UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Treatment of Insurance Claims , Reserve Fund & Goods Distributed
Treatment of Insurance Claims , Reserve Fund & Goods Distributed Video Lecture | Commerce & Accountancy Optional Notes for UPSC
|
180 videos|153 docs
|
FAQs on Treatment of Insurance Claims , Reserve Fund & Goods Distributed Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. How are insurance claims treated in final accounts? |  |
Ans. Insurance claims are treated as follows in final accounts - if the claim is related to loss of stock, it is deducted from the value of closing stock, if it is related to loss of assets, it is deducted from the value of the asset, and if it is related to loss of profit, it is shown on the credit side of profit and loss account.
| 2. What is the purpose of a reserve fund in final accounts? | |
Ans. A reserve fund is created to provide financial stability to a business by setting aside a portion of profits for future use. It can be used to cover unexpected expenses, fund expansion projects, or to distribute as dividends during lean periods.
| 3. How should goods distributed as samples be accounted for in final accounts? | |
Ans. Goods distributed as samples should be treated as a business expense and shown on the debit side of the profit and loss account. The value of the goods distributed should be deducted from the value of closing stock to reflect the true profit of the business.
| 4. Can insurance claims be included as income in final accounts? | |
Ans. No, insurance claims cannot be included as income in final accounts as they are meant to compensate for losses incurred by the business. Including insurance claims as income would overstate the profit of the business.
| 5. What is the impact of insurance claims on the overall financial position of a business in final accounts? | |
Ans. Insurance claims help to mitigate the impact of losses on the financial position of a business by providing compensation for the losses incurred. This helps to maintain the financial stability of the business and ensures that it can continue to operate effectively.
Related Exams
About this Video
|
Nov 21, 2024 Last updated |
Video Description: Treatment of Insurance Claims , Reserve Fund & Goods Distributed for UPSC 2024 is part of Commerce & Accountancy Optional Notes for UPSC preparation.
The notes and questions for Treatment of Insurance Claims , Reserve Fund & Goods Distributed have been prepared according to the UPSC exam syllabus.
Information about Treatment of Insurance Claims , Reserve Fund & Goods Distributed covers all important topics for UPSC 2024 Exam.
Find important definitions, questions, notes, meanings, examples, exercises and tests below for Treatment of Insurance Claims , Reserve Fund & Goods Distributed.
Introduction of Treatment of Insurance Claims , Reserve Fund & Goods Distributed in English is available as part of our Commerce & Accountancy Optional Notes for UPSC for UPSC & Treatment of Insurance Claims , Reserve Fund & Goods Distributed in
Hindi for Commerce & Accountancy Optional Notes for UPSC course. Download more important topics related with notes, lectures and mock test series for
UPSC Exam by signing up for free.
Description
Video Lecture & Questions for Treatment of Insurance Claims , Reserve Fund & Goods Distributed Video Lecture | Commerce & Accountancy Optional Notes for UPSC - UPSC full syllabus preparation | Free video for UPSC exam to prepare for Commerce & Accountancy Optional Notes for UPSC.
Information about Treatment of Insurance Claims , Reserve Fund & Goods Distributed
Here you can find the meaning of Treatment of Insurance Claims , Reserve Fund & Goods Distributed defined & explained in the simplest way possible.
Besides explaining types of Treatment of Insurance Claims , Reserve Fund & Goods Distributed theory, EduRev gives you an ample number of questions to practice Treatment of Insurance Claims , Reserve Fund & Goods Distributed tests,
examples and also practice UPSC tests.
|
180 videos|153 docs
|
|
Explore Courses for UPSC exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Objective type Questions
,past year papers
,Extra Questions
,MCQs
,Viva Questions
,Treatment of Insurance Claims
,Exam
,mock tests for examination
,Free
,shortcuts and tricks
,study material
,Important questions
,Treatment of Insurance Claims
,practice quizzes
,Reserve Fund & Goods Distributed Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,Previous Year Questions with Solutions
,Sample Paper
,Summary
,Treatment of Insurance Claims
,Reserve Fund & Goods Distributed Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,Semester Notes
,Reserve Fund & Goods Distributed Video Lecture | Commerce & Accountancy Optional Notes for UPSC
,ppt
,video lectures
;
Study Treatment of Insurance Claims , Reserve Fund & Goods Distributed on the App
Students of UPSC can study Treatment of Insurance Claims , Reserve Fund & Goods Distributed alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Treatment of Insurance Claims , Reserve Fund & Goods Distributed,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Treatment of Insurance Claims , Reserve Fund & Goods Distributed is prepared as per the latest UPSC syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup