Question
Which of the following is represented by an estimated
amount to meet a loss or expense in future?Solution
'Provision' means an estimated amount to meet a loss or expense in future. Provisions are made for future obligations whose specific amount or date is unknown. Note – •accrued expense is one that is known to be due in the future with certainty. •A contingent liability is one that is dependent on happening of a future event. It is a potential liability Here the event is also uncertain.
Where did the infamous Jallianwala Bagh massacre take place in 1919?
Ministry of Consumer Affairs concerned over the increasing ‘ dark patterns ’ of misleading advertisements, creating false urgency, confirm - shamin...
. By how much percentage has the wage revision for LIC employees been increased starting August 2022?
Consider the following statements regarding musicians and their instruments.
1. Ramnad V Raghavan was a Chennai-based musician who played Mrida...
By which ministry of Government of India was the Deendayal Antyodaya Yojana started?
Trade liberalisation has helped India improve its _____________ in industries with medium-to-high technology content.
Which country is NOT amongst IFFCO’s international operational bases? Â
The Chinese traveller Huien Tsang visited India during which king’s rule?
The campaign 'Ek Tareekh, Ek Ghanta, Ek Sath' is associated with which occasion?
Which Multilateral Development Bank rolled out Country Partnership strategy?
