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What is the difference between provision and payable
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Answer Posted / manoj
• In a broader sense, provision is nothing, but liability,
and considered an obligation of a business to be met in
near future implying cash outflow.
• However, on closer inspection, provision appear to be a
special type of liability.
• This is because of certainty that is normally associated
with liability, and which is lacking in the case of
provision.
• This means that we are accepting provision and liability
to be similar, but not saying this clearly, but accepting
them as two points on a continuum.
| Is This Answer Correct ? | 5 Yes | 1 No |
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