Insurance Accounting and IT application in Insurance

Select The Blank
Question Cash flows arising from transactions in ________ currency should be recorded in an enterprise's reporting currency by applying the exchange rate at the date of the cash flow.
Correct Answer foreign
Your Answer foreign

Multiple Choice Single Answer
Question Writing the transactions in a notebook is called as -
Correct Answer Book-keeping
Your Answer Book-keeping

Select The Blank
Question Information adds ________ to data.
Correct Answer context
Your Answer context

Multiple Choice Multiple Answer
Question An active market shall mean a market, where -
Correct Answer securities traded are homogeneous , willing buyers and willing sellers are normally available , prices are publically available.
Your Answer securities traded are homogeneous , willing buyers and willing sellers are normally available , prices are publically available.

Multiple Choice Single Answer
Question American institute of Certified Public Accountants has given the most widely accepted definition of -
Correct Answer Accountancy
Your Answer Accountancy


Multiple Choice Single Answer
Question During 1986 to 1993, 1000 computers were installed in wide geographical spread, which spread computer awareness and -
Correct Answer literacy
Your Answer literacy

Multiple Choice Multiple Answer
Question In DO System output related to commission summary are generated -
Correct Answer agentwise , classwise , development officerwise
Your Answer agentwise , classwise , development officerwise

Multiple Choice Single Answer
Question CPU in the computer acts like a -
Correct Answer Brain
Your Answer Heart

True/False
Question Underwriting, accounts & claims modules were integrated in DO System.
Correct Answer False
Your Answer True

Multiple Choice Multiple Answer
Question Which of the accounts are categorized under income accounts?
Correct Answer Sales account , Commission received
Your Answer Salary account , Commission received

True/False
Question DO system helped the accounts dept. in maintaining erroneous computerized books.
Correct Answer False
Your Answer True

True/False
Question Closing stock is an asset.
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question The overall productivity can be increased by using computer as a tool for -
Correct Answer instituting library for circulars and manuals , office automation , conducting a detailed work study
Your Answer instituting library for circulars and manuals , office automation , conducting a detailed work study

Match The Following
Question
Correct Answer
Your Answer
General administration
leave types and calendar
leave types and calendar
Personnel information
name, address, job, qualification
name, address, job, qualification
Roster information
recruitment & promotion of RC
recruitment & promotion of RC
Promotion information
vacancies, eligible candidates
vacancies, eligible candidates


Multiple Choice Multiple Answer
Question DO System had master inputs like -
Correct Answer agent master , BG master , CD master
Your Answer CD master , agent master , BG master

True/False
Question Speakers are used for producing sound output.
Correct Answer True
Your Answer True

Select The Blank
Question ________ is a category of insurance.
Correct Answer Fire
Your Answer Fire

Multiple Choice Single Answer
Question The purpose of HRM system in the company is to help in retaining the best quality of -
Correct Answer personnel
Your Answer personnel

Multiple Choice Multiple Answer
Question According to AS 3, the enterprise should prepare cash flows from operating activities using either -
Correct Answer Fixed percentage method, Indirect method
Your Answer Direct method

Select The Blank
Question To obtain the relevant facts and figures, ________ documents are prepared.
Correct Answer source
Your Answer target

Multiple Choice Multiple Answer
Question The present organizational structure should always be understood in order to -
Correct Answer implement better management control and monitoring, improve efficiency, optimize resources
Your Answer implement better management control and monitoring improve efficiency, optimize resources

Multiple Choice Single Answer
Question What represents several different ways to organize computers & connecting them to form a network?
Correct Answer Topology
Your Answer Topology

Select The Blank
Question ________ client master input form was an input to the DO system.
Correct Answer special
Your Answer special

Multiple Choice Multiple Answer
Question These activities related to long term assets are investing activities.
Correct Answer Disposal , Acquisition
Your Answer Using , Acquisition

Select The Blank
Question POS means Point Of ________.
Correct Answer Sale
Your Answer Safety

Multiple Choice Single Answer
Question Fixed deposit details are recorded in -
Correct Answer Money market register
Your Answer Money market register

Select The Blank
Question Since the modules in then DO system were not integrated, there was lot of ________ entry.
Correct Answer double
Your Answer double

Multiple Choice Single Answer
Question Licensing regulations framed under IRDA act are for -
Correct Answer Insurance agents
Your Answer Insurance agents

True/False
Question The accounting estimate shall also include claims cost adjusted for estimated salvage value if there is sufficient degree of certainty of its realization.
Correct Answer True
Your Answer True

Match The Following
Question
Correct Answer
Your Answer
claims statistics database
item, category, type etc. of claim
item, category, type etc. of claim
Underwriting Database
Summarization of policies
Consolidated underwriting details
Underwriting Statistics Database
Consolidated underwriting details
client details
Claims database
claims processed
claims processed

Multiple Choice Multiple Answer
Question Each account has to be classified properly between -
Correct Answer Personal account , Real account , Nominal account
Your Answer Personal account , Trading account

Multiple Choice Single Answer
Question In ancient times, man started exchanging commodities he produced for the commodities produced by others. This is called as -
Correct Answer Barter exchange
Your Answer Barter exchange

Select The Blank
Question Contents of the management report include disclosures with regard to overall risk exposure and strategy adopted to ________ the same.
Correct Answer mitigate
Your Answer intimate

True/False
Question DO system generated an output report named excess / long register.
Correct Answer False
Your Answer False

True/False
Question Claim intimation slip and claim processing slip are same.
Correct Answer False
Your Answer False

Select The Blank
Question Cash deposit & withdrawal transactions are recorded with the help of ________ entry.
Correct Answer Contra
Your Answer Controversial

Multiple Choice Multiple Answer
Question The people associated with any computer system are -
Correct Answer Developers , Users , Operators
Your Answer Developers , Users , Operators

Multiple Choice Single Answer
Question A reserve for unexpired risks shall not be less than as required by Insurance Act 1938, under Section -
Correct Answer 64V(1)(ii)(b)
Your Answer 64V(1)(ii)(b)

Multiple Choice Single Answer
Question In 1983, micro-processing was introduced with the -
Correct Answer DO system
Your Answer DO system

Select The Blank
Question Compilers translate a program written in ________ level language into machine code.
Correct Answer High
Your Answer Low

Multiple Choice Single Answer
Question What restricts copying software which are purchased or leased products ?
Correct Answer Licensing Agreement
Your Answer Licensing Agreement

Multiple Choice Multiple Answer
Question The total amount of cash deposited in a bank account is verified by -
Correct Answer Bank acknowledge stamp , Reconciliation statement
Your Answer No. of visits to the bank , Bank acknowledge stamp

True/False
Question Inventory control system helps in avoiding out of stock situation.
Correct Answer True
Your Answer True

Multiple Choice Multiple Answer
Question Characteristics of microcomputer are -
Correct Answer Small size , Economical , Limited internal memory
Your Answer Small size , Economical , Limited internal memory

Select The Blank
Question Irrecoverable amounts due from debtors are called as ________ debts.
Correct Answer Bad
Your Answer Poor

True/False
Question Provisions of Sec.616 of Companies Act are related to insurance companies.
Correct Answer True
Your Answer True

True/False
Question In Aug 2000, IRDA has issued regulations for financial statements.
Correct Answer True
Your Answer False

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