IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 27

Que. 1 : Q1) Under which scheme a permanent employee whether working in India or out of India and a director whether a whole time or not are eligible in participate in this scheme but employees who are promoter or who belong to the promoter group are not entitled to participate in the scheme?

   1.  a) Employee Stock Option Plan(ESOP)

   2.  b) Employee Stock Option Scheme(ESOS)

   3.  c) Bonus Shares

   4.  d) Preferential Issue of shares

Que. 2 : Q2) In general insurance business, financial results(profitability) are determined by the __________.

   1.  a) Profit and loss account

   2.  b) Revenue accounts

   3.  c) Income and expenditure account

   4.  d) Receipts and Payments account

Que. 3 : Q3) The last stage of final accounts is the balance sheet. Say whether True or False.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 4 : Q4) What can gives rise to an expense?

   1.  a) Capital expenditure

   2.  b) Capital receipt

   3.  c) Revenue expenditure

   4.  d) Revenue receipt

Que. 5 : Q5) Which Section of the Act provides that the Board’s report under sub-section (3) of section 134 shall disclose the composition of the Corporate Social Responsibility Committee, which shall be constituted as per 135(1) of the Act 2013?

   1.  a) Section 92(3)

   2.  b) Section 134(1)

   3.  c) Section 135(2)

   4.  d) Section 177(8)