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Category: IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 13

IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 13

Que. 1 : Q1) Which part of the Schedule B of the Insurance Regulatory and Development Authority(Preparation of Financial Statements and Auditor’s Report of Insurance Companies)  Regulations, 2000 deals with “Accounting principles for preparation of Financial Statements”?

   1.  a) Part I

   2.  b) Part II

   3.  c) Part III

   4.  d) Part IV

Que. 2 : Q2) Which Section of the Act prescribes that the Audited accounts and statements shall be printed and four copies thereof shall be furnished as returns to the controller within six months from the end of the period to which they refer?

   1.  a) Section 11

   2.  b) Section 12

   3.  c) Section 13

   4.  d) Section 15

Que. 3 : Q3) The maximum amount beyond which a company is not allowed to raise funds by issue of shares is:

   1.  a) Issued Capital

   2.  b) Authorised Capital

   3.  c) Paid Capital

   4.  d) Subscribed Capital

Que. 4 : Q4) Which book records credit purchases on daily basis?

   1.  a) Bank receipts day book

   2.  b) Purchase day book

   3.  c) Cash book

   4.  d) Sales day book

Que. 5 : Q5) Financial statements are said to be true when they are:

   1.  a) Just

   2.  b) Factually correct

   3.  c) Equitable

   4.  d) Not misleading