Top 550+ Solved Corporate Accounting MCQ Questions Answer

From 16 to 30 of 596

Q. Under Ind AS 16 how often the useful life of an asset should be reviewed?

a. at least at each financial year end

b. every six months

c. at management’s discretion

d. never

  • a. at least at each financial year end

Q. Under Ind AS 16 if an asset is idle

a. depreciation is paused

b. depreciation for the entire period does not apply

c. depreciation is ignored

d. depreciation continues

  • d. depreciation continues

Q. Rebate on bills discounted is also called --------

a. Unexpired discount

b. Earned discount

c. Expired discount

d. received discount

  • a. Unexpired discount

Q. Which of the following are performing assets?

a. Loss asset

b. Standard asset

c. Sub-standard asset

d. doubtful asset

  • b. Standard asset

Q. Interest on non-performing assets should be recognized on -------- basis.

a. actually received

b. accrual

c. standard

d. none

  • a. actually received

Q. Which of the following represents term deposit?

a. Savings deposit

b. current deposit

c. fixed deposit

d. none

  • c. fixed deposit

Q. The short term advances made by a bank to the stock brokers and bill brokers arecalled ---------

a. Money at call

b. short loan

c. short provision

d. inter-office adjustment

  • a. Money at call

Q. Which of the following represents policy holders a/c?

a. P/L a/c

b. revenue a/c

c. balance sheet

d. none

  • b. revenue a/c

Q. ------ is a device of reducing the risk undertaken by an insurance company.

a. re-insurance

b. double insurance

c. risk insurance

d. none of these

  • a. re-insurance

Q. Under ……policy the sum assured becomes payable on the attainment of a specificage or on death whichever is earlier

a. whole time life policy

b. endowment policy

c. with profit policy

d. none of these

  • b. endowment policy

Q. …….is a reserve created to meet any loss due to natural calamities.

a. revenue reserve

b. capital reserve

c. catastrophe reserve

d. none of these

  • c. catastrophe reserve

Q. Life insurance is a contract of……

a. indemnity

b. guarantee

c. contribution .

d. none of these

  • b. guarantee

Q. General insurance is a contract of ……

a. contribution

b. indemnity

c. guarantee

d. none of these

  • b. indemnity
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