Question
a.
As a single total amount without any further classification.
b.
Separately for each item, including consumption of stores and spare parts, power & fuel, rent, repairs to building, repairs to machinery, insurance, rates and taxes (excluding taxes on income), and miscellaneous expense.
c.
Only for major items, excluding minor expenses.
d.
Only as a total amount for all items combined.
Posted under IC 89 Management Accounting
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. How should expenditure incurred on each of the listed items be presented in the profit and loss account?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. How should dividends from subsidiary companies be treated in the profit and loss account?
View solution
Q. What information should be provided in the profit and loss account by way of a note regarding expenditure in foreign currency?
View solution
Q. What information should be provided in the profit and loss account by way of a note regarding the value of imports?
View solution
Q. What are the primary legislations providing the legal framework for insurance accounting in India?
View solution
Q. According to Section 11 of the Insurance Act, 1938, what financial statements are insurers required to prepare at the expiration of each financial year?
View solution
Q. What is the requirement for insurers regarding the maintenance of separate accounts?
View solution
Q. Which of the following is NOT listed as a major consideration for accounting and financial management for insurance companies in India?
View solution
Q. According to IRDA (Preparation of Financial Statements and Auditor's Report of Insurance Companies) Regulations, 2002, which schedule provides the requirements for preparing financial statements for an insurer carrying on life insurance business?
View solution
Q. For an insurer carrying on general insurance business, which schedule of the IRDA Regulations specifies the requirements for preparing financial statements?
View solution
Q. What is the purpose of Schedule 'C' in the context of IRDA Regulations for insurance companies?
View solution
Q. Which of the following Accounting Standards is NOT applicable to insurers according to IRDA Regulations?
View solution
Q. In the context of life insurance business, what are the specified forms for preparing Financial Statements according to the IRDA Regulations?
View solution
Q. In the context of life insurance business, which of the following is NOT among the specified forms for preparing Financial Statements according to the IRDA Regulations?
View solution
Q. For life insurers, which document provides comments on the financial performance and operations of the company?
View solution
Q. According to the IRDA Regulations, what should be prepared separately in the Revenue Account for life insurers?
View solution
Q. For non-life insurers, what are the specified forms for preparing Financial Statements according to the IRDA Regulations?
View solution
Q. What is the purpose of the Cash Flow Statement in the context of the insurance industry?
View solution
Q. Which part of the IRDA Regulations specifies the forms for financial statements for non-life insurers?
View solution
Q. What should financial statements for non-life insurers be supported by, according to the IRDA Regulations?
View solution
Q. In the context of an insurance company's cash flow statement, what is the significance of "Cash Equivalents"?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC 89 Management Accounting? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
