what is the difference between accrual and provision
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Answer / puneet
Accrual is income earned but not received or expenses incurred but not spent. Provision is making provision from the profit for a specified or known expense which is to be met in unknown future.
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Answer / harish singh bisht
Accrual is income earned but not received or expenses
incurred but not spent. Provision is making provision from
the profit for a specified or known expense pertaining to
the current year. Which may or may not incure in future.
(eg. Prov for Bad Debts, income tax)
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