IC46 GENERAL INSURANCE ACCOUNTS PREPARATION - 20
| Q1.Which of the following does not cause a difference between the cash book and the bank statement? |
| a) Interest on bank overdraft debited in the bank account |
| b) Cheques received and entered in the cash book, but not yet paid into the bank for collection |
| c) Cheques issued and presented for payment |
| d) A customer directly deposited a certain amount into the bank |
| Q2.The objective of which standard is to establish principles for recognizing and measuring financial assets, financial liabilities, and some contracts to buy or sell non-financial items? |
| a) Accounting Standard AS 15 |
| b) Accounting Standard AS 20 |
| c) Accounting Standard AS 25 |
| d) Accounting Standard AS 30 |
| Q3.Which of the following is/are a part of the Director's Report of a general insurance company? (i) Audited Financial Statements (ii) Foreign operation details (iii) Reinsurance policy and Programme |
| a) (i) and (ii) |
| b) (i) and (iii) |
| c) (ii) and (iii) |
| d) (i) , (ii) and (iii) |
| Q4.In accordance with the Indian GAAP, the basis adopted for insurance accounting for the determination of underwriting results is: |
| a) Fund Basis |
| b) Annual Basis |
| c) Either Fund Basis or Annual Basis |
| d) None of the above |
| Q5.which of the following is also called as Net Worth of the enterprise? |
| a) Liabilities |
| b) Assets |
| c) Revenues |
| d) Equity |
| Q6.Which Accounting stand ard deals with depreciation accounting and applies to all depreciable assets, except to certain specified items, to which special considerations will apply? |
| a) Accounting Standard 2 |
| b) Accounting Standard 4 |
| c) Accounting Standard 6 |
| d) Accounting Standard 8 |
| Q7.The material concept does not apply to ___. |
| a) Disclosure transactions |
| b) Cash transactions |
| c) Credit transactions |
| d) None of these |
| Q8.Under Which system, the premium, and losses are entered in the accounts according to the treaty criteria for the relevant accounting year without any break up of income and expenditure by year of occurrence or underwriting year? |
| a) Occurrence year system |
| b) Underwriting Year System |
| c) Accounting Year System |
| d) None of these |
| Q9.Which book is also referred to as Returns inward book? |
| a) Sales return the book |
| b) Bills receivable book |
| c) Bills payable book |
| d) Purchase return book |
| Q10.What is the full form of ACB? |
| a) Audit Compliance Board |
| b) Audit Committee of Board |
| c) Audit Compliance Branch |
| d) None of these |