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Answer Posted / vinod k balasubramaniam
Accrual is made for the known expenses/Revenue - where in
the the liability to pay/receipt for either goods or
services is known in advance!
Example: Accrued Rent - Both Payable and Receivable as the
case may be!
Whereas, Provision is made on expenses/liability where we
are not sure about the exact outstanding! Provision on
expenses generally made based on either past figures or
invoices!
Example: Provision for Bad & Doubtful Debts, Provision for
Income Tax, etc...
| Is This Answer Correct ? | 54 Yes | 3 No |
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