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What is the difference between provision and payable
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Answer Posted / rashmi
Provisions: It is the estimated amount which is set aside
or retained by a company for meeting the future liability
whose amount cannot be determind with substantial accuracy.
provision are madefor liability which may occur in future.
Examples:Provision for depriciation,Prov For Doubtful
debt,Prov for taxation etc.
Payables:It is the actual amount of liability which has
occured in an accounting year but not paidoff.Its amount is
not estimated it is actual.ITs a company obligation to pay
off a short-term debt to its creditors. The accounts
payable entry is found on a balance sheet under the heading
current liabilities.
| Is This Answer Correct ? | 37 Yes | 5 No |
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