difference between provisions and reserves

Answer Posted / nagaveni

Provision: As per accounting standard 29 it is charge on
profit and it is a known liability some amount kept aside
for the specific work
Reserve: it is appropriation of profit and some amount kept
aside to meet the future obligations

Is This Answer Correct ?    2 Yes 0 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

HELLO FRIENDS I WANTED TO THAT IS DUPLICATE KEY MAKING CHARGE IS UNDER THE HEAD OF GENERAL EXPENSES

2477


if a sole proprietor pays his firms insurance policy , How it should treated in books of accounts? whether it should be treated as investment? or indirect expenses?or drawings?

1111


What can go wrong if you have a balance sheet with a lot of debt? What can go wrong if there is negative owner's equity? What does a good cash flow statement look like and why?

1981


examole of cash to cash contra entry

1815


Is it mendatory to provide deferred tax asset, where the management not expecting taxable profit in the subsequent financial years.

1707






Hi Everybody, Can anybody tell me how to create ledger in Peachtree Accounting software, means there are some Code, which Codes Comes under which ledger Account.your prompt Answer will be highly appreciated, Thanks & regards, Khan

2191


director wife expenses which entry

1541


Is financial accounting necessary?

620


Tell me what do you believe makes a successful account executive?

578


in Tally what is cost cenre,cost categori and why we need to prepare them

1594


What is use of statistics in accounting?

628


Can you name any other accounting application?

715


Explain different branches of accounting?

735


What Is Responsibility Accounting?

712


What is mutual fund what is derivatives what is capital market what is TDS.breifly

1936