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.
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2. Distribution of ass...
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