IC 46-General Insu. Accounts Preparation and Regulation of Investment

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17-06-2023
IC-46 - General insurance Accounts Preparation and

Regulation of Investment
Chapter 4 Unit 14 of IC 46 Page no. 632
Which among the following rating will have the lowest credit risk?
A B
B BB
C BBB
D AA
Answer of the above question as per book

Chapter 4 – Unit 14 Page no. 649 Answer to TY 1
The correct option is B.
The highest credit rating will have a lowest credit risk.
Revised & correct answer of the above question is as below

Chapter 4 – Unit 14 Page no. 649 Answer to TY 1
The correct option is D.

The highest credit rating will have a lowest credit risk.
Page 1 of 6
Self-examination Questions
Question 1
Sec. 92 (3) of the Companies Act 2013 provides that an extract of the annual return in prescribed
format shall form part of the _________.
A. Board Report
B. Auditor Report
C. Compliance report
D. Statutory Report

Answer to SEQ 1
The correct option is C.

format shall form part of the Board Report

The correct option is A.
format shall form part of the Board Report
Page 2 of 6
Original Question in book
Question 4
Which of the following shall not be a part of the annual report of a company?
(i) Auditor's Report

(ii) Director's report
(iii)CAG Report
A. Only (i)
B. Only (ii)
C. Only (ii)
D. (i) and (ii)
Revised & Question as per book
Question 4
Which of the following shall not be a part of the annual report of a company?
(i) Auditor's Report

(ii) Director's report
(iii) CAG Report
A. Only (i)
B. Only (ii)
C. Only (iii)
D. (i) and (ii)
Page 3 of 6
The auditor shall express an opinion on:
(i) True and fair view of the financial position of the entity
(ii) The compliance of the terms and conditions of registration by the insurer
(iii) Selection of appropriate accounting policies by the insurer
(iv) The verification of cash balances
(v) Preparation of financial statements in accordance with regulations
(vi) Valuation of investments in accordance with regulations
(vii) The review of the management report
A (i),(ii),(iv) and (v)

B (i), (iii), (v) and (vi)
C (ii),(iv),(vi) and (vii)
D (iii), (v),(vi) and (vii)

Answer to TY 3

Points (ii), (iv) and (iv) contain matters which are certified by the auditor.
Answer to TY 3
Page 4 of 6
Question 5
Which of the following options contains matters found in Long-form reports (LFAR)?
(i) Cases of cheques dishonoured where the relevant risks covered have not been cancelled from
inception
(ii) Status of large Outstanding claims—with cause-wise and year-wise analysis
Comments on adequacy of provision made for all outstanding claims at the year end
(iii)Certification that all the dues payable to the statutory authorities have been duly paid
(iv) Confirmation that the required solvency margins have been maintained
(v) Adequacy of Internal Audit and Control System
A (ii), (iii), (iv) and (v)

B (iii), (iv), (v) and (vi)
C (i), (ii), (iii) and (vi)
D (i), (iii), (v) and (vi)
Revised & Question as per book
Question 5
Which of the following options contains matters found in Long-form reports (LFAR)?
(i) Cases of cheques dishonoured where the relevant risks covered have not been cancelled from
inception
(ii) Status of large Outstanding claims—with cause-wise and year-wise analysis
(iii)Comments on adequacy of provision made for all outstanding claims at the year end
(iv) Certification that all the dues payable to the statutory authorities have been duly paid
(v) Confirmation that the required solvency margins have been maintained
(vi) Adequacy of Internal Audit and Control System
A. (ii), (iii), (iv) and (v)

B. (iii), (iv), (v) and (vi)
C. (i), (ii), (iii) and (vi)
D. (i), (iii), (v) and (vi)
Page 5 of 6
Question 2
Which of the following items would not be covered by IFRS 4 Insurance Contracts?
A. Life Insurance
B. Marine Insurance
C. Pension Plan
D. Health Insurance

Answer to SEQ 2
The correct option is D.

Expect pension plans, Ind AS 104 applies to all the other options.
Answer to SEQ 2
The correct option is C.

Expect pension plans, Ind AS 104 applies to all the other options.
Page 6 of 6

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IC-46 - General insurance Accounts Preparation and

Chapter 4 Unit 14 of IC 46 Page no. 632

Answer of the above question as per book

The correct option is B.

The highest credit rating will have a lowest credit risk.

Revised & correct answer of the above question is as below

The correct option is D.

Answer of the above question as per book

The correct option is C.

Revised & correct answer of the above question is as below

Original Question in book

(i) Auditor's Report

Revised & Question as per book

(i) Auditor's Report

Original Question in book

The auditor shall express an opinion on:

A (i),(ii),(iv) and (v)

Answer of the above question as per book

The correct option is B.

The correct option is B.

Original Question in book

A (ii), (iii), (iv) and (v)

Revised & Question as per book

A. (ii), (iii), (iv) and (v)

Original Question in book

Answer of the above question as per book

The correct option is D.

The correct option is C.

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