IC46 GENERAL INSURANCE ACCOUNTS PREPARATION – 28

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Que. 1 : Q1) As per the golden rules of accounting, from the
below, which one is applicable to personal accounts?

   1.  a) Debit all expenses and losses and
credit all incomes and gains

   2.  b) Debit what comes in and credit what
goes out

   3.  c) Debit the receiver and credit the
giver

   4.  d) Debit what goes out and credit what
comes in

Que. 2 : Q2) What are prepared and submitted by the Branch
Auditor or Statutory auditor keeping in view statutory, regulatory and auditing
standards?

   1.  a) Director reports

   2.  b) Finance Reports

   3.  c) Audit Reports

   4.  d) None of these

Que. 3 : Q3) Capital, drawings and individuals are examples
of which account?

   1.  a) Personal accounts

   2.  b) Nominal accounts

   3.  c) Real accounts

   4.  d) None of these

Que. 4 : Q4) In reinsurance terms, a treaty condition
stating that the insurer’s loss must exceed a certain limit for the reinsurer
to get involved is called _________.

   1.  a) Excess of loss

   2.  b) Quota share

   3.  c) Ceding

   4.  d) Pool arrangement

Que. 5 : Q5) Financial statements are said to be true when
they are:

   1.  a) Just

   2.  b) Factually correct

   3.  c) Equitable

   4.  d) Not misleading

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