These are the reserves created only to strengthen the financial position or the business and to keep the funds available for any future contingency or expenditure that may be required:
A) Specific Reserves
B) General Reserves
C) Capital Reserves
D) none
Correct Answer:
Verified
Q5: Depletion Method of depreciation is used in:
A)Cattle,
Q6: The interest lost on the acquisition of
Q7: In this method depreciation is charged on
Q8: AS 6 revised is an accounting standard
Q9: These reserves are created out of revenue
Q11: These reserves are created out of capital
Q12: These reserves are not shown in the
Q13: A reserve is created but its identity
Q14: The value of asset can be reduced
Q15: Provision for depreciation account appears on the
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