IC26 LIFE INSURANCE FINANCE -22
| Q1.What is the difference between AY (Assessment Year) and FY (Financial Year) ?? |
| a) AY is one year ahead of FY |
| b) AY is two years before FY |
| c) They are the same |
| d) AY is one year before FY |
| Q2.A General Principle is that any transactions which can't be recorded in various day books must be recorded in the Journal. So Depreciation is recorded as the journal entry because it is a ___ transaction |
| a) Non Cash Expense |
| b) Non Sales Expense |
| c) Non Purchase Expense |
| d) Personal Expense |
| Q3.Maximum punishment by way of imprisonment for the offense committed under the Money Laundering Act is - |
| a) 7 years |
| b) 9 years |
| c) 10 years |
| d) 12 years |
| Q4.IFRS 4 separates investment and insurance components of a contract to account for embedded derivation at fair value with movements in this value being recorded in the __. |
| a) A. Revenue Statement |
| b) B. Income Statement |
| c) C. Profit and Loss Statement |
| d) D. Balance Sheet |
| Q5.Which of the following error will not affect the Trial Balance? |
| a) An amount of Rs 900 has been posted in a wrong account |
| b) An amount of Rs 900 has been posted on the wrong side of the account |
| c) Total of the debit side of the account not done correctly |
| d) Posting of the wrong amount in the account |
| Q6.Who among the following is not a stakeholder in the insurance claim process? |
| a) Insurance company shareholders |
| b) TPA |
| c) Regulator |
| d) Human Resource Department |
| Q7.Which of the following instruments under Section 80C enjoys an EEE status? |
| a) NSC |
| b) PPF |
| c) SCSS |
| d) NPS |
| Q8.The Management of an Insurance company, in its report, has to certify that: |
| a) A. The Company is a profit-making venture |
| b) B. The Company has an internal audit system that is commensurate with its size |
| c) C. The remuneration of the directors is regularly paid. |
| d) D. The Chairman of the company is an expert in the area of 'insurance' |
| Q9. The technique of making numerous deposits of small amounts is called ____. |
| a) A. Integration |
| b) B. Smurfing |
| c) C. Layering |
| d) D. None of the above |
| Q 10.A balance sheet of a firm provides information about: |
| a) financial position of a firm for a period |
| b) financial position of a firm at a particular point in time |
| c) operational position of a firm at a particular point in time |
| d) operational position of a firm for a period |