ASSOCIATE – IC26 LIFE INSURANCE FINANCE – 06

Que. 1 : Q1) Trial Balance in which only balance of each ledger account is shown against its name.

   1.  a) Net trial balance.

   2.  b) Gross trial balance.

   3.  c) Trial balance

   4.  d) All of the above

Que. 2 : Q2) The rules of debit and credit in respect of Real Accounts is

   1.  a) Debit the receiver and credit the giver

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

   3.  c) Debit expenses or losses, credit incomes or gains

   4.  d) Debit the giver and credit the receiver.

Que. 3 : Q3) Value of perquisite in respect of unfurnished accommodation in the hands of a non-Government employee will be computed on the basis of population of the city in which the accommodation is provided and the nature of the accommodation, i.e., whether the accommodation is owned by the employer or is taken on rent by the employer.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 4 : Q4) Politically Exposed Persons (PEPs) resident outside India is categorized under

   1.  a) Low Risk Category

   2.  b) Medium Risk

   3.  c) High Risk

   4.  d) Normal Category

Que. 5 : Q5) Which one of the following is a feature of revenue expenditure?

   1.  a) It is not recurring

   2.  b) It is shown in the Balance Sheet

   3.  c) It is shown in the P&L account

   4.  d) Amount spent is usually