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Syllabus

Provisions and Reserves — Syllabus

ICSE · Class 11 · Accountancy

What Provisions and Reserves covers in ICSE Class 11 Accountancy: 4 topics, for the 2026-27 session. Part of the ICSE Class 11 Accountancy syllabus.

65 questions30 flashcards2 formulas & key relations5 concepts

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4 Topics · ICSE Class 11 Accountancy · 2026-27

Topics in Provisions and Reserves

1

Meaning and Nature of Provisions

  • A provision is an amount set aside to meet a future expense or loss whose exact amount is uncertain.
  • A provision is created for a definitely existing or known liability whose exact amount cannot be determined accurately.
  • There is no point in making a provision unless the liability actually exists.
2

Meaning and Nature of Reserves

  • Reserves means amount set aside out of profits to meet future uncertainties.
  • A reserve is created only out of profit and is an appropriation of profit, not a charge against profit.
  • Reserves reduce divisible profits, not net profit.
3

Difference Between Provisions and Reserves

  • A provision is created for meeting a known liability.
  • A reserve is meant for meeting an unknown liability.
  • A provision is a charge against profit and may be created even though there is no profit.
4

Types of Reserves

  • Reserves are broadly classified into open reserves and secret reserves.
  • Open reserves are shown in the balance sheet.
  • Open reserves are of two types: revenue reserves and capital reserves.

Key Concepts

Central concept: Provisions and Reserves in Accountancy

ProvisionReserveRevenue ReserveCapital ReserveGeneral ReserveSpecific ReserveSecret ReserveReserve Fund

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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 should I revise Provisions and Reserves for Class 11 exams?
Learn the core ideas first, then work through the 65 practice questions on Provisions and Reserves. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

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

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