Distinguish between liability and provisions?please explain it?

Distinguish between liability and provisions?please explain
it?

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Distinguish between liability and provisions?please explain it?..

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.

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19 Yes

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Distinguish between liability and provisions?please explain it?..

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

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