General Insurance Accounts Preparation and Regulation of Investment (IC 46): Previous year Questions Paper

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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IC 26 life Insurance finance 1000 questions with Actual Memory based Mock Click Here
IC -11 Practice of general insurance 700 questions with Actual Memory based Mock Click Here
IC-14 Regulation of insurance business 650+ questions with Actual Memory based Mock Click Here
IC -90 HRM 865 questions with Actual Memory based Mock Click Here
IC 92 1000 questions with Actual Memory based Mock Click Here
IC 86 Risk Management 1300 questions with Actual Memory based Mock Click Here
IC 72 Motors 650 questions with Actual Memory based Mock Click Here
IC -78 Misc 1300 questions with Actual Memory based Mock Click Here
IC 85 Reinsurance 1300 questions with Actual Memory based Mock Click Here
IC 76 Aviation 500+ questions with Actual Memory based Mock Click Here
IC 27 Health Insurance 500 questions with Actual Memory based Mock Click Here
IC 45 General insurance underwriting 550 questions with Actual Memory based Mock Click Here
IC 02 Practice of life insurance 410 questions with Actual Memory based Mock Click Here
IC 01 Principal of insurance 600 questions with Actual Memory based Mock Click Here
IC 38 in English 400 Q Click Here
IC 89 Management Accounting 900 Questions Click Here
SURVEYORS EXAMS IC S01 1000+ Questions Click Here

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