IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 18


Que. 1 : Q1) ____________ of cash in hand and the Balance at Bank is obtained through balancing of the Cash Account and Bank Account -which involves determining the excess of the receipt side over the payment side for both cash column and bank column.

   1.  a) Closing Balance

   2.  b) Entries for cheques dishonoured

   3.  c) All payments

   4.  d) Contra Entries

Que. 2 : Q2) The stages of accounting process involve preparation of trial balance, profit & loss account and ____________.

   1.  a) Spread sheet

   2.  b) Balance sheet

   3.  c) Income sheet

   4.  d) Profitability sheet

Que. 3 : Q3) The rating should be carried out by a credit rating Agency registered under SEBI(Credit Rating Agencies) Regulations ________.

   1.  a) 1999

   2.  b) 2000

   3.  c) 2005

   4.  d) 2009

Que. 4 : Q4) Which is an accounting system for recording financial information in which only one aspect of the transaction is recorded?

   1.  a) Double entry system

   2.  b) Dual entry system

   3.  c) Single entry system

   4.  d) Unique entry system

Que. 5 : Q5) While auditing debt securities, in order to confirm the correctness of the valuation, the auditor confirms that securities have been measured.

   1.  a) At historical cost less accumulated depreciation and impairment loss

   2.  b) At historical cost subject to amortisation

   3.  c) At fair value as at the balance sheet date

   4.  d) At historical cost