Question

Who is required to provide a certificate regarding the full debiting of expenses of management in the Revenue Account, as per Section 40 (C)?

a.

Only the chairman

b.

Only the auditor

c.

The chairman, two directors, and the principal officer of the insurer, along with the auditor

d.

Only the principal officer of the insurer

Posted under IC 89 Management Accounting

Answer: (c).The chairman, two directors, and the principal officer of the insurer, along with the auditor Explanation:According to Section 40 (C), the chairman, two directors, and the principal officer of the insurer, along with the auditor, are required to provide a certificate regarding the full debiting of expenses of management in the Revenue Account.

Interact with the Community - Share Your Thoughts

Uncertain About the Answer? Seek Clarification Here.

Understand the Explanation? Include it Here.

Q. Who is required to provide a certificate regarding the full debiting of expenses of management in the Revenue Account, as per Section 40 (C)?
Add Comment

Similar Questions

Explore Relevant Multiple Choice Questions (MCQs)

Q. How are various expenses ratios in non-life insurance companies computed?

View solution

Q. How is the Incurred Claim Ratio calculated in non-life insurance companies?

View solution

Q. What is the formula for calculating the Commission Ratio in non-life insurance companies?

View solution

Q. How is the Management Expense Ratio computed in non-life insurance companies?

View solution

Q. What is the formula for calculating Net Incurred Claim in non-life insurance companies?

View solution

Q. What do Activity Ratios measure in financial management?

View solution

Q. What factors does the overall profitability in financial management depend on?

View solution

Q. How is the Stock Turnover Ratio calculated when opening and closing stock figures don't widely vary?

View solution

Q. In the insurance sector, what is considered for segment-wise Activity Analysis in terms of premium collection?

View solution

Q. What does Activity Analysis in the insurance sector include in respect of Benefits paid to policyholders?

View solution

Q. What is the primary focus of Solvency Ratio in financial management?

View solution

Q. What is the regulatory requirement related to maintaining the Required Solvency Margin in insurance companies?

View solution

Q. In the life insurance business, what is the typical ratio between shareholders' funds and policyholders' funds?

View solution

Q. How is the test of insolvency by the regulator more rigorous for life insurance business compared to non-life insurance business?

View solution

Q. What does Available Solvency Margin (ASM) represent in insurance business?

View solution

Q. Which form is used for the valuation of assets in the computation of Solvency Margin for insurers in India?

View solution

Q. In the determination of the amount of liabilities for insurers in India, which form is used for life insurance business?

View solution

Q. For general insurance business in India, which form is used for the determination of the amount of liabilities?

View solution

Q. Which statement is prepared for the determination of Solvency Margin for life insurance business in India?

View solution

Q. What specific requirement is for health business in the context of compliance in the computation of Solvency Margin for insurers in India?

View solution
View All MCQs on IC 89 Management Accounting

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!

Engineering Geology

Explore the dynamic field of Engineering Geology with our specialized category. Delve...

Human Resource Management

Explore the dynamic field of Human Resource Management (HRM) with our dedicated...

Business Statistics

Uncover the power of data analysis with our Business Statistics category. Explore...

International Relations

Navigate the complex world of International Relations with our dedicated category....

Mechanics of Materials

Unlock the principles of Mechanics of Materials with our specialized category. Dive...

Biochemistry

Delve into the intricate world of Biochemistry with our Biochemistry category....

IC90 Human Resource Management

Prepare for success in the Insurance Institute of India (III) examination with IC90...

Professional Communication

Hone your communication skills with our Professional Communication category. Enhance...

Genetic Engineering

Unlock the potential of Genetic Engineering with our dedicated category. Explore gene...