Multiple Choice
Which statement relating to reserves is incorrect?
A) They represent cash set aside to be drawn on in hard times.
B) They represent items of equity other than share capital.
C) Retained earnings is a type of reserve account.
D) When a non-current asset is revalued upwards a revaluation reserve is created.
Correct Answer:

Verified
Correct Answer:
Verified
Q30: If the number of shares subscribed for
Q31: On 1 January 2020 Maximus Ltd decided
Q32: The following statements are true with regards
Q33: On 28 February 2020, Xavier Ltd declared
Q34: In an income statement, the expenses may
Q36: Which class of preference shares have the
Q37: Depending on its constitution and the terms
Q38: When accounting for share issues, the ultimate
Q39: In Australia, the two most common types
Q40: At 30 June 2019, Barry Ltd estimates