DIFFERENCE BETWEEN PROVISION AND CONTINGENT LIABILITY

DIFFERENCE BETWEEN PROVISION AND CONTINGENT LIABILITY

Provision

It is the present obligation that arises due to previous events. Provision decreases asset values. This is for bad debts and doubtful debts are commonly recorded debts.

Over provision or under provision are recognised by comparing with the previous years and are charged in an income statement. Provision amount is decided on the company’s policy……

 

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