Ic26 Mock Test Sample 6
These questions cover accounting concepts, insurance finance, KYC norms, ratios, depreciation, and mutual funds. Revenue receipts arise from normal business sales, while capital receipts relate to fixed assets. Ledger is a principal book. High-risk KYC includes politically exposed persons. Value Added Statement is non-substitutable for Profit & Loss account. STR is submitted by the Principal Officer to FIU-IND. ULIP growth funds invest mainly in equities. Trial balance ensures arithmetical accuracy. STR timeline is generally 7 working days. Ledger accounts form the basis of final accounts. Current ratio and depreciation questions test financial analysis skills, while surrendered policy rules apply differently for ULIPs and pension plans.
1. Suzy sold a dressing table for Rs. 20,000. This receipt is:
a) Capital
b) Revenue
c) Both
d) None
2. Profit/Loss on sale of truck (Declining balance method):
a) Profit of 12,400
b) Profit of 6,000
c) Loss of 12,400
d) Loss of 6,000
3. Sale of fixed asset is:
a) Revenue receipt
b) Capital receipt
c) Both
d) None
4. Ledger book is called:
a) Secondary book of accounts
b) Principal book of accounts
c) Subsidiary book of accounts
d) None
5. High-risk category under KYC includes:
a) Firms with sleeping partners
b) PEPs and relatives of PEPs
c) PEP beneficial ownership accounts
d) All of the above
6. Correct statement about Value Added Statement:
a) Standardised statement
b) Cannot replace Profit & Loss account
c) Shareholders get maximum weightage
d) Can replace Profit & Loss account
7. STRs are submitted to FIU-IND by:
a) Branch Manager
b) Zonal Manager
c) Principal Officer
d) Operations Manager
8. ULIP growth funds invest mainly in:
a) Equities
b) Government securities
c) Commercial papers
d) Mix of equity and debt
9. Not a column of three-column cash book:
a) Cash column
b) Bank column
c) Petty cash column
d) Discount column
10. Trial balance ensures ______ accuracy:
a) Arithmetical
b) Systematic
c) Logical
d) Accounting
11. STR submission timeline is:
a) 30 working days
b) 7 working days
c) 10 working days
d) 15 working days
12. Final accounts are based mainly on:
a) Journal entries
b) Bank pass book
c) Cash book
d) Ledger accounts
13. Accounts matching customer profile are:
a) Low risk
b) Medium risk
c) High risk
d) Normal category
14. Depreciation method used by LIC:
a) Reducing balance (Gross value)
b) Reducing balance (Net value)
c) Straight line (Gross value)
d) Straight line (Net value)
15. Balance sheet consists of:
a) Assets
b) Liabilities
c) Equity
d) All the above
16. Current Ratio 1:1, CA = 20,000, CL =
a) 40,000
b) 10,000
c) 15,000
d) 20,000
17. Error correction for debtor written off recovery:
a) Credit Sundry Debtor A/c
b) Credit Cash A/c
c) Debit Debtor & Credit P&L
d) Debit Debtor & Credit Provision
18. Current Ratio 2:1, CL = 40,000, CA =
a) 80,000
b) 40,000
c) 20,000
d) 1,20,000
19. Depreciation of temporary structure (third year):
a) 24,770
b) 44,420
c) 15,600
d) 15,000
20. Policy that cannot be surrendered:
a) ULIPs
b) Unit Linked Health Plans
c) Unit Linked Pension Plans
d) Endowment Plans
