Interested to Buy Any Domain ? << Click Here >> for more details...
WHAT IS THE DIFFERENCE BITWEEN RESERVE & PROVISION?
- 3 Answers
- 8682 Views
- Genpact, I also Faced
- E-Mail Answers
Answer Posted / imran khan
Provisions are those where the liability existance is
certain, but the amount of liability cannot be determined
with substantial accuracy.
In case of reserves, the liability is not known. but some
amount of profits are kept aside for meeting the
contingencies that might become actual liabilities.The main
difference is a provision always made for meeting
some specific contingencies,like provision for depreciation
etc.But reserves is a part of profit it setaside out of the
net profits earned,and it dont have any special purposes
usually.
But in some cases the there is a restriction regarding the
use of reserves.
| Is This Answer Correct ? | 6 Yes | 0 No |
Post New Answer View All Answers
What is the use of final account?
Plz Give the Inventry Accounting Procedure 1.Domestic Purchases ( VAT,CST,& Excise) 2.Import Purchases ( Direct Expences & Excise ) 3.When Will the Price Diffrence Entry Happen? 4.Cash Discount & Trade Discount On Purchases? 5.Domestic Sales ( VAT,CST,& Excise) 6.Export Sales ( Customes ,Excise ) 7.Cash Discount & Trade Discount On Sales?
Respective sir I'm bcom 1st sem student. I have very interest in banking sector. I finished my pu with 88% how I can prepare for banking exam (especially po)yet I have no any practice but I hope if I get good guidance I can pass my banking exam so kindly inform me how I can prepare for po exams. My email address is- 98anjuma@gmail.com. I'm really counting second when I will get ans by u. Thank you sir
commisiion recieved journal entry and receipt required
What is Accounting on Computers
we can add the no. of increase in shares due to exercise of options,convertible debentures,warrants etc.Why diluted eps is calculated separately?
what are the questions commomly asked in reuter's interview.?
what you mean by cross dunning
All shot cut key use in the tally software & it's uses
what is debit/credit note ? what deffered income and expencess?
What is the rate of basic excise duty and specific duty And I want to know that how can I see that vat rate in up ,excise duty and tds details Please tell me site plese
if not found suitable for the post applied for, are you willing to be considered for a lower post yes / no ? why?
How can retify the errors in the trial balance
WHAT WILL BE THE ACCOUNTING ENTRIES IN THE BOOKS IN CASE OF A COMPANY HAVING ITS SHARE CAPITAL WHEN A NEW COMPANY (LTD OR (P) LTD) IS FORMED ?
what is an advance against expenses
