Multiple Choice Questions (MCQ's) of Accounting

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Multiple Choice Questions (MCQ's) of Accounting

awaisaftab
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#21

02-19-2009, 06:24 PM

There is difference between provisions and reserves. Provisions are created for expected future expenses,loses or any other item chargeable to profit and loss account(Except Provision for tax)

Reserves are the part of owners or share holders equity. Reserves are created for for contigencies and un foreseen unfavourable circumstances (General Reserve & Contigencies Reserve. Some reserves are purely Capital nature for instance Share premium & capital reserve.

Capital Reserves
Share Premum
Capital Reserve
(Capital Profits

Revenue Reserves

Undistributed Profits or Credit balance of profit and loss account
General Reserves
Contigency Reserve

Funds

Some people also mix the concept of funds with reserves.

There is a big difference between funds and reserves. The funds represent the amount of cash keeps in reserve for a certain
purpose(s) but reserve does not show the cash amount reserve is only show accrual rather than cash

Example
Workers welfare Fund
Endowment Fund
(Ussualy created in Educational and charitable institutions

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Multiple Choice Questions (MCQ's) of Accounting - by awaisaftab - 01-31-2009, 05:56 PM

[No subject] - by awaisaftab - 02-02-2009, 06:30 PM

[No subject] - by danishayub_76 - 02-03-2009, 06:58 PM

[No subject] - by danishayub_76 - 02-03-2009, 07:01 PM

[No subject] - by awaisaftab - 02-06-2009, 07:31 PM

[No subject] - by danishayub_76 - 02-06-2009, 07:35 PM

[No subject] - by awaisaftab - 02-06-2009, 08:27 PM

[No subject] - by Astute Accountant - 02-10-2009, 08:51 PM

[No subject] - by awaisaftab - 02-11-2009, 02:33 PM

[No subject] - by awaisaftab - 02-11-2009, 02:38 PM

[No subject] - by danishayub_76 - 02-12-2009, 01:48 PM

[No subject] - by danishayub_76 - 02-12-2009, 02:00 PM

[No subject] - by awaisaftab - 02-16-2009, 04:48 PM

[No subject] - by awaisaftab - 02-16-2009, 04:53 PM

[No subject] - by danishayub_76 - 02-16-2009, 06:34 PM

[No subject] - by awaisaftab - 02-17-2009, 01:21 PM

[No subject] - by danishayub_76 - 02-18-2009, 08:12 PM

[No subject] - by faisal_ali - 02-19-2009, 03:21 AM

[No subject] - by awaisaftab - 02-19-2009, 02:16 PM

[No subject] - by danishayub_76 - 02-19-2009, 02:38 PM

[No subject] - by awaisaftab - 02-19-2009, 06:24 PM

[No subject] - by danishayub_76 - 02-19-2009, 07:52 PM

[No subject] - by awaisaftab - 02-25-2009, 04:29 PM

[No subject] - by maani - 02-25-2009, 05:07 PM

[No subject] - by awaisaftab - 02-25-2009, 05:29 PM

[No subject] - by awaisaftab - 02-25-2009, 05:36 PM

[No subject] - by danishayub_76 - 02-25-2009, 06:21 PM

[No subject] - by maani - 02-25-2009, 10:30 PM

[No subject] - by kamranACA - 02-25-2009, 11:48 PM

[No subject] - by awaisaftab - 02-26-2009, 04:22 PM

[No subject] - by maani - 02-26-2009, 05:39 PM

[No subject] - by awaisaftab - 02-26-2009, 06:19 PM

[No subject] - by kamranACA - 03-02-2009, 10:43 PM

[No subject] - by wasim akram - 03-03-2009, 06:48 PM

[No subject] - by awaisaftab - 03-03-2009, 10:10 PM

[No subject] - by kamranACA - 03-04-2009, 08:49 PM

[No subject] - by awaisaftab - 03-04-2009, 09:14 PM

[No subject] - by kamranACA - 03-04-2009, 11:24 PM

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[No subject] - by wasim akram - 03-05-2009, 04:53 PM

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[No subject] - by awaisaftab - 03-06-2009, 09:38 PM

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[No subject] - by shafiqb9 - 03-09-2009, 04:26 PM

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[No subject] - by kamranACA - 03-09-2009, 05:24 PM

[No subject] - by awaisaftab - 03-09-2009, 08:19 PM

[No subject] - by kamranACA - 03-09-2009, 08:26 PM

[No subject] - by awaisaftab - 03-09-2009, 09:18 PM

[No subject] - by wasim akram - 03-09-2009, 10:26 PM

[No subject] - by awaisaftab - 03-09-2009, 10:44 PM

[No subject] - by kamranACA - 03-09-2009, 11:10 PM

[No subject] - by kamranACA - 03-09-2009, 11:13 PM

[No subject] - by awaisaftab - 03-11-2009, 03:36 PM

[No subject] - by kamranACA - 03-11-2009, 03:42 PM

[No subject] - by awaisaftab - 03-11-2009, 04:04 PM

[No subject] - by kamranACA - 03-11-2009, 07:03 PM

[No subject] - by awaisaftab - 03-11-2009, 07:26 PM

[No subject] - by awaisaftab - 03-11-2009, 09:04 PM

[No subject] - by kamranACA - 03-11-2009, 09:48 PM

[No subject] - by awaisaftab - 03-13-2009, 11:13 PM

[No subject] - by kamranACA - 03-14-2009, 02:23 AM

[No subject] - by danishayub_76 - 03-25-2009, 09:45 PM

[No subject] - by danishayub_76 - 03-30-2009, 03:20 PM

[No subject] - by danishayub_76 - 03-30-2009, 06:07 PM

[No subject] - by faisal_ali - 04-04-2009, 05:59 AM

[No subject] - by faisal_ali - 04-04-2009, 06:41 AM

[No subject] - by awaisaftab - 06-10-2009, 01:54 PM

[No subject] - by faisal_desperado - 06-10-2009, 05:21 PM

[No subject] - by faisal_ali - 06-12-2009, 04:28 AM

[No subject] - by faisal_desperado - 06-12-2009, 03:08 PM

[No subject] - by irfan kazim - 06-13-2009, 03:53 PM

[No subject] - by irfan kazim - 06-13-2009, 03:59 PM

[No subject] - by irfan kazim - 06-13-2009, 04:01 PM

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[No subject] - by hmmm - 06-13-2009, 04:45 PM

[No subject] - by awaisaftab - 06-16-2009, 02:49 PM

[No subject] - by irfan kazim - 06-27-2009, 03:30 PM

[No subject] - by awaisaftab - 06-30-2009, 02:05 PM