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Provisions and Reserves — Practice Quiz

ICSE · Class 11 · Accountancy

Try a 4-question quiz on Provisions and Reserves for ICSE Class 11 Accountancy: tap an answer to check it and see why.

65 questions30 flashcards2 formulas & key relations5 concepts

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Quick Quiz: Provisions and Reserves

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1

A company needs ₹50 lakh for debenture redemption after 5 years. If ₹10 lakh is transferred from profits each year, what is the total amount set aside after 5 years?

2

An asset was bought 10 years ago for ₹1,00,000. Depreciation has recovered this original cost. If the replacement cost of a new asset is ₹3,00,000, what additional amount is needed for replacement?

3

A repair provision is to be made for a total estimated repair cost of ₹5,000 over 5 years. What annual amount should be charged each year?

4

A machine is expected to run for 5 years and the total repair cost over its life is ₹5,000. How much total amount will be charged to Profit and Loss Account over 5 years under equal annual provision?

65 Questions·
multiple choicemultiple correct

Sample Questions

1multiple choice
3 marks

A company earns huge profits and transfers ₹2,00,000 to a general reserve each year for 3 years. How much will the general reserve amount to after 3 years?

Show answer

₹6,00,000

General reserve accumulated over 3 years = ₹2,00,000 × 3 = ₹6,00,000.

2multiple choice
3 marks

A reserve for asset replacement is built by transferring ₹40,000 every year for 5 years. What total amount will be available from transfers alone, ignoring interest?

Show answer

₹2,00,000

Total transfer = ₹40,000 × 5 = ₹2,00,000.

3multiple choice
3 marks

An asset replacement reserve needs an additional ₹2,00,000 beyond the depreciation-recovered amount. If the company transfers ₹50,000 per year, how many years are needed to build the additional amount, ignoring interest?

Show answer

4 years

Years needed = ₹2,00,000 / ₹50,000 = 4 years.

4multiple choice
3 marks

A repair provision of ₹1,000 is charged every year for 5 years. What amount will be charged in total, and what is the average yearly charge if the total is spread equally?

Show answer

₹5,000 total and ₹1,000 per year

Total charge = ₹1,000 × 5 = ₹5,000. Equal yearly charge = ₹5,000 / 5 = ₹1,000 per year.

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Frequently Asked Questions

What are the important topics in Provisions and Reserves for ICSE Class 11 Accountancy?
Key topics in Provisions and Reserves include Meaning and Nature of Provisions, Meaning and Nature of Reserves, Difference Between Provisions and Reserves, Types of Reserves. Study these first, then practise questions on each for Class 11 exams.
How many practice questions are there for Provisions and Reserves?
There are 65 questions on Provisions and Reserves. Try the 4-question sample quiz on this page first; each answer shows an explanation when you tap it.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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