UPSC EPFO SOLVED PAPER 2017

Total Questions: 120

51. A Stand Up enterprise can be established in

1. Farming sector      2. Manufacturing sector
3. Service sector        4. Trading sector
Select the correct answer using the codes given below.

Correct Answer: (d) 2, 3 and 4
Solution:

A Stand Up enterprise can be established in manufacturing, trading or service sector by SC / ST / women entrepreneur. The objective of Stand Up India scheme is to facilitate bank loans between ₹ 10 lakh and ₹ 1. crore to at least one Scheduled Caste (SC) or Schedule Tribe (ST) borrower and at least one women borrower per bank branch for setting up a greenfield enterprise.

52. Who among the following were conferred with Rajiv Gandhi Khel Ratna Award for the year 2016?

1. Jitu Rai                     2. Dipa Karmakar
3. P.V. Sindhu             4. Sakshi Malik
Select the correct answer using the code given

Correct Answer: (d) All of these
Solution:

In the year 2016, the Rajiv Gandhi Khel Ratna Awards were conferred to P.V. Sindhu (Badminton), Dipa Karmakar (Gymnastics), Jitu Rai (Shooting) and Sakshi Malik (Wrestling), Rajiv Gandhi Khel Ratna is the highest sporting honour of India. In 2019 Deepa Malik (Paralympic) and Bajrang Punia (Wrestling) were awarded.

53. ISRO in August 2016 successfully test launched Supersonic Combustion Ramjet (Scramjet) Engine. Which of the following statements with regard to Scramjet is/are correct?

1. It can efficiently operate both in subsonic and supersonic combustor modes.
2. India is the first country to demonstrate the flight testing of a Scramjet engine.
Select the correct answer using the codes given below.

Correct Answer: (a) Only 1
Solution:

ISRO is August 2016 Successfully test launched supersonic combustion Ramjet (Scramjet) Engine. A ramjet is a form of air breathing jet engine that use the vehicle’s forward motion to compress incoming air for combustion without a rotating compressor. A scramjet engine is an improvement over the ramjet engine as it efficiently operates at hypersonic speeds and allow both subsonic and supersonic combustor modes. India is the fourth country to demonstrate the flight testing of Scramjet engine after the United States, Russia and European space Agency.

54. Startup Hubs are agreed to be set up in

1. IIITs                2. IISERs
3. NITs               4. Central Universities
Select the correct answer using the codes given below.

Correct Answer: (a) 1, 2 and 3
Solution:

Startup Hubs are agreed to be set up in IITs, IISERs, NITs in order to augment the incubation and R & D efforts in the country. Start up India was launched on 16th January, 2016 to promote start up ecosystem in the country by focussing on simplification and handholding; funding support and incentives and industry academia partnership and incubation.

55. Standup India Programme envisages each bank branch to give loan between ` 10 lakh to ` 100 lakh

1. to at least one SC/ST borrower
2. to at least one women borrower
3. to at least one rural unemployed youth borrower
Select the correct answer using the codes given below.

Correct Answer: (d) 1 and 2
Solution:

Stand up India Programme envisages each bank branch to give loan between ₹ 10 lakh to ₹ 100 lakh to at least one SC / ST borrower and to at least one women borrower per bank branch for setting up a greenfield enterprise. These enterprises can be established in manufacturers trading or service sector. Stand up India Scheme was launched on 5th April, 2016.

56. In case of gold, revenue is recognised in the accounting period in which the gold is

Correct Answer: (c) mined
Solution:

In case of gold, revenue is recognised in the accounting period in which the gold is mined. According to accounting guidelines –9 in any business entity revenue is recognised till the object is sold. Revenue is the gross inflow of cash, receivables for other consideration arising in the course of the ordinary activities of an enterprise from the sale of goods, rendering of services and from various other sources like interest royalties and dividends.

57. As per the traditional approach, the xpense to be matched with revenue is based on

Correct Answer: (a) Original cost
Solution:

As per the traditional approach the expense to be matched with revenue is based on original cost.

58. Preliminary expenses are the examples of

Correct Answer: (c) Deferred revenue expenditure
Solution:

Preliminary expenses are the examples of deferred revenue expenditure. Preliminary expenses are those expenses which are incurred in business before incorporation and commencement of business, like statutory fees, company logo, survey report, project report etc.

59. Depreciation of fixed assets is an example of

Correct Answer: (d) Revenue expenditure/expense
Solution:

Depreciation of fixed assets is an example of Revenue expenditure / expense. A revenue expenditure is a cost that will be an expense in the accounting period when the expenditure takes place.

60. In the context of accounting, the term IFRS stands for

Correct Answer: (a) International Financial Reporting standards
Solution:

In the context of accounting, the term IFRS stands for International Financial Reporting Standards.