Insurance Accounting and IT Application in Insurance - 1

Multiple Choice Multiple Answer
Question : Computer professionals do the job of -
Correct Answer : Design hardware , Develop software
Your Answer : Keying in vast amount of data , Run the computer systems , Design hardware , Develop software

Multiple Choice Single Answer
Question : Holiday home booking module is included in -
Correct Answer : Employee Welfare system
Your Answer : Employee Welfare system
True/False
Question : Computer network implies an interconnected set of independent computers & not a distributed system.
Correct Answer : True
Your Answer : False

Select The Blank
Question : ________ calculation on assets is also a part of estate sub-system.
Correct Answer : depreciation
Your Answer : depreciation

True/False
Question : Branch statutory auditors audit accounts of head office.
Correct Answer : False
Your Answer : False

Select The Blank
Question : Personal filing & information handling is an application necessarily in ________ environment.
Correct Answer : LAN
Your Answer : LAN

Select The Blank
Question Issuance of agency licenses to the agents is a job of ________ department.
Correct Answer business development
Your Answer business development
Multiple Choice Multiple Answer
Question Name of the payee column appears in-
Correct Answer Commission disbursement book , Cash disbursement book
Your Answer Commission disbursement book , Cash disbursement book

Multiple Choice Single Answer
Question : In inventory control, indents of various items will be based on proper scrutiny of the position of -
Correct Answer : stock
Your Answer : stock
True/False
Question : There is no provision of refund to the insured due to cancellation of policy before expiry.
Correct Answer : False
Your Answer : False

Multiple Choice Single Answer
Question Which section deals with the maintenance of the personal records of employees ?
Correct Answer personnel
Your Answer personnel
Multiple Choice Multiple Answer
Question Information Technology encompasses -
Correct Answer hardware , software , people
Your Answer hardware , software , people

Match The Following

Question
Correct Answer
Your Answer
Versatility
Any task
Electronic components
Speed
milli,micro,nano,pico
Meters, miles, Kilometers
Storage capacity
KB,MB,GB
KB,MB,GB
Accuracy
Electronic components
Human inconsistencies

Multiple Choice Multiple Answer
Question The marketing sub-system module considers the aspects about development officers like -
Correct Answer incentive calculation , performance appraisal , fixing targets
Your Answer incentive calculation , performance appraisal , fixing targets

Multiple Choice Single Answer
Question The management expenses are first aggregated and and then apportioned to -
Correct Answer Revenue account
Your Answer Revenue account

Multiple Choice Multiple Answer
Question In marketing sub-system the modules are for -
Correct Answer development officers monitoring , recruitment of agents
Your Answer : development officers monitoring , maintaining policy details , maintaining claims details

Select The Blank
Question : Wherever the regulations are ________ on the related provisions of the insurance and companies act, the same shall continue to apply.
Correct Answer silent
Your Answer silent
Select The Blank
Question Contents of management report contain confirmation that the required ________ margin has been maintained.
Correct Answer solvency
Your Answer solvency

Multiple Choice Single Answer
Question In LAN a central controlling processor is seldom -
Correct Answer Present
Your Answer Accessible

True/False
Question Bank transfer journal records the transfer of funds from operative office account to head office / regional office account.
Correct Answer : True
Your Answer : True

Multiple Choice Single Answer
Question Insurance companies in india have to prepare and present their accounts as per the Regulations for preparation of financial statements issued by -
Correct Answer IRDA
Your Answer IRDA

Multiple Choice Multiple Answer
Question Computer professionals do the job of -
Correct Answer Design hardware , Develop software
Your Answer Design hardware , Develop software , Keying in vast amount of data , Run the computer systems

Multiple Choice Single Answer
Question Holiday home booking module is included in -
Correct Answer Employee Welfare system
Your Answer Employee Welfare system

True/False
Question In LAN transmission medium is usually owned by the user organization.
Correct Answer True
Your Answer True

Select The Blank
Question Certain information systems available in the market provide industry, management and ________ profile.
Correct Answer company
Your Answer Company

Multiple Choice Single Answer
Question Information produced by the computer for use in effective decision making is reviewed by -
Correct Answer Users
Your Answer Computer professionals

Multiple Choice Single Answer
Question Premium received prior to the commencement of the risk shall be shown under the head -
Correct Answer Current liabilities
Your Answer Current liabilities

Multiple Choice Multiple Answer
Question The most essential test about acquisition cost is the obligatory relationship between -
Correct Answer cost , execution of insurance contracts
Your Answer cost , premium earned

Multiple Choice Multiple Answer
Question EES system comprises of -
Correct Answer estate , establishment
Your Answer estate , establishment

Match The Following
Question
Correct Answer
Your Answer

Cash
Cash on hand
Cash on hand

Financial enterprise
Cash flows from operating activities
Cash flows from financing and investing activities

Cash equivalents
bank balance, investments
bank balance, investments

Major classes of gross cash receipts and gross cash payments are disclosed.
Direct method for cash flow
Cash flows from operating activities

Multiple Choice Single Answer
Question Payroll sub-system has a link with -
Correct Answer PF system
Your Answer PF system

Multiple Choice Multiple Answer
Question The typical constituents of any data processing are -
Correct Answer Input , Process , Output
Your Answer Input , Process

