Accountants Use Reserve Accounts for Various Reasons,for Each of the Scenarios

question 58

Essay

Accountants use reserve accounts for various reasons,for each of the scenarios below describe a specific account example that matches the scenario.
1.The use of a reserve account in order to match expense with revenues.
2.The use of a reserve account in order to keep expense out of the income statement.
3.The use of a reserve account in order to revalue an asset,but delay the income recognition effect.

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Definitions:

Business Attire

Clothing that is suitable for a professional work environment, often including suits and dress shoes.

Perfume

A fragrant liquid typically made from essential oils extracted from flowers and spices, used to impart a pleasant smell to one's body or clothes.

Continuing Education

Ongoing, formal learning activities designed to develop new skills or knowledge, often required in various professions for maintaining licensure or certification.

Medical Field

A broad area of science and practice concerned with the diagnosis, treatment, and prevention of diseases and illnesses.