Page 124 - IC46 addendum
P. 124
General Insurance Accounts (IC-46)
capital assets less sal- 12. a. Useful life of assets
vage over the estimated 13. e. All are included
useful life of the unit in 14. d. GAAP
a systematic and ratio- 15. c. I I I
nal manner 16. b. 129 (1) and 133
3. d. The systematic alloca- 17. e. A, B and C above
tion of the depreciable 18. d. Board of directors
amount of an asset 19. e. Non-profit company
over its useful life 20. e. None is incorrect
4. e. All above 21. e. All are correct
5. a. Depreciation accounting 22. a. 2(13)
6. e. All are correct 23. b. 128
7. e. Depreciation is a cash 24. c. 129
expense 25. c. 133
8. e. To ensure payment of 26. a. 134
dividend out of capital 27. d. 143
9. e. All are depreciable as- 28. e. All are correct
set 29. e. Sebi has issued de-
Answers tailed guidelines in the
year 1998
Unit 9 30. d. The scheme must be
approved by passing a
1. a. Section 123 special resolution in
2. b. Schedule II common meeting
3. d. 2013 31. e. All are correct
4. e. All are correct 32. b. Treated as employee
5. e. All are correct compensation in the fi-
6. e. Companies are permit- nancial statements
33. e. None are incorrect
ted to follow same use- 34. e. All are correct
ful lives
7. e. All are correct Answers
8. b. 1.4.2014
9. e. All are correct Unit 14
10. d. Change in depreciation
method is not regarded 1. d. 2013
as change in account- 2. e. All of the above
ing policy 3. a. The Insurance Advisory
11. e. A, B and C are correct
Committee
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