IC26 LIFE INSURANCE FINANCE -11
| Q1.Ajay is the proprietor of XYZ ltd. He has deducted tax on the salary paid to his employees and wants to file quarterly returns with the income tax department. What is the last date to file for the quarter that ended 31 Dec 2015? |
| 7th Jan 2016 |
| 15th Jan 2016 |
| 30th Jan 2016 |
| 15 Feb 2016 |
| 28 Feb 2016 |
| Q2.Based on the nature of insurance company liabilities, most of the investments will be categorized as ___. |
| based on book value |
| held to Maturity |
| available for Sale |
| fair value by profit or loss |
| loans and receivable |
| Q3.With the objective of reconciliation, classification, and posting to control accounts, which among the following primary books of accounts are used? 1. Premium Cashbook 2. Register of claims 3. Register of policies |
| Only 1 |
| Only 2 |
| Only 3 |
| Both 1 and 2 |
| Both 1 and 3 |
| Q4.Some deductions are available to salaried employees under 80C, 80CCC and 80CCD. From the options given below, which one is available? |
| Donations to a reputable charitable trust |
| Deduction in respect to medical treatment of a dependent who is a person with a disability. |
| Deduction for interest paid on higher educational loan |
| Fixed deposit in a scheduled bank if it is more than 5 years |
| Deduction for medical treatment |
| Q5.Select which of the given options will “not” improve the current ratio? |
| Sell some fixed assets in order to reduce accounts payable |
| Take short term loan to finance the purchase of fixed assets |
| Issue long term loans to purchase inventories |
| Both 2 and 3 |
| Both 1 and 2 |
| Q6.Which of the following is a Private Bank? |
| BOI |
| CBI |
| SBI |
| UBI |
| HDFC |
| Q7.__ mutual funds invest in equity shares of companies and help the investors to get the benefits of the investment opportunities in the stock market. These funds are considered to be high-risk high and return investment propositions. |
| Tax Saving Funds |
| Equity Funds |
| Infrastructure Funds |
| Arbitrage Funds |
| Index Funds |
| Q8.While recording a sales invoice of Rs 7500, the same was recorded as Rs 9500 in the sales day book and posted to the receivables ledger account as Rs 9500. This error committed by the accountant is. |
| An Error of Under casting |
| An Error of principle |
| An error of prime entry |
| An error of omission to record |
| Complete revival of entry |
| Q9.There are some practices to be followed for an effective Anti Money Laundering - AML program. Which of the following practices are acceptable? 1. All the records of ongoing transactions which are under scrutiny should be retained until the case is closed 2. Records should be preserved of transactions reported to FIU for a period of 10 years 3. Records should be maintained in physical format instead of electronic format |
| Both statements 1 and 2 |
| Both statements 2 and 3 |
| Both statements 1 and 3 |
| Only statement 3 |
| All 1, 2 and 3 |
| Q10.Casting' in accounting terms means ____ |
| Budgeting |
| Transposing |
| Adding up |
| Rounding up |
| Compensating |