IC26 LIFE INSURANCE FINANCE -18
| Q1.Debit balance in the Cash Book means |
| a) overdraft |
| b) favorable balance |
| c) neither of the two |
| d) Credit |
| Q2.In the case of ULIPs, if the cheque is dishonored and the amount paid by the proposer is still held as application money, then: |
| a) Proposal Deposit account will be debited |
| b) Bank account will be debited |
| c) Proposal Deposit account will be credited |
| d) Bank account will be credited |
| Q3.Which of the following errors will not be revealed by the Trial Balance? |
| a) Compensating Errors |
| b) Wrong Balancing of the account |
| c) Wrong Totalling of an account |
| d) All of the above |
| Q4.As per section __of the Income-tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of TAN. |
| a) 203A |
| b) 139A |
| c) 203AA |
| d) 210 |
| Q5.Depreciation is recorded on ____side of the profit and loss account. |
| a) Debit |
| b) Credit |
| c) receipt |
| d) Payment |
| Q 6. The Chairman of LIC will issue guidelines __ in advance. |
| a) A. 3-4 Months |
| b) B. 1-2 Months |
| c) C. 2-3 Months |
| d) D. 2-4 Months |
| Q7.Every Insurer shall invest at all times keep invest not less than _ of the Investable funds belonging to pension and general annuity business in Govt. Securities |
| a) A. 5% |
| b) B. 10% |
| c) C. 15% |
| d) D. 20% |
| Q8.KYC is |
| a) A One-time project |
| b) To be carried out every 5 years |
| c) To be carried out every 2 years |
| d) An ongoing process |
| Q9.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 |
| a) False |
| b) True |
| Q10.Every year, an estimation of liability against life policies needs to be determined by: |
| a) A. A Practicing Chartered Accountant |
| b) B. The Chairman of IRDA |
| c) C. Appointed Actuary |
| d) D. Attorney General of India |