JAMB Accounting 2015 Objective — Question 43

Question 43 of 50 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2015 Objective paper, with the correct answer and a full explanation.

The part of equity which is payable on winding up is called

A. General reserve
B. Revenue reserveCorrect
C. Capital reserve
D. Normal reserve

Explanation

Per the source's answer key, this reserve — created out of the company's profits — is classified as a revenue reserve.

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