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Question-1
The reserve that is created out of profit to meet any unforeseen contingency is called --------------- reserve
(A)
General reserve
(B)
Specific reserve
(C)
Dividend equalization reserve
(D)
Reserve for replacement of assets
Question-2
Reserve shows excess of assets over----------
(A)
Profit
(B)
Receipts
(C)
Income
(D)
Liabilities
Question-3
------------ refers to the amount retained by way of providing for a definitely existing liability whose amount cannot be determined accurately
(A)
Provision
(B)
Reserve
(C)
Depreciation
(D)
Appreciation
Question-4
------------- cannot be utilized only for the purpose for which it is meant
(A)
Reserve
(B)
Provision
(C)
None of these
(D)
All of these
Question-5
Provision is a charge against-----------
(A)
Profit
(B)
Asset
(C)
Liability
(D)
None of these
Question-6
A----------- is created after ascertaining the profit
(A)
Reserve
(B)
Provision
(C)
Depreciation
(D)
None of these
Question-7
-------------- means amount set aside out of profit
(A)
Depreciation
(B)
Reserves
(C)
Provision
(D)
None of these
Question-8
Spot out the odd one and state reason
(A)
Premium on issue of shares or debentures
(B)
Profit on sale of fixed assets
(C)
Profit on redemption of debentures
(D)
General reserve
Question-9
General reserve is also called as--------------
(A)
Specific reserve
(B)
Dividend equalization reserve
(C)
Free reserve
(D)
Reserve fore replacement of assets
Question-10
A----------- is meant for meeting an unanticipated situation
(A)
Reserve
(B)
Provision
(C)
Depreciation
(D)
None of these
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Practice in Related Chapters
Introduction Of Accounting
Concepts, Standards And Basis
Classification Of Accounts Under Double Entry System And Accounting Equation
Ledger
Trial Balance
Final Accounts Or (Financial Statements)
Journal
Sub-Division Of Journal : Cash Book
Sub-Division Of Journal : Specified purpose Subsidiary
Bank Reconciliation Statement
Rectification Of Errors
Capital And Revenue Expenditure/Income
Depreciation Accounting
Provisions And Reserves
Single Entry System : Accounts From Incomplete Records
Accounts of Non Trading Organization
Bills of Exchange
Introduction To The Use Of Computers In Accounting
Accounting concepts,standards and basis
Introduction to Accounting
Depreciation, Provision and Reserves
Trial Balance and Rectification of Errors
Depreciation, Provision and Reserves
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