IC46 GENERAL INSURANCE ACCOUNTS PREPARATION - 28

Que. 1 : Q1) As per the golden rules of accounting, from the below, which one is applicable to personal accounts?

   1.  a) Debit all expenses and losses and credit all incomes and gains

   2.  b) Debit what comes in and credit what goes out

   3.  c) Debit the receiver and credit the giver

   4.  d) Debit what goes out and credit what comes in

Que. 2 : Q2) What are prepared and submitted by the Branch Auditor or Statutory auditor keeping in view statutory, regulatory and auditing standards?

   1.  a) Director reports

   2.  b) Finance Reports

   3.  c) Audit Reports

   4.  d) None of these

Que. 3 : Q3) Capital, drawings and individuals are examples of which account?

   1.  a) Personal accounts

   2.  b) Nominal accounts

   3.  c) Real accounts

   4.  d) None of these

Que. 4 : Q4) In reinsurance terms, a treaty condition stating that the insurer's loss must exceed a certain limit for the reinsurer to get involved is called _________.

   1.  a) Excess of loss

   2.  b) Quota share

   3.  c) Ceding

   4.  d) Pool arrangement

Que. 5 : Q5) Financial statements are said to be true when they are:

   1.  a) Just

   2.  b) Factually correct

   3.  c) Equitable

   4.  d) Not misleading