IC46 GENERAL INSURANCE ACCOUNTS PREPARATION - 08

Que. 1 : Q1) A ___________ is one, benefit of which is exhausted within one accounting period.

   1.  a) Capital receipt

   2.  b) Revenue transaction

   3.  c) Capital transaction

   4.  d) Capital expenditure

Que. 2 : Q2) ________________ of consolidated subsidiaries has to be identified and adjusted against the group in order to arrive at the net income attributable to the owners of the parent.

   1.  a) Minority Interest in the net income

   2.  b) Minority Interest in the net assets

   3.  

   4.  

Que. 3 : Q3) An arrangement whereby two or more insurers enter into a contract with the insured to cover a risk in agreed proportions at a specified premium is termed:

   1.  a) Co-insurance

   2.  b) Bancassurance

   3.  c) Re-insurance

   4.  d) Joint assurance

Que. 4 : Q4) Cash, Patents, goodwill and Copyrights are examples of which account?

   1.  a) Personal accounts

   2.  b) Nominal accounts

   3.  c) Real accounts

   4.  d) None of these

Que. 5 : Q5) When taxable income is more than accounting income it gives rise to

   1.  a) Deferred tax asset

   2.  b) Deferred tax liability

   3.  c) Current tax

   4.  d) Extraordinary income