Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT IS THE DIFFERENCE BITWEEN RESERVE & PROVISION?
- 3 Answers
- 8746 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / 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 |
Post New Answer View All Answers
When is the profession tax applicable? Is there a liability on the employer to pay PT? What is the amt of PT in case salary exceed Rs. 10,000/- pm
What do you think you do well?
In case of cement plant we have to capitalizee locomotive engine my question is about the rate of depreciation on SM basis and category in which it should be capitalize?
we can add the no. of increase in shares due to exercise of options,convertible debentures,warrants etc.Why diluted eps is calculated separately?
business sepsarate entity concepts
I WANT ACCOUNT ASSISTANCE INTERWIEV QUETION IN L&T
how i got knowledge about custom and excise i want rate list of custome and excise how we summit return of custom and excise , Is it include with ser. tax
What is difference between cash flow and funds flow?
how to calculate stt
Short Answer on ________Ad-Valorem Duties
service tax form no ? What is CC Limit ? What is branch accounts?
Expand-------URM
What is Accounting on Computers
what is the reason for balance sheet not getting tallyed
how to solved the shares qusionas ?
