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Answer Posted / vinod k balasubramaniam
Accrual is made for the known expenses/Revenue - where in
the the liability to pay/receipt for either goods or
services is known in advance!
Example: Accrued Rent - Both Payable and Receivable as the
case may be!
Whereas, Provision is made on expenses/liability where we
are not sure about the exact outstanding! Provision on
expenses generally made based on either past figures or
invoices!
Example: Provision for Bad & Doubtful Debts, Provision for
Income Tax, etc...
| Is This Answer Correct ? | 54 Yes | 3 No |
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outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
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Plz send me the questions that could be asked in an interview for a Bank Clerical job to suja_aln@yahoo.co.in. Thank you.
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