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Distinguish between liability and provisions?please explain
it?
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LIABILITY - A COMPANY IS LIABLE TO PAY
PROVISIONS - That which is provided or prepared; that which
is brought together or arranged in advance; measures taken
beforehand; preparation.
| Is This Answer Correct ? | 19 Yes | 4 No |
Answer / anu radha
Liability - Any Present obligation of the enterprise arising from past events.
Provision - Specified liability-Also an obligation of a biz. to be met in FUTURE implying cashflow..
| Is This Answer Correct ? | 11 Yes | 2 No |
In Pricing the gallons of petrol sold,service station 'A' follows the first-in-first-out method,while service station'B'follows last-in-first-out method.On 1st January both has the same quantity in stock viz.6,000 gallons at Rs.26 per gallon.During the month,each station recieved additional supplies of 6,000 gallons at Rs.27.50 per gallon.Sales for each of these two stations,during the month,were 8,800 gallons at Rs.29 per gallon. Determine for each service station,profit earned during the month and value of the petrol in stock at close of the month.
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