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20 questions
Reserve arising from capital receipts are known as
capital Reserve
Reserve fund
Any of ( a ) or ( b )
None of these
Provisions are
external transactions
internal transactions
can be ( a ) or ( b )
None of these
if the amount of any known liability cannot be determined with accuracy
a liability should be provided
a provision should be made
a reserve should be set aside
none of these
profit on sale of fixed asset is used to create
specific reserve
General Reserve
Capital Reserve
None of these
Provision is a
specific reserve
general reserve
capital reserve
none of these
if the amount of known liability can be determined with accuracy
a liability should be provided
a provision should be made
a reserve should be set aside
none of these
Provision is a......
charge against profit
appropriation of profit
contingent liability
none of the these
Which of the following is a provision?
provision for doubtful debts
provision for repair and renewals
provision for taxation
all above
Which of the following is not an example of capital reserve?
profit on sale of asset
profit on revaluation of assets and liabilities
general reserves
securities premium reserve
Provisions are.................... items so profit is retained in the firm
cash
non-cash
both
none of the above
Amount set aside out of profit of the business is called
provision
reserve
depreciation
loss
Creation of ...................... is a must for ascertaining the financial position of the entity.
Provisions
Reserves
Reserves created out of profit to meet unforseen contingencies is called............................
General Reserves
Capital Reserves
Specific Reserves
Revenue Reserves
Features of reserves are:
it is crested so strengthen the financial position of firm
they belong to owners
they are created to meet unknown liabilities in future
all above
Provisions refer to amount charged to...................
profit and loss a/c
balance sheet
trading a/c
cash a/c
If the amount of reserve is invested in outside securities, it is termed as................
reserve fund
only fund
both
none of the above
..........and............ are specific reserves
DRR and WCR
Reserves and Provisions
both
none of the these
Provisions are:
provision for depreciation
provision for discount on debtors
provision for taxation
all of the above
Profit on sale of fixed asset is used to create
specific reserve
capital reserve
general reserve
none of the these
If the amount of any known liability can be determined with accuracy
a liability should be provided
a provision should be made
a reserve should be set aside
none of these
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