Question

Provision for making paymenst in future

Answer 1

Answer:

A provision is an amount that you put in aside in your accounts to cover afuture liability. The purpose of aprovision is to make a current year's balance more accurate, as there may be costs which could, to some extent, be accounted for in either the current or previous financial year.

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Answer 2

Answer:

A provision is an amount that you put in aside in your accounts to cover a future liability. The purpose of aprovision is to make a current year's balance more accurate.

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