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.

Audit

• 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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