IC46 GENERAL INSURANCE ACCOUNTS PREPARATION - 10
| Q1.A provision is made for ___ for all timing differences arising between taxable incomes and accounting income at currently enacted tax rates. |
| a) Deferred tax |
| b) Current tax |
| c) Total tax |
| d) 50% tax of the net profit |
| Q2.Real Insurers carry out non-life insurance business. The company is an Indian company having branches in Sri Lanka and Bangladesh. J.K.Shah can be appointed as the auditor for the Bangladesh branch if. i) He is the companies auditor appointed under section 224 of the Companies Act ii) He is qualified for appointment as auditor of the company under section 226 iii) He is qualified for appointment as auditor of the company in accordance with the laws of Bangladesh. iv) He is qualified for appointment as auditor of the company in accordance with international laws |
| a) (i) or (ii) or (iii) |
| b) (i) or (ii) |
| c) (i) or (iii) |
| d) (i) or (ii) or (iii) or (iv) |
| Q 3. The purpose of ____ is to determine the net profit i.e., final operating surplus available for its distribution to the government, the proprietors or partners, or shareholders. |
| a) The Profit and Loss Profit |
| b) The Trading Account |
| c) Balance sheet |
| d) None of these |
| Q4.A bond issued by a company acknowledging its debt and obligation for repayment along with the conditions for repayment of the principal amount and the interest is known as ____. |
| loan debt |
| Debt |
| Preference Share |
| Debenture |
| Loan against stocks |
| Q5.When dividends declared on equity are declared from pre-acquisition profits, such dividend shall be ______. |
| a) Debited to Profit and Loss A/c |
| b) Debited to Investment A/c |
| c) Credited to Profit and Loss A/c |
| d) Credited to Investment A/c |
|
Report this Question? |
| Q6.What records all transactions related to receipts and payments made in cash only? |
| a) Cash book |
| b) Petty cash book |
| c) Ledger |
| d) Journal |
| Q7.Which of the following details should be included in the Means of communication? |
| a) Quarterly results |
| b) Any website, where displayed |
| c) The presentations made to institutional investors or to the analysis |
| d) All of the above |
| Q8.____ of a depreciable asset is its historical cost or other amount substituted for historical cost in the financial statement, less than the estimated residual value. |
| a) Depreciation |
| b) Depreciable asset |
| c) Depreciable liability |
| d) Depreciable amount |
| Q9.For short term bonds, debentures, Certificate of deposits, Commercial papers to be treated as Approved investment, What should be the minimum rating prescribe by the IRDAI(Investment) Vth Amendment) Regulations, 2013? |
| a) A |
| b) A2 |
| c) P1 |
| d) BB |
| Q10.Under reinsurance, the risks are reinsured on an individual basis, where the insurer has no obligation to cede a risk in a primary insurance contract and the reinsurer also has the option of accepting or declining cash proposal? |
| a) Balanced portfolio |
| b) Facultative Reinsurance Accounting |
| c) Quota Share Treaty and Reinsurance Accounting |
| d) Unbalanced portfolio |