircontributionson quarterly, 4-monthly or half-yearly basis. Such contributionswill fall dueon the same day of such period as the date of enrollment
- The spouse is also eligible to get a separate pension of Rs.3000/- upon making separate contributions to the Fund.
- The Life Insurance Corporation of India (LIC) shall be the Pension Fund Manager and responsible for Pension pay out.
- In case of death of the farmer before retirement date, the spouse may continue in the scheme by paying the remaining contributions till the remaining age of the deceased farmer. If the spouse does not wish to continue, the total contribution made by the farmer along with interest will be paid to the spouse. If there is no spouse, then total contribution along with interest will be paid to the nominee.
- If the farmer dies after the retirement date, the spouse will receive 50% of the pension as Family Pension. After the death of both the farmer and the spouse, the accumulated corpus shall be credited back to the Pension Fund.
- The beneficiaries may opt voluntarily to exit the Scheme after a minimum period of 5 years of regular contributions. On exit, their entire contribution shall be returned by LIC with an interest equivalent to prevailing saving bank rates.
- The farmers, who are also beneficiaries of PM-Kisan Scheme, will have the option to allow their contribution debited from the benefit of that Scheme directly.
- In case of default in making regular contributions, the beneficiaries are allowed to regularize the contributions by paying the outstanding dues along with prescribed interest. Until 1 month from first unpaid contribution, no late fee would be charged. Three payment cycles demand would be raised for payment of contribution without any interest.
:SPECIAL OFFER: COMPLETE NOTES AT 2500/- OR 3 TOPICS 1200/- OR 5 TOPICS 1600/-. WAP 8961215410 FOR DETAILS.
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https://t.me/EPFO2020EOAOEXAM Join the new and dedicated telegram group for EPFO AO/EO Exam preparation
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