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Question: Final accounts of Life Insurance Companies include

Options:

  1.  Revenue account
  2.  Profit and loss account
  3.  Receipt and payment account
  4.  All of these

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1 Answer

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Best answer

4. All of these

Final accounts of Life Insurance Companies include Revenue account, Profit and loss account & Receipt and payment account.


Explanation:

Final Accounts of Life Insurance Companies contains:

  1. Revenue Account - It is prepared as per the provisions of IRDA regulations 2002 and compelling with Schedule A requirements.
  2. Profit Loss Account - It is prepared to calculate the overall profit of the life insurance business.
  3. Balance Sheet - It is prepared in vertical format in a Life Insurance Company.

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