IC26 LIFE INSURANCE FINANCE - 01

Que. 1 : Q1) If Trial Balance contains both Trade and Office Expenses then the Trade Expenses is posted to ______account and office expenses posted to ______account

   1.  a) Profit and Loss Account, Trading Account

   2.  b) Trading Account, Profit and Loss Account

   3.  c) Debit Side, Profit & Loss Account

   4.  d) Credit Side, Trading Account

Que. 2 : Q2) ________ are shown as assets in the Balance Sheet of Insurance Company.

   1.  a) Loan against Policies

   2.  b) Premium Amount

   3.  c) Survival Benefit

   4.  d) Claim Payments

Que. 3 : Q3) Casting Error Means

   1.  a) Adding Up

   2.  b) posting a transaction

   3.  c) forgotten to enter

   4.  d) All of the above

Que. 4 : Q4) Maximum punishment by way of imprisonment for the offence committed under Money Laundering Act is -

   1.  a) 7 years

   2.  b) 9 years

   3.  c) 10 years

   4.  d) 12 years

Que. 5 : Q5) Please choose the best answer on the classification of accounts of the following things:

10.Outstanding Salary 11.Commission Received 12.Furniture and Fixtures

13.Sushant 14.Jaycee

   1.  a) Personal Accounts: 12, 11 Real Accounts : 10, 13 Nominal Accounts : 14

   2.  b) Personal Accounts: 10, 13, 14 Real Accounts : 12 Nominal Accounts : 11

   3.  c) Personal Accounts: 13, 14 Real Accounts : 12 Nominal Accounts : 11, 10

   4.  d) Personal Accounts: 12, 11 Real Accounts : 13 Nominal Accounts : 10, 14