Provisions and Reserves
Quiz
•
Education
•
11th Grade
•
Hard
jayanta biswal
Used 106+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Reserve arising from capital receipts are known as
capital Reserve
Reserve fund
Any of ( a ) or ( b )
None of these
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Provisions are
external transactions
internal transactions
can be ( a ) or ( b )
None of these
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
profit on sale of fixed asset is used to create
specific reserve
General Reserve
Capital Reserve
None of these
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Provision is a
specific reserve
general reserve
capital reserve
none of these
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
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
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Provision is a......
charge against profit
appropriation of profit
contingent liability
none of the these
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