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This set of Corporate Accounting Multiple Choice Questions & Answers (MCQs) focuses on Corporate Accounting Set 10

Q1 | Rebate on bills discounted is also called --------
  • Unexpired discount
  • Earned discount
  • Expired discount
  • received discount
Q2 | While preparing P/L account , rebate on bills discounted to be provided shall bededucted from discount received in --------
  • Schedule 16
  • Schedule 15
  • Schedule 14
  • schedule 13
Q3 | Which of the following are performing assets?
  • Loss asset
  • Standard asset
  • Sub-standard asset
  • doubtful asset
Q4 | Interest on non-performing assets should be recognized on -------- basis.
  • actually received
  • accrual
  • standard
  • none
Q5 | Which of the following represents term deposit?
  • Savings deposit
  • current deposit
  • fixed deposit
  • none
Q6 | The short term advances made by a bank to the stock brokers and bill brokers arecalled ---------
  • Money at call
  • short loan
  • short provision
  • inter-office adjustment
Q7 | ------ is an annual payment made by a life insurance company in consideration forma lump sum received.
  • claim
  • annuity
  • bonus
  • premium
Q8 | Which of the following represents policy holders a/c?
  • P/L a/c
  • revenue a/c
  • balance sheet
  • none
Q9 | ------ is a device of reducing the risk undertaken by an insurance company.
  • re-insurance
  • double insurance
  • risk insurance
  • none of these
Q10 | Under ……policy the sum assured becomes payable on the attainment of a specificage or on death whichever is earlier
  • whole time life policy
  • endowment policy
  • with profit policy
  • none of these
Q11 | …….is a reserve created to meet any loss due to natural calamities.
  • revenue reserve
  • capital reserve
  • catastrophe reserve
  • none of these
Q12 | Life insurance is a contract of……
  • indemnity
  • guarantee
  • contribution .
  • none of these
Q13 | General insurance is a contract of ……
  • contribution
  • indemnity
  • guarantee
  • none of these
Q14 | In the case of marine insurance reserve for unexpired risk is …..
  • 50%
  • 100%
  • 40%
  • none of these
Q15 | Valuation balance sheet is prepared by a life insurance company to find out
  • Profit or loss
  • financial position
  • surplus or deficiency
  • net liability
Q16 | Insurance Regulatory and Development Authorities Act came in to effect in
  • 2001
  • 2004
  • 1999
  • none of these
Q17 | Bonus payable on maturity of the policy is termed as
  • cash bonus
  • capital bonus
  • reversionary bonus
  • none of these
Q18 | Insurance Act came in to effect in….,
  • 1956
  • 1972
  • 1938
  • none of these
Q19 | Legal expenses in respect of claims of an insurance company is shown in -----------
  • P&L a/c
  • Revenue a/c
  • Balance sheet
  • Surplus a/c
Q20 | Bonus in reduction of premium appears in the revenue a/c as ----------
  • an income
  • an expense
  • no where
  • profit
Q21 | ……………… is an artificial person created by law
  • Firm
  • Sole trader
  • Company
  • None of these
Q22 | The liability of shareholders of a company is ………………..
  • Limited
  • Unlimited
  • Uncertain
  • None of these
Q23 | A company is managed by its…………….
  • Partners
  • Auditor
  • Board of Directors
  • Debenture holder
Q24 | ………….company Is a company created by a special Act in Parliament
  • Government
  • Registered
  • Chartered
  • Statutory
Q25 | A company registered with Registrar of Companies under Indian Companies Act is calledas………..
  • Government
  • Registered
  • Chartered
  • Statutory