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 A. Full Lump Sum Amount B. 1/2 of his fund C. 1/3 of his fund D. No amount can be withdrawn in pension plans at maturity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