Page 8 - IC46 addendum

General Insurance Accounts (IC-46)

Model Questions Bank

1. Which of the following statements are
true?

a. Accounting standards act as accounting
principles, rules and laws in order to ensure
transparency, consistency and compatibility in
preparation and presentation of financial
statements.

b. Accounting standards helps to standardise
the accounting principles and policies to
adequacy and reliability of financial reporting

c. Accounting standards provide a framework
and standard accounting policy so that
financial statements of different enterprises
become comparable.

d. All above.
e. Only a and B above.

2. Which of the following statement are not
correct?

a. Financial statements are structured
representation of financial calculation and
financial performance of an entity.

Sashi Publications - Call: 033-22184184 /40078428 7

Copyright@ The Insurance Times. 09883398055 / 09883380339