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Question 46Asked in DSSSB TGT Computer Science (Technical), 1 Aug 2021, Shift 3

Which of the following is/are correct regarding accounting process?

Which of the following is/are correct regarding accounting process? I. A provision is a charge against profit II. Reserve is an approbation of profit
  1. AOnly I
  2. BOnly II
  3. CBoth I and II
  4. DNeither I nor II
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Correct answer: (C) Both I and II

Explanation

A provision is a charge against profit made for a known liability or loss, while a reserve is an appropriation of profit kept aside for future needs. Both statements are correct.

From DSSSB TGT Computer Science PYQ (Technical), 1 Aug 2021, Shift 3

This is question 46 of DSSSB TGT Computer Science PYQ (Technical), 1 Aug 2021, Shift 3. See all questions of this paper with answers, or attempt the paper as a timed online test to get your score and all-India rank.