ASSOCIATE - IC26 LIFE INSURANCE FINANCE - 11

Que. 1 : Q1) Journal Records the transactions of the firm in a____________

   1.  a) Analytical Manner

   2.  b) Chronological Order

   3.  c) Periodical Manner

   4.  d) Summarized Manner

Que. 2 : Q2) Under which section of the Income Tax Act can an individual get a deduction from taxable income for is allowed on the interest paid (subject to specified provisions) on a home loan?

   1.  a) Section 80CCF

   2.  b) Section 80D.

   3.  c) Section 80E

   4.  d) Section 24B.

Que. 3 : Q3) When preparing a Bank Reconciliation Statement, if you start with a debit balance as per the Cash Book, cheques issued but not presented within the period should be

   1.  a) Added

   2.  b) Deducted

   3.  c) Not required to be adjusted

   4.  d) None of the above

Que. 4 : Q4) Freight expenses for moving new machinery to factory is

   1.  a) Revenue expenses

   2.  b) Deferred revenue expenditure

   3.  c) Capital expenditure

   4.  d) None of the above

Que. 5 : Q5) Capital Expenditures is the expenditure which improves _______ capacity of an asset.

   1.  a) Earning

   2.  b) long lasting

   3.  c) self protecting

   4.  d) loss making