Top 150+ Solved Advance Accounting MCQ Questions Answer
Q. The Insurance Company cannot prevent the happening of risk but provide forlosses at the happening of risk.
a. true
b. false
c. only a
d. a and b
Q. Insurance is a financial service for collecting the saving of the public andproviding them with a risk of a coverage.
a. true
b. false
c. may be true
d. a and b
Q. A marine insurance policy is taken to cover the claims for loss of stock.
a. true
b. false
c. may be true
d. both a and b
Q. The amount paid by insured to insurer as a consideration is known aspremium.
a. true
b. false
c. may be true
d. may be false
Q. General insurance business in India is transacted by Life Insurance Corporationof India.
a. true
b. false
c. may be true
d. may be false
Q. A memorandum trading account is to be prepared to ascertained the value ofstock on the date of fire.
a. true
b. false
c. may be true
d. may be false
Q. A policy of fire insurance is intended to protect the assured against the losscaused by fire.
a. true
b. false
c. neither true nor false
d. may be false
Q. Gross profit must always be calculated as a percentage on purchase .
a. true
b. false
c. either true or false
d. may be false
Q. Average clause is applicable in case of under insurance.
a. true
b. false
c. only true
d. may be false
Q. A fire policy covers loss of or damaged to insured property.
a. true
b. false
c. may be true
d. only false
Q. If value of stock on date of fire is 429000, salvage is 1570000 then stockdestroyed by fire will ………………
a. 271500
b. 270000
c. 275000
d. none of the above
Q. If value of stock on date of fire is 420000, salvage is 1500000 then stockdestroyed by fire will ………………
a. 250000
b. 255000
c. 253000
d. 251000
Q. If value of stock on date of fire is 420000, salvage is 10000 then stockdestroyed by fire will ………………
a. 410000
b. 400000
c. 450000
d. 430000
Q. If Gross profit is 600000, sales is Rs. 15,00,000 then gross profit ratio will be…………..
a. 40%
b. 50%
c. -40%
d. – 50%
Q. If Gross profit is 54000 and sales is Rs. 180000 then gross profit ratio will be ….
a. 30%
b. 45%
c. 15%
d. 25%