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IC46 - General Insurance A/c Preparation

 Mock Test 01

IC46 - General Insurance A/c Preparation

Mock Test 01

IC46 - General Insurance A/c Preparation

 Mock Test 01
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    Q 1. Who among the following can sign the financial statements as per the Companies Act,2013? (i) Chairperson, authorized by the board (ii) Company Secretary (iii) CEO, who is not a director
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    Q 2. What should be calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted number of equity shares outstand ing during the period?
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    Q 3. Rishita's cash book shows a credit balance of Rs.8,700 for the month of January. The balance of the bank statement does not match with that of the cash book, due to the following reasons. i) Interest on an onverdraft of Rs.500 had been debited by the bank but not recorded in the cash book ii) Cheques of Rs.5,000 issued during the month, but were not presented in the bank until 31 January 2007. Cheques of Rs.3,500 were deposited but not cleared. iii) Interest on investments of Rs.1,000 was directly collected by the bank. iv) The bank had wrongly debited Rs.800. The balance per the bank statement is:
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    Q 4. Shivam Corporation purchased a machinery of Rs.1,00,000 on 1 January 2011 and incurred an installation charges of Rs.20,000. The depreciation is calculated at 10% on a straight line basis. On 30 June 2013, the machinery was sold for Rs.88,000.What will be the loss or profit?
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    Q 5. When net claims ratios of the insurer exceed specified limits in a financial year, __________ becomes operational.
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    Q 6. What refers to the original value of your asset or the depreciable cost; the necessary amount expended to get an asset ready for its intended use?
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    Q 7. What refers to the agreements between the ceding company(primary insurer) and the reinsurer containing terms and conditions on which risks shall be reinsured?
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    Q 8. Not more than ______ of reinsurance premium is to be placed with one re-insurer.
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    Q 9. Transactions are recorded firs in the primary books of accounts known as ________ including Cash Book and then transferred to Ledgers in the form of Ledger Accounts.
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    Q 10. The auditor shall express an opinion on: i) True and Fair view of the financial position of the entity ii) The compliance of the terms and conditions of registration by the insurer iii) Selection of appropriate accounting policies by the insurer iv) The verification of cash balances v) Preparation of financial statements in accordance with regulations vi) Valuation of investments in accordance with regulations vii) The review of the management report
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    Q 11. Which of the following statements related to the recording of journal entries is correct?
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    Q 12. The Fire Department of ABC General Insurance Co Ltd gives the following details for 2009-10: i) Earned Premium is Rs.600 crore ii) Incurred Claim Net Rs.380 crore iii) Commission Net Rs.50 crore iv) Operating Expenses Rs.150 crore v) Investment Income on Policyholders' Fund(fire) Rs.180 crore. Compute Revenue A/c surplus for Fire Department.
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    Q 13. Q13) An _________________ is a lease other than a financial lease.
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    Q 14. The Securities Premium Account is shown under
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    Q 15. Under which method, it is calculated on the cost of the assets as reduced by the amount of annual depreciation or in other words, on written down value(WDV) and not an the historical original cost as in the case of Straight Line Method?
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    Q 16. The cash book of a sole trader, Jayaprakash, showed on overdraft of Rs.3,000, but, it was not matching with the balance as per pass book on the same date. The following reasons were revealed on the comparison of the cash book and the pass book. i) Cheques of Rs.200, Rs.100 and Rs.250 respectively had not been presented for payments. ii) Cheque of Rs.800 paid into account had not been cleared. The balance as per the pass book will be:
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    Q 17. Which of the following shall be disclosed by way of notes to the Balance Sheet?
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    Q 18. A transaction which does not involve payroll, cash or credit is likely to be recorded in:
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    Q 19. Which of the following are characteristics of Debentures?
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    Q 20. What are inflows and outflows of cash and cash equivalents?
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    Q 21. As per Sec.2(13) books of account of a company includes records maintained in respect of
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    Q 22. Which of the following are main functions of accounting?
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    Q 23. Which reports are prepared in certain specified formats with expression of the auditor's opinion on true and fair view of operating results as shown by income statements and true and fair view of the profits and losses?
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    Q 24. As per Companies Act 2013, for existing companies, books of account along with relevant vouchers must be preserved in good order for a minimum period of
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    Q 25. The Fire Department of ABC General Insurance Co. Ltd gives the following details for 2009-10: i) Fire claims paid Rs.805 crore ii) Claims on Reinsurance Accepted Rs.244 crore iii) Claims on Reinsurance Ceded Rs.392 crore iv) Claims outstand ing as on 01/04/2009 Rs.856 crore v) Claims outstand ing as on 31/03/2010 Rs.900 crore. Calculate Claims Incurred Net, which have been shown in the Revenue Account for the year ended 31st March 2010.
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