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What is meant by provision
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Answer / ramesh
provision usually means any amount written off or retained
by way of providing depreciation, renewals of diminutions in
the value of assets or retained by way of providing for any
known liability of which the amount can not be determined
with substantial accuracy.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / sricharan babu m
Provision is a temporary accounting title. It basically
refers to expense.Provision is created out of profits for
known liabilities.
| Is This Answer Correct ? | 2 Yes | 6 No |
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outstanding expenses are the expenses that "unpaid"at the end of the accounting period e.g.salaries rent so they all come to under nominal accounts which is debt all expenses and losses and credit all gains since they are unpaid hence they must be credited
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