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What is meant by provision
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Answer / ramesh
provision usually means any amount written off or retained
by way of providing depreciation, renewals of diminutions in
the value of assets or retained by way of providing for any
known liability of which the amount can not be determined
with substantial accuracy.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sricharan babu m
Provision is a temporary accounting title. It basically
refers to expense.Provision is created out of profits for
known liabilities.
| Is This Answer Correct ? | 2 Yes | 6 No |
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