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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