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Distinguish between liability and provisions?please explain
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LIABILITY - A COMPANY IS LIABLE TO PAY
PROVISIONS - That which is provided or prepared; that which
is brought together or arranged in advance; measures taken
beforehand; preparation.
| Is This Answer Correct ? | 19 Yes | 4 No |
Answer / anu radha
Liability - Any Present obligation of the enterprise arising from past events.
Provision - Specified liability-Also an obligation of a biz. to be met in FUTURE implying cashflow..
| Is This Answer Correct ? | 11 Yes | 2 No |
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