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what diff. between laibilities and provision?

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what diff. between laibilities and provision?..

Answer / jyothi

provision is created for future liability where as liability
is already incurred

Is This Answer Correct ?    6 Yes 0 No

what diff. between laibilities and provision?..

Answer / vivek

provision covered liabilities while liabilities not covered
provisions

Is This Answer Correct ?    3 Yes 0 No

what diff. between laibilities and provision?..

Answer / rohtash bhardwaj

laibilities related for due course but provision creates
for future liability

Is This Answer Correct ?    3 Yes 0 No

what diff. between laibilities and provision?..

Answer / rohtash bhardwaj

Liability is determine but provision is based on estimates
for future.

Is This Answer Correct ?    1 Yes 0 No

what diff. between laibilities and provision?..

Answer / sunil kumar

Liabilities refers to debts due from a business to others
either for money borrowed or for goods & services received
without making immediate payment.

whereas A provision in accounting is usually an estimate of
a cost that may take place in the future, The usual
treatment is to deduct the amount of the provision from the
balance of another account.

Is This Answer Correct ?    1 Yes 0 No

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