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This set of Special Accounting Multiple Choice Questions & Answers (MCQs) focuses on Special Accounting Set 2

Q1 | LIC was nationalized in …………………………………………
  • 1935
  • 1950
  • 1956
  • 1964
Q2 | Insurance business in India is regulated by ……………………………..
  • LIC
  • IRDA
  • RBI
  • SEBI
Q3 | Under ………….. , the sum assured is given to the beneficiary only On death of policy holder
  • Whole life policy
  • Endowment policy
  • Annuity
  • None of these
Q4 | ………………… is the amount payable to the insured on the happening of event.
  • premium
  • Annuity
  • Claim
  • Policy
Q5 | An annual payment which an insurer guarantees to pay for lump sum money received in the beginning is called ………………..
  • Premium
  • Annuity
  • Claim
  • Policy
Q6 | The amount given to the policy holder due to his liability of paying Further premium is called ………………………………..
  • Annuity
  • Bonus
  • Surrender value
  • Claim
Q7 | ……………. Is an arrangement between two insurance companies whereby one transfers a part of risk to other .
  • Re insurance
  • Sub insurance
  • Shared policy
  • None of these
Q8 | Revenue account is also called …………………………………
  • Share holders a/c
  • Policy holders a/c
  • Creditors a/c
  • None of these
Q9 | Valuation balance sheet is prepared by ………………… business
  • Fire insurance
  • Marine insurance
  • Life insurance
  • All of these
Q10 | The commission earned by insurance companies from others for giving them business under re insurance is called ……………………
  • Commission on re insurance ceded
  • Commission on re insurance accepted
  • Agents commission
  • None of these
Q11 | The commission given by insurance companies to others for receiving Business under re insurance is called ………………….
  • Commission on re insurance ceded
  • Commission on re insurance accepted
  • Agents commission
  • None of these
Q12 | The profit and loss amount of general insurance companies are prepared in …………………………………..
  • Form A-PL
  • Form B – RA
  • Form B – PL
  • Form B – BS
Q13 | The principles of subrogation is applicable to ………………………
  • Fire insurance
  • Marine insurance
  • Burglary insurance
  • All of these
Q14 | Fire insurance, marine insurance etc come under ………………………
  • Life insurance
  • General insurance
  • Burglary insurance
  • Double insurance
Q15 | In life insurance investments are come under the schedule ………….
  • Schedule 7
  • Schedule 8
  • Schedule XI
  • Schedule IX
Q16 | A …………. Company should transfer 25% of its profit to a statutory Reserve
  • Joint stock company
  • Insurance company
  • pvt ltd company
  • Banking company
Q17 | Rebate on bill discounted is a ……………………… of the Banking company.
  • Liability
  • Assets
  • Expense
  • Income
Q18 | Banks are required to transfer …………………. Of their profit to a statutory reserve
  • 25%
  • 20%
  • 15%
  • 10%
Q19 | Rebate on bills discounted is …………………………….
  • Income
  • Income received in advance
  • Asset
  • income accrued
Q20 | Banking business in India is largely governed by the Banking Regulation Act……………………..
  • 1932
  • 1956
  • 1949
  • 1938
Q21 | ………………… in India is largely governed by the Banking Regulation Act 1949 .
  • Insurance busines
  • Banking business
  • Joint stock company
  • Co-operative society
Q22 | Banking business in India is governed by the ……………….. Act.
  • Partnership
  • Company
  • Insurance
  • Banking regulations
Q23 | A banking company should transfer 25% of its profit to a …………….
  • General Reserve
  • Capital Reserve
  • Statutory Reserve
  • Reserve fund
Q24 | A ………………….. loan is payable on demand
  • Short term
  • Demand
  • Fixed
  • Long term
Q25 | Money at call and short notice is an ……………… of the banking company.
  • Liability
  • Asset
  • Income
  • Expense