Concept of Provisions

                                             Concept of Provisions


Accrual Assumption is a fundamental accounting assumption. It means all liabilities, losses and expenses, whether determined or not, should be accounted in the books of account to determine profit or loss for the accounting period. Liabilities amounts of which are not determined are recorded in the books of account on best estimate and should be near to actual liability or expense. The amount so set aside is known as Provision.
Provisions in Accounting are an amount set aside to cover a probable future expense, or reduction in the value of an asset. ... In financial reporting, provisions are recorded as a current liability on the balance sheet and then matched to the appropriate expense account on the income statement.

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