Accountancy, asked by soniapoorva90, 4 months ago

What is a secret reserve and how it is created. What are the purposes for the
creation of a secret reserve

Answers

Answered by venkatsaiteja022

Explanation:

A secret reserve is the amount by which the assets of an organization are understated or its liabilities are overstated. An entity might establish a secret reserve for competitive reasons, to hide from other businesses that it is in a better financial position than appears in its financial statements.

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