Q593
With reference to Provisions and Reserve, which of the following statement is/are correct? 1. Provision is a charge to profit and loss account 2. Reserve is created for a specific loss Select the correct answer:
A.
Only 1
AnswerB.
Only 2
C.
Both 1 and 2
D.
Neither 1 nor 2
Answer: Option A
Solution
Answer: Option A
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