Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT IS THE DIFFERENCE BITWEEN RESERVE & PROVISION?
- 3 Answers
- 8752 Views
- Genpact, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / g.ravi
Provisions are those where the liability existance is
certain, but the amount of liability cannot be determined
with substantial accuracy.
In case of reserves, the liability is not known. but some
amount of profits are kept aside for meeting the
contingencies that might become actual liabilities.
| Is This Answer Correct ? | 29 Yes | 2 No |
Answer / shiju
The main difference is a provision always made for meeting
some specific contingencies,like provision for depreciation
etc.But reserves is a part of profit it setaside out of the
net profits earned,and it dont have any special purposes
usually.
But in some cases the there is a restriction regarding the
use of reserves.
| Is This Answer Correct ? | 18 Yes | 1 No |
Answer / imran khan
Provisions are those where the liability existance is
certain, but the amount of liability cannot be determined
with substantial accuracy.
In case of reserves, the liability is not known. but some
amount of profits are kept aside for meeting the
contingencies that might become actual liabilities.The main
difference is a provision always made for meeting
some specific contingencies,like provision for depreciation
etc.But reserves is a part of profit it setaside out of the
net profits earned,and it dont have any special purposes
usually.
But in some cases the there is a restriction regarding the
use of reserves.
| Is This Answer Correct ? | 6 Yes | 0 No |
Explain the term linear approximation.
what is meaning of SOP.
EXPAND______________RFID
which accounting system you are familiar with?
Dear Friends, Please help me with the below, I am new to the current company and newly accountant. My question is, In Balance sheet, Cash in Drawer is showing excess amount and I could not tally it with sales. Please guide me how do I need to tally CASH IN DRAWER? I don't want to reconcile. I only want to tally. Please help. Thanks in advance.
What Is repo transaction
What type of questions in accouting point of respect they ask genrally plz help me find out this.
What is the diff. between gross profit and net profit?
what are the customization u have done in sap mm
i am new to Tally ERP 9. i have a problem facing the negative stock balances for few items. now i want to know, how do i write-off/adjust in Tally and make them NULL/Zero as at 31/12/2011, so that they don;t appear as 'negative' as the opening bal. from 1/1/2012..i have used the physical stock entry screen for the differences stock items. but for those item whose balances is simply Negative appearing from previous years for may be several reasons, how to deal with those? thanks in advance for any help..
Accounting Question Help Please? I would like to know how I should journalize this entry: Credit invoice received from Sam's Trailors for a 10% price adjustment on invoice #515, $1910 Please tell me what to debit/credit....purchase discounts, or purchase returns. THANKS
How to enter every month employees salaries in P&L a/c and why we use JOURNAL VOUCHER for salaries?
Audit 
