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General Insurance Accounts Prep - IC 46 Associateship Practice Exam

General Insurance Accounts Prep - IC 46 Associateship Practice Exam

The Insurance Institute of India conducts the Associateship exam consisting of various papers either in Life or Non-Life or Combined. This IC 46 General Insurance Accounts Preparation and Regulation of Investment is one of them.

Course Outline

The General Insurance Accounts Prep - IC 46 Associateship Exam coves the following topics

Accounting Scope

  • Principles and Standards
  • Financial Accounting
  • Meaning and Scope of Accounting
  • Objectives of Accounting
  • Functions of Accounting 
  • Limitations of Accounting
  • Books of Accounts
  • Accounting Concepts

Principles and Convention

  • Introduction
  • Accounting Concepts
  • Accounting Principles
  • Accounting Conventions
  • Accounting Assumptions
  • Financial Statements
  • Accounting Standards

Objectives and Interpretation

  • Applications & Limitations
  • Indian Accounting Standard & International Accounting Standard
  • GAAP and IFRS

Accounting Policies

  • Objectives of Accounting Policies 
  • Selection of Accounting Policies
  • Change in Accounting Policies
  • Accounting Policies applicable to Non-life Insurance Business
  • Disclosure of Accounting Policies.

Accounting Process

  • Methods & Control and Finalization of Accounts
  • Golden Rules of Accounting
  • Primary Books & Secondary Books
  • Capital & Revenue Expenditure
  • Receipts and treatment

Accounting Methods & Control

  • Journals
  • Cash Book
  • General Ledger

Trial Balance

  • Objectives
  • Rules & Process
  • Final Accounts

Depreciation Accounting

  • Objectives of providing Depreciation
  • Methods of providing depreciation
  • Change in method of depreciation
  • Disposal of Depreciable Assets & Accounting Treatment
  • Revaluation & impairment of Depreciable Assets 

Bank Reconciliation Statement

  • Introduction
  • Importance of BRS
  • Preparation of BRS
  • Analysis of BRS and Accounting Control
  • BRS and Accounting
  • Adjustment Entry for rectification of errors

Introduction to Company Accounts 

  • Meaning of Company
  • Financial Statements in Company
  • Accounting of Share Capital- Issue
  • Reissue & Forfeiture - Debenture
  • Non-life Insurance Business Accounting Methods
  • Accounting Process & Techniques of General Insurance Business
  • Functional Divisions & Books of Accounts - Premiums; Received - Received in Advance - Outstanding - Earned - Claims

Accounting Regulations

  • IRDA Regulations on Insurance Accounts
  • IRDA Regulations — Applications & Interpretations
  • IRDA Regulations & Accounting Principles

Preparation of Financial Statements

  • Revenue Accounts
  • Balance Sheets
  • Profit & Loss Accounts
  • Cash Flow Statements 
  • Financial Statement Analysis and Disclosures
  • Management Report.

Reinsurance Accounting

  • Objectives: proportional & non-proportional arrangements
  • Requirements of Reinsurance Accounting
  • Reinsurance Portfolio Statement
  • Statement of Reinsurance Treaty
  • Reinsurance Accounting Techniques
  • Reinsurance Commission & Profit Commission Statement 

Investment Accounting

  • Classification of Investments & exposure norms of investment
  • Valuation of Investments
  • Provisioning - Disclosures.

Annual Reports

  • Disclosures and Audit in General Insurance Business
  • Basic Contents of Annual Reports
  • Contents of Directors Reports
  • Disclosure in Director‘ Report 
  • Interpretation of Directors‘ Report
  • Annual Report & Director‘s Responsibility statement.


  • Introduction; Scope
  • Concepts and Standards of Audits
  • Internal Audit & Internal Control
  • Internal Audit Techniques & procedures in Computerized Environment
  • Statutory Audit & the Companies Act 1956 (As amended)
  • Statutory Audit & Auditing and Assurance Standards
  • Govt. Audit & Statutory Provisions
  • Special Audit (tax audit - regulatory inspections)

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