Question

Mention any two features of provision

Answer 1

Features of Provision for Depreciation:

• The provision for depreciation has the following features:
• The provision for depreciation has the following features:Tax Benefit:
• The provision for depreciation has the following features:Tax Benefit:Replacement of Asset:
• Non-cash Expense:

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Answer 2

Answer:

A provision is an amount set aside for an uncertain yet probable obligation or liability that can arise in future for a firm.

Explanation:

Any two features of provision are:-

i)It should be recognized or created only when there is a liability or any present obligation has arisen due to past activity.

ii)The amount that is to be kept as provision should be of the best estimated value by taking into account of all the data given.