Final accounts of Life Insurance Companies include

Question

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

Answer 1

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.