General Insurance Accounts Preparation and Regulation of Investment (IC 46): Previous year Questions Paper
iii exam is held fourth time every year – Once in March, May, September and in November. General Insurance Accounts Preparation and Regulation of Investment (IC-46) exam We provide Recollected Questions (Memory based Questions) . In these papers, maximum questions are repeated in every exam. So, Ambitious baba is providing you with IC 46 Previous year Question General Insurance Accounts Preparation and Regulation of Investment (IC-46) . These Previous years Questions Question General Insurance Accounts Preparation and Regulation of Investment (IC-46) will be very useful in upcoming Exam.
IC 46 Previous year Question
- Calculation of Net Claims incurred
- If there’s only one manager then what is the remuneration % payable out of net profit?
- Basic journal entries and sums
- Elements of corporate governance
- When is an entity required to appoint CA firm for concurrent audit? Ans. When Assets under Management (AUM is more than 1000 crores)
- Items of balance sheet
- Which items are current liabilities
- Meaning of imprest amount in petty cash. (It’s a fixed amount to be maintained by the cashier every month for petty cash expenses)
- Numericals on petty cash and imprest amount
- Name of reserves which can be used for redemption of preference shares.
- Name of reserves which can be used for issue of bonus shares.
- Lots of questions on principles, concepts and conventions.
- Numerical to calculate operating profit/ loss of a general insurance company
- BRS calculations
- Objective of internal auditing
- Questions on auditing, annual general meeting of companies
- 2-3 questions on journal entries of Ex-Interest and Cum-Interest purchase of Investment
- Formula for straight line depreciation (Cost- Scrap value)/ Number of useful years of the asset
- Questions on proportional, non- proportional, facultative, treaty insurance
- Meaning of insurance policy method of depreciation
- Questions on few sections
- Numerical on calculation of cash flow from operating activities
- Valuation of inventories- it is valued at cost or net realizable value whichever is less
- General questions on journal, cash book, ledger, trial balance, etc
- Meaning of Acquisition cost
- Classifications/Categories of miscellaneous insurance
- Meaning of credit rating ‘BB’
- Numericals on calculation of surplus share of reinsurance companies on line basis
- Question on formula of ratios
- Calculation of depreciation for asset purchased in the middle of the year- 50% of normal rate
- Reserve for unexpired risk is made at 100% of the net premium for marine business and 50% of the net premium for other classes of business
- Disclosures to be made for changes in accounting policies
- Which accounting standard is not applicable for all companies?
- Minimum number of non-executive directors in an investment committee
- Questions on single entry system
- Calculation of cash flow from operating activities
- Full form of AICPA
- All transactions are events but all events are not transactions
- Depreciation calculation on SIM
- Depreciation under WDM is calculated on Written down value
- When will revenue be recognised
- Calculation of fair value of investment property
- Technical reserves
- Defining terms like revenue, expenditure
- Finding claims
- Govt co definition
- Investment amendment act
- In case of revaluation, depreciation is charged on the devalued amount of the asset
- Calculations from Bank reconciliation statement
- Calculation of amount to be transferred to Capital redemption reserve in case of forfeiture of shares
- Condition for separate disclosure of expenses
- Facultative and treaty reinsurance
- Not less than 30% investment in central state govt securities
- Current investments
- Calculation of purchase consideration
- Internal audit
- Examples of incorrect expense recognition
- There were questions on standards
- Basic journal entries
- Accounting policies objectives
- Reinsurance and retrocession diff
- AS 11
- AS 5
- Golden rules of accounting
- Definition of trial balance (asked twice)
- Journal entry: purchase of machine on credit
- Calculation of nominal share price
- BRS
- Journal entries for cash flow involving debtors/creditors
- Trading account definition
- Numerical questions involving calculation of profit, Net balance, price per share Definition of retrocession
- Underwriting
- Definition of Trial Balance
- Definition of underwriting agreement.
- Treatment of acquisition cost in insurance accounting.
- Who is responsible for preparing financial statements. Answer- Management.
- Sums on BRS (easy)
- Definition of cash flow statement
- Basis of differentiating revenue and profit.
- Difference between reinsurance and retrocession.
- Many questions on BRS
- Balance sheet items
- iii exam Discussion (Insurance) group Link
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