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Biodiversity and Its Conservation

is reserve cr...

Question

__________is reserve created to meet any loss due to natural calamities.

A

Revenue reserve

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B

Capital reserve

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C

Catastrophic reserve

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D

None of these

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Solution

The correct option is D Catastrophic reserve
Catastrophic reserve means a reserve which is meant for meeting losses arising from an entirely unexpected set of events and not for any specific purpose. This reserve is in the nature of an amount set aside for the potential future liability against the insurance policies.

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Q. A specific reserve created to compensate workers in the event of any medical illnesses while they are working is called compensation reserve.

Q. ______ is a secret reserve usually created to provide for the loss by way of fluctuation in the value of investment.

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Q. State whether the following Statements are True or False

1. There is need to provide depreciation if it is maintained with care.
2. Depreciation cannot be provided in case of loss in a financial year.
3. A Specific reserve can be created for any purpose.
4. Capital Reserves are not freely distributed as profits.
5. Under the written down value method depreciation is calculated on the original cost of an asset.
6. Depreciation is the process of valuation of asset.
7. Depreciation is a non-cash expense.
8. Secret reserves are disclosed in Balance Sheet.
9. General reserves is created to meet contingency liability.
10. Depreciation is charged only on fixed asset.

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