Que. 1 : Q1) The Fund Management Expenses incurred by Life Insurance Co. will be classified as which of the following?

   1.  a) Direct Expenses on a Traditional Policy

   2.  b) Indirect Expenses on a Traditional Policy

   3.  c) Direct Expenses on a ULIP

   4.  d) Indirect Expenses on a ULIP

Que. 2 : Q2) Ledger is principal book in which :

   1.  a) Real accounts are maintained

   2.  b) Personal accounts are maintained.

   3.  c) Nominal accounts are maintained.

   4.  d) All above accounts are maintained

Que. 3 : Q3) Trial Balance in which the debit and credit total of each ledger account are shown in the two amount columns against the name of the account.

   1.  a) Gross trial balance.

   2.  b) Net trial balance.

   3.  c) Trial balance

   4.  d) All of the above

Que. 4 : Q4) Journal Entries are to be posted to the Principle Ledger ______

   1.  a) Once

   2.  b) Twice

   3.  c) Thrice

   4.  d) All abouve answers are false

Que. 5 : Q5) An accountant finds a debit balance in the cash book and credit balance in the bank statement. This implies that there is ________

   1.  a) an overdrawn balance

   2.  b) a recording error

   3.  c) a positive balance

   4.  d) wrong carry forward of balance