Page 103 - IC46 addendum

The Insurance Times

Model Questions Bank

1. Indian Accounting Standard (Ind AS) 104
applies to -

a. Insurance contract.
b. Banking contract.
c. Financial contract.
d. Electricity contract.
e. Micro-finance contract.

2. The objective of Indian Accounting
Standard (Ind AS) 104 includes -

a. Limited improvements to accounting by
insurers for insurance contracts.

b. Disclosure that identifies and explains the
amounts in an insurer's financial statements
arising from insurance contracts.

c. Helps users of those financial statements
understand the amount, timing.

d. Uncertainty of future cash flows from
insurance contracts.

e. All above.

www.sashipublications.com Email: info@sashipublications.com 102

Copyright@ The Insurance Times. 09883398055 / 09883380339