Difference between provision & reserve with an example?

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Difference between provision & reserve with an example?..

provision are those liabilites that are certain for a
period like that provision for TAX, Insurance, Provision
for salary etc.
Reserve that is made for some uncertain or certain future
incident like that Reserve for plant and machinery

Is This Answer Correct ?

18 Yes

5 No

Difference between provision & reserve with an example?..

Answer / raj kumar

we make proviions for future uncertain circumtances and
make reserve for certain circumtances.

Is This Answer Correct ?

14 Yes

6 No

Difference between provision & reserve with an example?..

Answer / venkata subbaiah

provision is income tax and out standing liabilities

Is This Answer Correct ?

1 Yes

9 No

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