3. In what different ways is the term reserve used?
4. What is the effect of an under-or over-estimate of valuation reserves?
5. How would you handle expected sales discounts on outstanding accounts?
6. How should expected collection costs be handled?
7. Distinguish between reserves and accrued items.
8. What are contingent reserves?
9. What are proprietorship reserves?
10. In what different ways may secret reserves be created?
11. Give the arguments for and against secret reserves.
12. What are covered reserves?