IC46 GENERAL INSURANCE ACCOUNTS PREPARATION - 22
| Q 1.Which of the following shall not be a part of the annual report of a company? (i) Auditor's Report (ii) Director's report (iii) CAG Report |
| a) Only (i) |
| b) Only (ii) |
| c) Only (iii) |
| d) (i) and (ii) |
| Q2.The Fire Department of ABC General Insurance Co Ltd gives the following details for 2009-10: i) Earned Premium is Rs.600 crore ii) Incurred Claim Net Rs.380 crore iii) Commission Net Rs.50 crore iv) Operating Expenses Rs.150 crore v) Investment Income on Policyholders' Fund(fire) Rs.180 crore. Compute Underwriting Results. |
| a) 10 crores |
| b) 20 crores |
| c) 30 crores |
| d) 40 crores |
| Q 3.Remuneration payable by companies having no profits comes under which section of Schedule V? |
| a) Section I |
| b) Section II |
| c) Section III |
| d) Section IV |
| Q4.A bank reconciliation statement is: (i) prepared by the bank and sent to its account holders (ii) a statement sent by a bank to those customers who do not maintain a minimum balance (iii) not a part of the double entry system (iv) prepared by the entity to find discrepancies |
| a) (i) |
| b) (ii) and (iii) |
| c) (iii) and (iv) |
| d) (ii) and (iv) |
| Q5.Which of the following statements relating to advances is incorrect? |
| a) The internal auditor all advances paid to employees in respect travelling, LTS and other advances |
| b) All advances need to be deducted from salaries |
| c) Advance register should be examined thoroughly(by the internal auditor) for each advance and settlement thereof |
| d) All advances need to be sanctioned by the appropriate authority |
| Q6.Accounting Stand ard AS 11 Deals with? |
| a) Accounting for investments |
| b) Accounting for Govt. Grants |
| c) Accounting for the Effects of Change in Foreign Exchange Rates |
| d) Accounting for Amalgamation |
| Q7.Which of the following options contains inappropriate audit procedures? |
| a) Vouching |
| b) Verification |
| c) Preparation of financial statements |
| d) Examination of the financial statements in accordance with various auditing assurance standards |
| Q8.Ind AS 20 notified by MCA deals with: |
| a) Employee benefit |
| b) Earnings per share |
| c) The Effects of Changes in Foreign Exchange Rates |
| d) Accounting for Government Grants and Disclosure of Government Assistance |
| Q9. A foreign company is one that is: |
| a) Incorporated or registered in India but has a place of business or operation outside India |
| b) Incorporated or registered outside India and has a place of business or operations outside India |
| c) Has a place of business in India and conducts any business activity in India in India |
| d) None of the above |
| Q10.Accounting Stand ard AS 12 Deals with? |
| a) Accounting for investments |
| b) Accounting for Govt. Grants |
| c) Accounting for the Effects of Change in Foreign Exchange Rates |
| d) Accounting for Amalgamation |