Provisions and Reserves

Provisions and Reserves

11th Grade

20 Qs

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Provisions and Reserves

Provisions and Reserves

Assessment

Quiz

Education

11th Grade

Practice Problem

Hard

Created by

jayanta biswal

Used 110+ times

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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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