Question
Which of the following principles of Insurance denotes
insurance of same subject matter with two different companies or with the same company under two different policies?Solution
Situation in which the same risk is insured by two overlapping but independent insurance policies. It is lawful to obtain double insurance, and the insured can make claim to both insurers in the event of a loss because both are liable under their respective polices. The insured, however, cannot profit (recover more than the loss suffered) from this arrangement because the insurers are law bound only to share the actual loss in the same proportion they share the total premium. Also called dual insurance
In the absence of Partnership Deed, partners are entitled to:
The cost that is concerned with the determination of the cost of each activity rather than the process is called:
As per the Union Budget 2025–26, under the MSMED Act, 2006, to be classified as a medium enterprise, the annual turnover should be up to:
An investor deposits ₹50,000 in an account offering 8% compound interest annually. What will be the maturity value after 3 years?
A company has a standard direct material cost of ₹10 per unit. Actual cost incurred was ₹12 per unit for 1,000 units. 950 units were actually produc...
If the company earned revenue from operations of Rs.18 lakh, what is the working capital turnover ratio of the company?
What is the minimum outstanding balance in a non-performing borrowal account that requires reporting as a willful default?
Which of the following is a limitation of accounting that can affect the accuracy and usefulness of financial statements?
Dividend is paid to the shareholders on:
Who among the following generally maintains the Audit Notebook?
