What is meant by provision

Answer Posted / 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



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

what is Ratio Analysis ?

1819


What are the benefits ofparticipation in a depository?

1589


send me accounting test ppaers

1749


What is limit of turnover for registering under CST & limit of Form 'C '

11064


Expand-------CSNA

1575






How to calculate closing stock? I have opening stock of 72 lacs (average costing without tax) and purchase of 49 lacs (with tax) and sales of 101 lacs (without tax). What is my closing stock then???? Should i add tax in sales? Where all should tax be included and where all should tax NOT be included? Right now i calculated => 72(no tax)+49(with tax)-101(no tax) = 20 lacs. IS this correct?

1868


im preparing for the sbi clerical post please send me the solved questions.

1782


you went outside to purchase vegetagles, suddently big rain came then what you will do

1658


What is PE ratio formula ?

1858


What was use of tally erp 9? Types of vat?

1186


can payorder be issued for outstation?if yes then how?should it be account payee?

1857


Paid vehicle insurance of Rs 12000 on 1-1-2009. Pass entry at the of payment and also create prepaid insurance account

1558


hello,dear any body give me mis report format. my email :kumar_ranjeet121@yahoo.in

1571


Dear sir,i have completed M.sc,MBA.STILL I AM NOT GETTING WELL POSITION .I THINK ON LOW BUGET ON COURSE TO IMPROVE MY POSITION IN FINANCE FIELD.

1593


company accounts introduction?

2212