art mcqs

Collection of cost data, according to accounting system in an organized way is classified as

by
system accumulation
accumulated data
cost accumulation
organized accumulation
✅ The correct answer is C.
Collection of cost data, according to accounting system in an organized way is classified as cost accumulation. Cost accumulation involves the use of a formal cost accounting system to collect cost information.

A schedule which shows interest constitutes reduced principal and unpaid balance is considered as

by
repaid schedule
depreciated schedule
amortization schedule
appreciated schedule
✅ The correct answer is C.
A schedule which shows interest constitutes reduced principal and unpaid balance is considered as amortization schedule. An amortization schedule is a complete table of periodic loan payments, showing the amount of principal and the amount of interest that comprise each payment until the loan is paid off at the end of its term.

State which one of the following statements is correct?

by
The tax provisions are the same for all kinds of savings
The tax provisions are included in the Constitution
Both the statements above are correct
Both the statements above are wrong
✅ The correct answer is D.
Both the statements are incorrect.
The tax provisions are not the same for all kinds of savings. The tax provisions are not included in the Constitution.

Payment if it is divided with interest rate will be formula of

by
future value of perpetuity
present value of perpetuity
due perpetuity
deferred perpetuity
✅ The correct answer is B.
Payment if it is divided with interest rate will be formula of present value of perpetuity. A perpetuity is a type of annuity that receives an infinite amount of periodic payments. An annuity is a financial instrument that pays consistent periodic payments. As with any annuity, the perpetuity value formula sums the present value of future cash flows.

Which is not a recent phenomenon in health insurance industry segment?

by
Hospital chains are allowed by IRDA to enter health insurance business
Tremendous growth of health insurance business is tapped by standalone companies
Standalone companies are specifically barred from covering rural masses
None of the above
✅ The correct answer is C.
Standalone companies are specifically barred from covering rural masses. Standalone companies are involved in government schemes to provide insurance to rural masses.

Maturity claim is payable when _________

by
When the insured survives the first 5 years
When the insured dies during policy term
When the insured is diagnosed with a critical illness
When the insured survives policy term
✅ The correct answer is D.
Maturity claim is payable when the insured survives policy term. Maturity Claim is associated with the Maturity Benefit of the Policy i.e. the claim which arises when the policy matures. It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured.