Que. 1 : Q1) Under IFRS 4, if an insurer changes its accounting policies for insurance liabilities, it may reclassify a few or all of its financial assets as at ________.

   1.  a) A. Present Value @ a profit

   2.  b) B. Historical cost @ profit or loss

   3.  c) C. Fair value through profit or loss.

   4.  d) D. Economical value through profit or loss

Que. 2 : Q2) Comp Plc is the Manufacturer of computers. During 2006, the co., purchased machinery for Rs.1.0 lac. the Purchase Price is a ______ expenditure

   1.  a) Capital

   2.  b) Revenue

   3.  c) Both


Que. 3 : Q3) What accounting system does Trial Balance follow?

   1.  a) Computerised accounting

   2.  b) Double Entry Accounting

   3.  c) Single Entry Accounting

   4.  d) Financial resource accounting

Que. 4 : Q4) _______ of the Insurance Act-1938 specifies Limitation on Expenses of Management in Life Insurance Business.

   1.  a) Section 40A

   2.  b) Section 40B

   3.  c) Section 40C

   4.  d) Section 40D

Que. 5 : Q5) In Unit linked Pension Policy (ULPP) , _______ amount of fund value can be commuted by the policyholder at maturity. A. Full Lump Sum Amount B. 1/2 of his fund C. 1/3 of his fund D. No amount can be withdrawn in pension plans at maturity

   1.  a) A

   2.  b) B

   3.  c) C

   4.  d) D