ASSOCIATE - IC26 LIFE INSURANCE FINANCE - 22

Que. 1 : Q1) Value of perquisite arising on account of provision of rent-free accommodation to the employee by his employer will be charged to tax in the hands of the employee

   1.  a) False

   2.  b) True

   3.  

   4.  

Que. 2 : Q2) Some institutions may be used by criminals to transfer and hide illegal wealth.The institutions are often located in countries with well-developed secrecy laws and attractive tax structures.These institutions are called:

   1.  a) trusts

   2.  b) shell companies

   3.  c) front companies

   4.  d) offshore banks

Que. 3 : Q3) Which of the following are appropriate ways to assess the inherent MONEY LAUNDERING risks that a relationship with a customer may present?

   1.  a) reviewing the type of customer (individual, company, trust, etc.)

   2.  b) reviewing the type of service they want to use

   3.  c) considering their ethnic or cultural background

   4.  d) (a) and (b)

Que. 4 : Q4) Name of the account which is opened in the trial balance to tally it.

   1.  a) Suspense account.

   2.  b) Nomanal account

   3.  c) Personal account

   4.  d) Cash Account

Que. 5 : Q5) What is the difference between AY (Assessment Year) and FY (Financial Year) ??

   1.  a) AY is one year ahead of FY

   2.  b) AY is two years before FY

   3.  c) They are the same

   4.  d) AY is one year before FY