Provisions and Reserves — Important Questions
NIOS · Class 10 · Accountancy
50 important questions from Provisions and Reserves for NIOS Class 10 Accountancy, with answers. Includes multiple choice and true false questions.
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Important Questions from Provisions and Reserves
Where do reserves appear in the Balance Sheet?
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Liabilities side under Reserves and Surplus
Reserves appear on the liabilities side of the Balance Sheet under Reserves and Surplus.
What is the main use of a general reserve?
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It can be used for any future purpose
A general reserve has no specific purpose and can be used for any future need.
What is a reserve fund?
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A reserve whose amount is invested outside the business
In a reserve fund, the amount set aside is actually invested outside the business.
What is a sinking fund?
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A fund created by fixed yearly installments invested at compound interest
A sinking fund is built by yearly fixed amounts and interest so that the target amount is reached on maturity.
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