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Category: IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 10

IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 10

Que. 1 : Q1) Which part of Schedule B of The Insurance Regulatory and Development Authority (Preparation of Financial Statement and Auditor’s Report of Insurance Companies) Regulations, 2000 deals with "Contents of management Report"?

   1.  a) Part I

   2.  b) Part II

   3.  c) Part III

   4.  d) Part IV

Que. 2 : Q2) _____________ refers to the activities that involve identifying and assessing any and all relevant risks that the organisations may face while conducting its daily operations.

   1.  a) Risk management

   2.  b) Bancassurance

   3.  c) Internal audit

   4.  d) Underwriting

Que. 3 : Q3) What refers to decreases in economic benefits during an accounting period in the form of outflows or depletion of assets or appreciation in liabilities that result in decreases in equity?

   1.  a) Revenues

   2.  b) Expenses

   3.  c) Assets

   4.  d) Liabilities

Que. 4 : Q4) For a municipal corporation, financial transactions on sources of funds generally include:

   1.  a) Collection of municipal taxes

   2.  b) Amount incurred for road development and repairs

   3.  c) Sale of goods

   4.  d) Amount spent on public welfare

Que. 5 : Q5) ______________ means a company having a minimum paid-up share capital of one lakh rupees.

   1.  a) Public Company

   2.  b) Foreign Company

   3.  c) Private Company

   4.  d) Subsidiary Company