Provisions and Reserves
NIOS · Class 10 · Accountancy
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Quick Quiz: Provisions and Reserves
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What is a provision in accounting?
Which account is debited when a provision is created?
What is a reserve in accounting?
Which account is debited when a reserve is created?
Sample Questions
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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