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What is a provision

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What is a provision

Posted by Yuvi A 6 years, 10 months ago

CBSE > Class 11 > Accountancy

3 answers

Lovely Dhawan 6 years, 10 months ago

The amount retained off or written off by way of providing for depreciation etc.

Sakshi Sharma??️??️ 6 years, 10 months ago

A provision is an amount set aside for the probable, but uncertain, economic obligations of an enterprise. A provision is an amount that you put in aside in your accounts to cover a future liability. ... When accounting, provisions are recognized on the balance sheet and then expensed on the income statement.

Sachin Yadav 6 years, 10 months ago

The amount written off to meet any known liability in the future but the amount can not be accurately determined is known as provision

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