IC26 LIFE INSURANCE FINANCE - 01
Que. 1 : Q1) If Trial Balance contains both Trade and Office Expenses then the Trade Expenses is posted to ______account and office expenses posted to ______account
1. a) Profit and Loss Account, Trading Account
2. b) Trading Account, Profit and Loss Account
3. c) Debit Side, Profit & Loss Account
4. d) Credit Side, Trading Account
Que. 2 : Q2) ________ are shown as assets in the Balance Sheet of Insurance Company.
1. a) Loan against Policies
2. b) Premium Amount
3. c) Survival Benefit
4. d) Claim Payments
Que. 3 : Q3) Casting Error Means
1. a) Adding Up
2. b) posting a transaction
3. c) forgotten to enter
4. d) All of the above
Que. 4 : Q4) Maximum punishment by way of imprisonment for the offence committed under Money Laundering Act is -
1. a) 7 years
2. b) 9 years
3. c) 10 years
4. d) 12 years
Que. 5 : Q5) Please choose the best answer on
the classification of accounts of the following things:
10.Outstanding Salary 11.Commission Received 12.Furniture and Fixtures
13.Sushant 14.Jaycee
1. a) Personal Accounts: 12, 11 Real Accounts : 10, 13 Nominal Accounts : 14
2. b) Personal Accounts: 10, 13, 14 Real Accounts : 12 Nominal Accounts : 11
3. c) Personal Accounts: 13, 14 Real Accounts : 12 Nominal Accounts : 11, 10
4. d) Personal Accounts: 12, 11 Real Accounts : 13 Nominal Accounts : 10, 14