IC26 LIFE INSURANCE FINANCE - 01
| Q1.What does the individual replacement cost of cost-based models for human resource accounting refer to? |
| It refers to the cost that would have to be incurred to replace an individual with a substitute who can provide a different set of services as that of the individual being replaced |
| It refers to the cost that would have to be incurred to replace a group that can provide the same set of services as that of the individual being replaced |
| It refers to the cost that would have to be incurred to replace a group with a substitute who can provide a different set of services as that of the individual being replaced |
| It refers to the cost that would have to be incurred to replace an individual with a substitute who can provide the same set of services as that of the individual being replaced |
| It refers to the cost that would have to be incurred to replace a group with a substitute who can provide the same set of services as that of the individual being replaced |
| Q2.As per IRDA, an insurance company shall clearly segregate the functions and operations of 1. Front office 2. Mid office 3. Back office |
| 1 and 2 |
| 2 and 3 |
| 1 and 3 |
| 1, 2 and 3 |
| There is no need for segregation |
| Q3.Which is the most appropriate definition of tax? |
| A levy charged by the Government on a product, income, or activity |
| A levy charged by the Government only on products and activities |
| A levy charged by the Government only on income |
| A levy charged by the Government only on a product and income |
| A levy charged by the Government only on an activity |
| Q4.What is the statement called when the 'total figure’ in a statement is equal to 100% of each factor of percentage? |
| Tallied statement |
| Complete sized statement |
| Horizontal statement |
| Common size statement |
| Zero sized statement |
| Q5.With respect to the accounting process, which of the below options will be associated with ‘analyzing transactions’? |
| Preparing trial balance |
| Collecting data source |
| Preparing balance sheet |
| Preparing primary books of account |
| Posting to ledger accounts |
| Q6.____ are objectives of budgetary control. 1. Forecasting the capital expenditure of the company 2. Planning and control of income and expenditure of a company 3. Planning and control the expenses related to research & development |
| Only 1 |
| Only 2 |
| Both 1 and 2 |
| Both 1 and 3 |
| All 1, 2 and 3 |
| Q7.The due date for filing quarterly statements of TDS through Form 24Q for the quarter ending 30th September is ____. |
| 31st March |
| 31st December |
| 15th April |
| 15th January |
| 15th October |
| Q8.How will this transaction affect the accounting equation - Mr. A borrowed a sum of Rs 25000 from Mr. B for business purposes? |
| Increase in asset and decrease in capital |
| Decrease in asset and decrease in liability |
| Decrease in asset and decrease in liability |
| Increase in asset and increase in liability |
| Increase in asset and decrease in liability |
| Q9.Which of the following is a Real Account? |
| State Bank of India |
| LLyod Insurers |
| Capital |
| Cash |
| Drawings |
| Q10.Which of the below options show the assets arranged in the correct descending order of liquidity? |
| Machinery, Goodwill, Cash in hand, Sundry debtors |
| Cash in hand, Sundry debtors, Machinery, Goodwill |
| Cash in hand, Sundry debtors, Goodwill, Machinery |
| Goodwill, Cash in hand, Sundry debtors, Machinery |
| Sundry debtors, Cash in hand, Machinery, Goodwill |