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WHAT IS THE DIFFERENCE BITWEEN RESERVE & PROVISION?
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Answer Posted / g.ravi
Provisions are those where the liability existance is
certain, but the amount of liability cannot be determined
with substantial accuracy.
In case of reserves, the liability is not known. but some
amount of profits are kept aside for meeting the
contingencies that might become actual liabilities.
| Is This Answer Correct ? | 29 Yes | 2 No |
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