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Insurance Claim
Set 1: 25 Que: 25 Marks
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1- Fire insurance provides cover for:
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Tangible Assets
Intangible Assets
Fictitious Assets
Business Employees
2- The difference between Standard Turnover and Actual Turnover during the indemnity period is:
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Short Sales
Actual Sales
Total Sales
None of the above
3- A fire Insurance policy is taken out to indemnity:
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Capital Losses and Revenue Losses of Tangible Assets
Revenue losses of Tangible Assets
Capital Losses of Intangible Assets
None of the above
4- A Stock of goods destroyed by fire is 9,00,000, stock of goods salvaged 1,00,000, value of insurance policy 8,00,000. there is an average clause in the policy then the amount of claim is:
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9,00,000
8,00,000
7,20,000
7,00,000
5- For the year 2008, 2009, 2010 if the rate of gross profit were 15%, 20% and 18% respectively, then the rate of Average Gross Profit for the year 2001 will be:
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15%
18%
17.67%
20%
6- Cost of machinery Rs.60,000, Insurance Policy includes Average Clause 50,000, Goods saved 6,000, Amount of Claim will be:
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45,000
60,000
50,000
None of the above
7- Value of goods destroyed is 45,000, Goods saved 12,000 Amount of insurance policy was 40,000 which include overage clause then the amount is:
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32,000
40,000
48,000
12,000
8- If the indemnity period is six months, standards turnover is 20,000, Annual Turnover is 50,000, turnover during indemnity period is 8,000, then short sales amount will be:
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30,000
12,000
42,000
None of the above.
9- Opening Stock 13,500, Purchase 82,500, Sales, 1,20,000 and Stock Salvaged 1,260, the rate of gross profit 50% on cost then the stock destroyed by fire will be:
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14,740
27,740
36,000
None of the above.
10- Stock of goods destroyed by fire is 13,60,000. Stock of goods Salvage 3,40,000, Value of insurance policy 11,90,000, There is an average clause in the policy then the amount of claim is:
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9,52,000
4,08,000
13,60,000
8,33,000
11- Fire insurance provides cover for____.
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Tangible Assets
Intangible Assets
Fictitious Assets.
None of the above.
12-The average clause in a loss of profits policy protects by
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Insured
Insurer
Workers
None of the above.
13- Fire Insurance Policy can be taken for ____.
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Loss of Stock
Loss of Profit
Life of a Partner.
Loss of Stock or/and loss of Profit
14- The stock which is rescued from fir is ____.
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Scrap.
Defective.
Salvage Srock.
Claim.
15- Closing stock on the date of fire is Rs.50,000 and the stock salvage is Rs.23,000. the claim is____.
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Rs.23,000.
Rs.27,000.
Rs.50,000.
Rs.73,000.
16- Memorandum trading a/c is prepared to know the____.
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Claim.
Closing Stock.
Gross Profit
Purchase.
17- Value of Closing Stock on the date of fire is Rs.30,000. Value of policy is Rs.25,000 and Stock Salvage is Rs.7,500. Find out the claim.
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Rs.18,750.
Rs.25,000.
Rs.30,000.
Rs.50,000.
18- The period of which insurance policy is taken against the risk fire is ____.
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Accountiung Period
Calendar Period
Indemnity Period
Standard Pariod
19- The difference between Standard Turnover and Effected Turnover is ____.
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Short Sales.
Annual Turnover
Accounting year turnover.
Saved Turnover
20- Memorandum Trading Account is prepared for period from____.
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1st Jan. to 31st Dec.
1st Apr. to 31st May.
Opening date of accounting period to date of fire.
Opening date of accounting period to closing date of accpunting.
21- For calculation of loss of profit, GP ratio is calculated by
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Gross Profit=----------------------------x 100. Accounting Period turnover
Gross Profit =-------------------------x 100. Standard turnover
Net Profit + Insured Standing Charges = --------------- ---------------x 100. Accounting period turnover
Net profit +insured standing charges = ------------------------ --------------------------x 100. Standard turnover.
22- Average clause cannot be applied in the following case
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Total Claim is more then the gross profit of annual turnover.
Total claim is less than the gross profit of annual turnover.
Total claim is more than the policy amount.
Total claim is less than the policy amount.
23- In order to calculate value of closing stock, which a/c is to be prepared
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Profit & Loss Account.
P & L Appropriation Account.
Memorandum Trading A/c.
Memorandum P & L A/c
24- Stock on the date of valuation is Rs.2,70,000. it had been undervalued by 10% Actual Value is _____.
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Rs.2,77,000.
Rs.2,97,000.
Rs.3,00,000.
Rs.3,07,000.
25- Stock on the date of valuation is Rs.88,000 but it had been overvalued by 10% Actual value is ____.
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Rs.88,000.
Rs.84,000
Rs.86,000
Rs.96,000
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