IC46 GENERAL INSURANCE ACCOUNTS PREPARATION - 16
| Q1.What includes Cash Book also like it, like any other ledger account, displays cash or bank balance as on a particular date. Besides, all-cash transactions are primarily recorded in the cash book? |
| a) Journals |
| b) Ledgers |
| Q2.Under which form Statement of Investment in Mutual Funds(Qtrly)? |
| a) Form 4A |
| b) Form 5A |
| c) Form 6A |
| d) Form 7A |
| Q3.What is the consideration received from the insured by the insurance company in accordance with the contract of insurance and this forms a primary source of income for any insurance company? |
| a) Premium income |
| b) Claim expenses |
| c) Bancassurance |
| d) Cost incurred |
| Q4.Financial information, data and results contained in the financial statements enable intra-company and inter-company ____ for making informed decisions for the stakeholders of the enterprise. |
| a) Performance management |
| b) Forecasting and Trend Analysis |
| c) Accounting control |
| d) Comparison and analysis |
| Q5.Which of the following is correct about the Annual Basis of accounting? |
| a) Not a better indicator of profitability as compared to an annual basis |
| b) Suitable for marine, aviation and liability business where abnormal delays occur in the receipt of the information on claims |
| c) Underwriting results are determined each year at the end of the reporting period |
| d) Underwriting results are determined only when information is reasonably certain, but provisions are usually provided for any anticipated losses. |
| Q6.Ind AS 7 notified by MCA deals with: |
| a) Presentation of Financial Statements |
| b) Events after the Reporting Period |
| c) Employee Benefits |
| d) Statement of Cash Flows |
| Q7.The cash balance of Krupa Traders was Rs.700(debit) . The bank statement showed a credit balance of Rs.1,600 on 31 March 2011. The difference was caused due to the following transactions. i) Cheques of Rs.500 issued, but not presented in the bank for payment ii) A cheque received amounted to Rs.200, but was entered as Rs.20 iii) Payment of Rs.250 from a customer was directly received by the bank iv) The cash book was overstated by Rs.30. What will be the revised balance in the cash book after revising the above transactions? |
| a) Rs.750 |
| b) Rs.850 |
| c) Rs.550 |
| d) Rs.690 |
| Q8.Ind AS 110 notified by MCA deals with: |
| a) Consolidated Financial statements |
| b) Exploration for and Evaluation of Medical Resources |
| c) Agriculture |
| d) the First-time Adoption of Indian Accounting Standards |
| Q9.Loans shall be measured at historical cost subject to impairment provisions. Say whether True or False. |
| a) True |
| b) False |
| Q10.Form 3A contains which of the following Description and Periodicity? |
| a) Statement of Investment and; Income on Investment(Qtrly) |
| b) Statement of Investment in Mutual Funds(Qtrly) |
| c) Statement of Investment Reconciliation(Qtrly) |
| d) Statement of Investment Assets(Life Insurer) (Qtrly) |