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What is Provision of expenses?
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Answer / wasim
Provision:
It is a liability, certain sum of amount kept aside to meet
the contingencies
| Is This Answer Correct ? | 37 Yes | 7 No |
Answer / chandu
provision of expenses means the expense amount is kept for known future expense.
provision is liability to the business.
| Is This Answer Correct ? | 38 Yes | 8 No |
Answer / leela
A financial institution, such as a bank, hedge fund or
insurance firm, records a provision expense in accounting
ledgers when the institution believes it may not recover
loan amounts from a borrower.
| Is This Answer Correct ? | 7 Yes | 6 No |
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Can you please help me calculate the pre tax profit for credit card for 2014 using the following Assumptions. Request you to list the steps used. Charges Late fee £12 per occurrence Over limit fee £10 per occurrence Cash fees 3% of cash withdrawal value Annual Fee £25 per account, per year Interchange 1% of transaction value KPIs Accounts overdue 10% per month Accounts over limit 15% per month Average APR 30% Balances revolving 90% of balance Average balance £900 at end of 2013 Expected growth in average balance (2014) 10% per annum Assumptions Open accounts 200,000 at 2013 year-end New accounts booked 5,000 per month Annual operating cost £50 per open account Cost of Acquisition £50 per account Provision rate 9% of total balances Annual cost of funds 4% by balance Charge off Unit charge-off rate in 2014 11% of accounts at 2013 year-end Unit charge-off rate in 2014 0% of accounts booked in 2014 Post charge-off recoveries 20% of balance Account Transactions Monthly turnover 5% of total month end balances Cash advances 20% of monthly turnover Additional Assumptions Please state any additional assumptions you have made to calculate your answer Thanks in advance,
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