Download App

P2 C3 Provisions and Reserves — Account STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceAccountP2 C3 Provisions and Reserves1 Mark
Question
flow provision is different from liability?
✓

Answer

Amount of liability is fixed and it Is sure to pay. While provision is an amount appropriated from profit for probable expenses or losses for which the amount cannot be ascertained accurately.

Need a full question paper?

Generate a complete, print-ready paper with questions like this in minutes — across 16+ boards, with answer keys.

Start Generating Free

Explore more

More "Answer In One Or Two Sentence .(1 Marks)" from P2 C3 Provisions and Reserves→P2 C3 Provisions and Reserves — all question types→Account STD 11 Commerce question papers→Gujarat Board STD 11 Commerce question papers→Gujarat Board question paper generator→

Similar questions

What do you mean by non-recurring expenses?
→
If the debit total of trial balance is more, what balance would the Suspense Account show?
→
What is the relationship between the drawer and the drawee?
→
Which accounts are closed by preparing Trading account and Profit and Loss acccount?
→
Which types of account is drawing account?
→
Provision for discount reserve on debtors is made in the accounts but provision for discount reserve on creditors is not usually made in the accounts.
→
To which account bad debts return will be credited which is received from debtor whobecame insolvent in past?
→
How is known as the right side of the cash book?
→
Under Double Entry System; where the balance of trading account is transferred?
→
Goods were stolen away from business. Explain conclusion based on accounting equation for this transaction.
→