Which of the following is a 'Revenue Reserve'? MCQ with Answer and Explanation

Question

Share Report Error

Which of the following is a 'Revenue Reserve'?

A. Investment allowance reserve

B. General reserve

C. Capital redemption reserve

D. Debenture redemption reserve

Answer: Option B

Solution (By JKSSB Mock Tests)

General reserve is created out of revenue profits; others are specific reserves.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

The 'GST Council' is a constitutional body under:

A. Article 279A

B. Article 280

C. Article 370

D. Article 324

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
GST Council was created by Constitution (101st Amendment) Act, 2016, under Article 279A.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

What is the correct journal entry for interest on capital provided to the owner?

A. Debit Interest on Capital, Credit Cash

B. Debit Interest on Capital, Credit Capital

C. Debit Capital, Credit Interest on Capital

D. Debit P&L Account, Credit Cash

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Interest on capital is an expense (Debit), and it increases the owner's capital account (Credit).

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #3

The 'Principal vs Agent' consideration under Ind AS 115 determines:

A. The tax rate

B. Timing of revenue

C. Discounting

D. Whether revenue is recognised gross or net

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
Principal reports revenue gross; agent reports only commission/fee.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Explore All Accountancy and Book Keeping MCQs