Top 150+ Solved Special Accounting MCQ Questions Answer
Q. General insurance policies are generally taken for
a. One year
b. two year
c. three year
d. none of these
Q. When a policy matures on the death of the insured , it is expressed as:
a. With profit policy
b. without profit policy
c. whole life policy
d. None of these
Q. In the revenue account bonus in reduction of premium is shown as
a. Liability
b. Income
c. Expense
d. None of these
Q. The fixed assets of an insurance company are shown in
a. Schedule 6
b. Schedule 7
c. Schedule 8
d. None of these
Q. Insurance Regulations and Development Authorities Act came to effect in :
a. 1938
b. 1999
c. 2000
d. None of these
Q. Which of the following of an insurance company does not fall under ‘ Income from investments’.
a. Interest and dividend
b. Profit on sale of investments
c. Share transfer fees
d. None of these
Q. Which of the following of an insurance company is included in other asset
a. Loan to director
b. Agent’s balance(dr)
c. Advance tax paid
d. None of these
Q. Reserve for unexpired risk is shown under :
a. Reserves and surplu
b. Current liabilities
c. Provisions
d. None of these
Q. In life insurance business , claims may arise on …………………….
a. death
b. maturity
c. death or maturity
d. none of these
Q. Surrender value is an expression that is used in case of ………………. Insurance business .
a. Life
b. Marine
c. Fire
d. None of these
Q. …………….. reserve is created to meet any loss due to natural calamity
a. General reserve
b. Special reserve
c. Catastrophe reserve
d. None of these
Q. Life insurance is contract of ………………………………….
a. Guarantee
b. Indemnity
c. Profit
d. None of these
Q. General insurance is a contract of ………………………………
a. Guarantee
b. Indemnity
c. Profit
d. None of these