{"id":59329,"date":"2024-04-16T01:35:14","date_gmt":"2024-04-16T01:35:14","guid":{"rendered":"https:\/\/exam.pscnotes.com\/mcq\/?p=59329"},"modified":"2024-04-16T01:35:14","modified_gmt":"2024-04-16T01:35:14","slug":"closing-balance-of-depreciation-fund-is-transferred-to-which-of-the-following-account","status":"publish","type":"post","link":"https:\/\/exam.pscnotes.com\/mcq\/closing-balance-of-depreciation-fund-is-transferred-to-which-of-the-following-account\/","title":{"rendered":"Closing balance of depreciation fund is transferred to which of the following account"},"content":{"rendered":"<p>[amp_mcq option1=&#8221;General reserve&#8221; option2=&#8221;Capital reserve&#8221; option3=&#8221;Asset account&#8221; option4=&#8221;Capital redemption reserve account&#8221; correct=&#8221;option1&#8243;]<!--more--><\/p>\n<p>The correct answer is: A. General reserve.<\/p>\n<p>A general reserve is a reserve that is not specifically designated for any particular purpose. It is usually used to meet unexpected expenses or to provide a cushion against losses.<\/p>\n<p>A capital reserve is a reserve that is created from the proceeds of a capital issue. It is usually used to finance capital expenditure or to provide a cushion against losses.<\/p>\n<p>An asset account is an account that records the value of an asset.<\/p>\n<p>A capital redemption reserve account is an account that records the amount of money that is set aside to redeem a company&#8217;s capital.<\/p>\n<p>Here is a brief explanation of each option:<\/p>\n<ul>\n<li>General reserve: A general reserve is a reserve that is not specifically designated for any particular purpose. It is usually used to meet unexpected expenses or to provide a cushion against losses.<\/li>\n<li>Capital reserve: A capital reserve is a reserve that is created from the proceeds of a capital issue. It is usually used to finance capital expenditure or to provide a cushion against losses.<\/li>\n<li>Asset account: An asset account is an account that records the value of an asset.<\/li>\n<li>Capital redemption reserve account: A capital redemption reserve account is an account that records the amount of money that is set aside to redeem a company&#8217;s capital.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>[amp_mcq option1=&#8221;General reserve&#8221; option2=&#8221;Capital reserve&#8221; option3=&#8221;Asset account&#8221; option4=&#8221;Capital redemption reserve account&#8221; correct=&#8221;option1&#8243;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[85],"tags":[],"class_list":["post-59329","post","type-post","status-publish","format-standard","hentry","category-accounting","no-featured-image-padding"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.2 (Yoast SEO v23.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Closing balance of depreciation fund is transferred to which of the following account<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/exam.pscnotes.com\/mcq\/closing-balance-of-depreciation-fund-is-transferred-to-which-of-the-following-account\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Closing balance of depreciation fund is transferred to which of the following account\" \/>\n<meta property=\"og:description\" content=\"[amp_mcq option1=&#8221;General reserve&#8221; 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