IC26 LIFE INSURANCE FINANCE - 05

Que. 1 : Q1) Identify which is the Right Answer in the given situation. Selva Stores sold its Computer to Mr.Ganesh for credit. What is the debit and credit entries.

   1.  a) Computer account Debited; Selva stores Account credited Ganesh Account Debited; Computer account credited

   2.  b) Ganesh Account Debited; Sales account Credited Selva Stores Account Debited; Sales Account Credited

   3.  c) Selva Stores Account Debited; Sales Account Credited Ganesh Account Debited; Computer account credited

   4.  d) Ganesh Account Debited; Computer account credited Ganesh Account Debited; Sales account Credited

Que. 2 : Q2) Tipping Off is a term used in Anti Money Laundering measures? What does it mean?

   1.  a) Information given to Investigation Authorities by an insider

   2.  b) Bribing to Investigating Authorities by Criminals

   3.  c) Monitoring of Suspicious Account Transactions

   4.  d) Informing the customers that their accounts are under monitoring for suspicious activities

Que. 3 : Q3) The basis exemption limit (for the assessment year 2016-17) in case of a resident individual of the age of 80 years or above is Rs. ___________.

   1.  a) Rs. 2,00,000

   2.  b) Rs. 2,50,000

   3.  c) Rs. 3,00,000

   4.  d) Rs. 5,00,000

Que. 4 : Q4) STR shall be submitted Not later than ____________ on being satisfied that the transaction is suspicious.

   1.  a) 30 working days

   2.  b) 7 working days

   3.  c) 10 working days

   4.  d) 15 working days

Que. 5 : Q5) Capital Receipt is

   1.  a) not a regular business income

   2.  b) Benefit for long term

   3.  c) both

   4.