IC26 LIFE INSURANCE FINANCE -24
| Q1.In the ___ method, to calculate the depreciation, the percentage rate is applied to the residual balance instead of the original cost |
| a) written down value method |
| b) the straight-line method |
| c) declining balance method |
| d) Both A and C |
| Q2.Suzy is a sole trader dealing in Furniture. A dressing table was sold for Rs.20,000; the amount received for this sale is a ____ Receipt. |
| a) Capital |
| b) Revenue |
| c) both |
| Q3.The original cost of a truck is Rs 4 Lakhs and the depreciation is 20%. Under the declining balance method what will be the Profit or Loss on the sale of the truck if it is sold for Rs 2,50,000 at the end of the 2nd year? |
| a) Profit of 12,400 |
| b) Profit of 6,000 |
| c) Loss of 12,400 |
| d) Loss of 6,000 |
| Q4.Sale of Fixed Asset |
| a) Revenue Receipt |
| b) Capital Receipt |
| c) both |
| Q5.Ledger book is popularly known as |
| a) Secondary book of accounts |
| b) Principal book of accounts |
| c) Subsidiary book of accounts |
| d) None of the above |
| Q6.Who among the following comes under High-Risk Category and Requires Enhanced Due Diligence? |
| a) firms with sleeping partners |
| b) politically exposed persons (PEPs) of foreign origin and customers who are close relatives of PEPs |
| c) accounts of which a PEP is the ultimate beneficial owner |
| d) All of the above |
| Q7.Which of the following statement is correct with respect to the value-added statement? |
| a) A. Value-added Statement is Standardised |
| b) B. Value-added Statement can't substitute the traditional income statement (i.e. Profit and Loss A/c) |
| c) C. Shareholders are given maximum weightage in a value-added statements over other interested groups like employees, Government, etc. |
| d) D. Value added statement is non-standardized and can substitute the traditional income statement (i.e. Profit and Loss A/c) |
| Q8.Who submits STRs (Suspicious Transactions Reports) to FIU-IND? |
| a) Branch Manager |
| b) Zonal Manager |
| c) Principle Officer |
| d) Operations Manager |
| Q 9. In a ULIP is growth funds invest a majority of their funds in __. |
| a) A. Equities |
| b) B. Govt. Securities |
| c) C. Commercial Papers |
| d) D. Mix of Equity and Debt |
| Q10.Which of the following is not a column of a three-column cash book? |
| a) Cash column |
| b) Bank column |
| c) Pettycash column |
| d) Discount Column |