Question

What do you mean by ‘Reserves’ ? Give one example in support of your answer

Answer 1

Answer:

Reserves are the areas or the region which are reserved for the purpose to consume the species of specific area from hunting, poaching and etc

Another common term which finds a place in the balance sheet of a firm is reserves. The amount of reserves is a very important component in the financial statements. This is because, any amount which is kept aside in reserves, brings down the amount of profits of the firms. Thus, the study of reserves and how they are created, are pertinent to the understanding of accounting terms.

Explanation:

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