Corporate Accounting Set 10
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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