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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a provision?
💡 Hint: Think of it as preparation for future costs.
Question 2
Easy
Do reserves affect net profit?
💡 Hint: Consider the difference between expenses and appropriations.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is a provision?
- An expense account
- An appropriation of profits
- A mandatory amount set aside for liabilities
💡 Hint: Think about preparation for expenses.
Question 2
Are reserves mandatory in accounting?
- True
- False
💡 Hint: Consider whether companies must legally set aside these funds.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A company has a net income of $150,000. If it decides to set aside $30,000 for potential warranty claims, what will be the new net income?
💡 Hint: Subtract the provision amount from net income.
Question 2
Discuss a scenario where failing to set a provision could lead to financial misrepresentation.
💡 Hint: Consider regulations and the impact on stakeholder confidence.
Challenge and get performance evaluation