General Accounting Principles Module Course | Notes PDFs | EPFO Exam
Course Code: EPFO (GAP)

General Accounting principles

GAP : UPSC EPFO EO/AO Exam, video lectures with PDF notes
Duration: 365 Days
34
Video Lectures
31
Tests
36
PDFs
310
Practice Qs
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EPFO (GAP)

General Accounting Principles Module Course | Notes PDFs | EPFO Exam

As a part of the General Accounting for UPSC EPFO exam, candidates need to have a good understanding of the principles of accounting, including the preparation and analysis of financial statements. In this module course, we will be going to cover the basics of financial statements for EPFO and the importance of accounting principles in the preparation for the EPFO Exam 2024.

Topics To Cover

1. Introduction to Accounting Principles

  • What is accounting?

  • Why is accounting important for EPFO?

  • Basic accounting concepts and conventions

  • Double-entry accounting system

2. Financial Statements

  • Income statement

  • Balance sheet

  • Cash flow statement

3. Financial Analysis

  • Ratio analysis

  • Trend analysis

  • Common size analysis

4. Cost Accounting

  • Types of costs

  • Cost-volume-profit analysis

  • Budgeting and forecasting

5. Management Accounting

  • Cost accounting vs. management accounting

  • Cost behavior and cost estimation

  • Decision-making using relevant costs and revenues

6. Auditing

  • Types of audit

  • Internal vs. external audit

  • Audit process and procedures

Throughout the course, we will also provide practice questions and quizzes to help you solidify your understanding of the topics. By the end of the course, you will have a thorough understanding of accounting principles as they relate to the EPFO Exam, and be well-prepared to succeed on exam day.

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Financial Statements for EPFO

EPFO is a statutory body of the Government of India's Ministry of Labour and Employment. The EPFO is in charge of managing the provident fund, pension, and insurance schemes for employees of various Indian organizations. EPFO is required to prepare financial statements as part of its operations to report its financial performance and position to its stakeholders.

The financial statements prepared by EPFO include the following:

 

Balance Sheet: A balance sheet provides information about the organization's assets, liabilities, and equity at a specific point in time. The balance sheet for EPFO includes details of the provident fund, pension fund, and insurance fund.

Income Statement: The income statement, also known as the profit and loss statement, provides information about the organization's revenues and expenses over a specific period.

Cash Flow Statement: The cash flow statement summarises the organization's cash inflows and outflows over a given time period.

Importance of Accounting Principles in Financial Statements Preparation

The preparation of financial statements requires adherence to various accounting principles to ensure that the financial information presented is accurate, reliable, and consistent. Some of the accounting principles that are essential for the preparation of financial statements include:

Accrual Basis Accounting: This principle requires the recognition of revenues and expenses when they are earned or incurred, regardless of when the cash is received or paid.

Materiality: This principle requires the disclosure of information that is significant enough to influence the decisions of users of financial statements.

Consistency: This principle requires that an organization follows the same accounting policies and methods from one period to another to ensure consistency in the financial statements.

Going Concerned: This principle assumes that an organization will continue to operate in the foreseeable future.

Cost Principle: This principle requires the recording of assets at their original cost, and the recording of liabilities at their face value.

Conclusion

In conclusion, understanding financial statements for EPFO is crucial for candidates appearing for the General Accounting for UPSC EPFO exam. The principles of accounting play a critical role in the preparation of financial statements that accurately reflect the organization's financial performance and position. Candidates must have a good understanding of these principles, including accrual basis accounting, materiality, consistency, going concern, and cost principle. By mastering these principles of accounting, candidates can excel in their Principles of Accounting class and clear the General Accounting for UPSC EPFO exam.

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Qs: Is this a paid course?
Ans: Yes, it’s a paid course. As it will provide complete classroom environment .

Qs: What about the subscription period ?
Ans: Subscription period is clealry mentioned along with course. It is extendable at NO EXTRA COST if the exam date postpones and other inevitable factors.

Qs: How will the classes be conducted? What will happen if I miss a class?
Ans: You Can Wath the class live from your abhipedia Course Page.Recorded Classes will be available after the live class.

Qs: What are the class days and timings?
Ans: Please check the Schedule of classes plan

Qs: Can the classes be downloaded?
Ans: No, they can't be downloaded. But the recordings will be available to you. You just need to be connected to the internet to watch them again.

Qs: Can I pay in instalments?
Ans: Please note that, we do not offer installment for course ( with price above 10000) through Finanacepeer , however, you can pay using credit card by availing EMI options.

Qs: What are the hardware requirements to join this course?
Ans: You need to have access to a fairly good, continuous internet connection to watch live classes and video recordings. In case you have any difficulty you can contact abhipedia’s technical team from your abhipedia dashboard.

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Ans: You can click on buy now and use online payment (netbanking/cards/UPI) to buy the course.

Qs: How will I get my doubts answered?
Ans: We provide Personal Mentorship; you can mail / whats app the mentor. Text Mentor services along with your Admissin ID at 9501114021
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