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Bipina Poudel
3 years ago Grade -11 (NEB) > Management Accountancy

The concept of ‘secret reserve’

Explain the concept of ‘secret reserve’.

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  • concept of ‘secret reserve’.
  • define secret reserve
  • deifine concept of secret serve
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Bipina Poudel
3 years ago Answer Link CTEVT > Diploma/PCL > PCL In Medical Lab Technology Revised 2019

Secret reserves are created by overstating liabilities or understating assets which are not shown in the balance sheet. This will reduce tax liabilities because the liabilities are overstated. It is created by management to avoid competition by reducing profit. The creation of secret reserve is not allowed by the Companies Act, 1956 which requires full disclosure of all material facts and accounting policies while preparing final statements.

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