Select The Blank
Question : Contents of management report contain operation in other countries, if any, with the separate statement giving the management's estimate of country risk and expose risk and the ________ strategy adopted.
Correct Answer hedging
Your Answer hedging

Multiple Choice Multiple Answer
Question Govt. collects revenues from the various sources like -
Correct Answer road tolls , taxes
Your Answer road tolls , taxes

Select The Blank
Question Each user having exclusive use of the resources at any one time is called as ________.
Correct Answer Time sharing
Your Answer Time sharing

Select The Blank
Question IRDA regulations, 2000 contain the regulations relating to obligations of insurers to ________ or social sectors.
Correct Answer Rural
Your Answer Rural

Multiple Choice Multiple Answer
Question These activities are principal revenue producing activities and other activities for the enterprise.
Correct Answer operating , investing , financing
Your Answer investing , financing

Multiple Choice Multiple Answer
Question Macro forces are -
Correct Answer liberalization , globalization
Your Answer globalization , technology , information

True/False
Question LAN fails from time to time.
Correct Answer True
Your Answer True

True/False
Question The auditors shall express their opinions on whether the balance sheet gives a true and fair view of the insurer's affairs as at the end of the financial year/period.
Correct Answer True
Your Answer True

True/False
Question Any debit balance in the said fair value change account shall be added in the profits / free reserves while declaring dividends.
Correct Answer False
Your Answer True

Select The Blank
Question Misc. ________ non-traditional insurance is an insurance category.
Correct Answer rural
Your Answer rural

Multiple Choice Multiple Answer
Question Premium deficiency shall be recognized if the related reserve for unexpired risks is less than the sum of -
Correct Answer expected claims cost , maintenance costs , related expenses
Your Answer expected claims cost , earned claims cost

Multiple Choice Single Answer
Question Estate sub-system generates notices for the property which has been -
Correct Answer leased
Your Answer acquired
True/False
Question Computer network implies an interconnected set of independent computers & not a distributed system.
Correct Answer True
Your Answer False

Select The Blank
Question ________ calculation on assets is also a part of estate sub-system.
Correct Answer depreciation
Your Answer depreciation

True/False
Question Branch statutory auditors audit accounts of head office.
Correct Answer False
Your Answer False

Select The Blank
Question Personal filing & information handling is an application necessarily in ________ environment.
Correct Answer LAN
Your Answer LAN

Select The Blank
Question Issuance of agency licenses to the agents is a job of ________ department.
Correct Answer business development
Your Answer business development

Multiple Choice Multiple Answer
Question Name of the payee column appears in-
Correct Answer Commission disbursement book , Cash disbursement book
Your Answer Commission disbursement book , Cash disbursement book

Multiple Choice Single Answer
Question In inventory control, indents of various items will be based on proper scrutiny of the position of -
Correct Answer stock
Your Answer stock

True/False
Question There is no provision of refund to the insured due to cancellation of policy before expiry.
Correct Answer False
Your Answer False

Multiple Choice Single Answer
Question Which section deals with the maintenance of the personal records of employees ?
Correct Answer personnel
Your Answer personnel

Multiple Choice Multiple Answer
Question Information Technology encompasses -
Correct Answer hardware , software , people
Your Answer hardware , software , people

Match The Following
Question
Correct Answer
Your Answer

Versatility
Any task
Electronic components

Speed
milli,micro,nano,pico
Meters, miles, Kilometers

Storage capacity
KB,MB,GB
KB,MB,GB

Accuracy
Electronic components
Human inconsistencies

Multiple Choice Multiple Answer
Question The marketing sub-system module considers the aspects about development officers like -
Correct Answer incentive calculation , performance appraisal , fixing targets
Your Answer incentive calculation , performance appraisal , fixing targets

Multiple Choice Single Answer
Question The management expenses are first aggregated and and then apportioned to -
Correct Answer Revenue account
Your Answer Revenue account

Multiple Choice Multiple Answer
Question In marketing sub-system the modules are for -
Correct Answer development officers monitoring , recruitment of agents
Your Answer development officers monitoring , maintaining policy details , maintaining claims details

Select The Blank
Question Wherever the regulations are ________ on the related provisions of the insurance and companies act, the same shall continue to apply.
Correct Answer silent
Your Answer silent

Select The Blank
Question Contents of management report contain confirmation that the required ________ margin has been maintained.
Correct Answer solvency
Your Answer solvency

Multiple Choice Single Answer
Question In LAN a central controlling processor is seldom -
Correct Answer Present
Your Answer Accessible

True/False
Question Bank transfer journal records the transfer of funds from operative office account to head office / regional office account.
Correct Answer True
Your Answer True
Multiple Choice Single Answer
Question Insurance companies in india have to prepare and present their accounts as per the Regulations for preparation of financial statements issued by -
Correct Answer IRDA
Your Answer IRDA

Multiple Choice Single Answer
Question Which computer was developed to control the trajectory of ballistic missiles ?
Correct Answer ENIAC
Your Answer ENIAC

True/False
Question An outstand rent is a liability.
Correct Answer True
Your Answer False

Select The Blank
Question Underwriting statistics database is created on ________ basis.
Correct Answer monthly
Your Answer monthly


True/False
Question Depreciation is written to the credit side of Profit & Loss account.
Correct Answer False
Your Answer False

Multiple Choice Single Answer
Question: Accounting standards have been issued by -
Correct Answer ICAI
Your Answer ICAI