Corporate Accounting Set 16
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This set of Corporate Accounting Multiple Choice Questions & Answers (MCQs) focuses on Corporate Accounting Set 16
Q1 | Schedule 1 is concerned with ………….
- Cash and balance with RBI
- Capital
- Reserves and Surplus
- Investments
Q2 | ………… is shown under Schedule 15.
- Interest earned
- Profit
- Interest Expended
- Appropriations
Q3 | Acceptance, endorsements and other obligations come under the head…
- Provisions and Contingencies
- Contingent liabilities
- Deposits
- Borrowings
Q4 | Assets are NPAs for a period not exceeding 12 months are called ………….
- Standard Assets
- Substandard Assets
- Doubtful Assets
- Loss Assets
Q5 | Assets are NPAs for a period exceeding 12 months are called ………….
- Standard Assets
- Substandard Assets
- Doubtful Assets
- Loss Assets
Q6 | ………is a form of agreement between two parties in which one party agrees to make goodfor loss of another.
- Contract
- Insurance
- Banking
- Mutual fund
Q7 | The agreement of insurance is called as ………..
- Policy
- Premium
- Annuity
- None of these
Q8 | The consideration in insurance for covering the risk is called ………….
- Claim
- Premium
- Annuity
- None of these
Q9 | ……………is the party who undertakes the risk in insurance.
- Insurer
- Assurer
- Underwriter
- All of these
Q10 | The party whose risk is covered in insurance is known as ……….
- Insurer
- Insured
- Underwriter
- None of these
Q11 | In …………., the insurer agrees to pay a certain sum of money to the policyholder either onhis death or a certain age, which ever is less.
- Fire Insurance
- Marine Insurance
- Burglary Insurance
- Life Insurance
Q12 | General Insurance includes …………….
- Fire Insurance
- Marine Insurance
- Burglary Insurance
- All of these
Q13 | LIC was nationalized in …………..
- 1935
- 1950
- 1956
- 1964
Q14 | Insurance business in India is regulated by ………….
- LIC
- IRDA
- RBI
- SEBI
Q15 | Under …………., the sum assured is given to the beneficiary only on death of policyholder.
- Whole Life Policy
- Endowment Policy
- Annuity
- None of these
Q16 | ………..is the amount payable to the insured on the happening of event.
- Premium
- Annuity
- Claim
- Policy
Q17 | An annual payment which an insurer guarantees to pay for lump sum money received in thebeginning is called ………….
- Premium
- Annuity
- Claim
- Policy
Q18 | The amount given to the policyholder due to his inability of paying further premium is called…………..
- Annuity
- Bonus
- Surrender value
- Claim
Q19 | …………..is an agreement between two insurance companies whereby one transfers a part ofrisk to other.
- Reinsurance
- Sub insurance
- Shared Policy
- None of these
Q20 | Revenue Account is also called ………….
- Shareholders’ Account
- Policyholders’ Account
- Creditors’ Account
- None of these
Q21 | Valuation balance sheet is prepared by ……………business.
- Fire Insurance
- Marine Insurance
- Life Insurance
- All of these
Q22 | The commission earned by insurance companies from others for giving them business underreinsurance is called …………………
- Commission on reinsurance accepted
- Agents’ commission
- Commission on reinsurance ceded
- None of these
Q23 | The commission given by insurance companies to others for receiving business underreinsurance is called …………………
- Commission on reinsurance accepted
- Agents’ commission
- Commission on reinsurance ceded
- None of these
Q24 | Profit and Loss Account of General Insurance Companies are prepared in …………
- Form A‐PL
- Form B‐RA
- Form B‐PL
- Form B‐BS
Q25 | The principle of subrogation is applicable to……………
- Fire Insurance
- Marine Insurance
- Burglary Insurance
- All of these