Accountancy, asked by mahendraumre2008, 4 months ago

what is provision? explain its importance.

Answers

Answered by Anonymous

Answer:

Provisions are important because they account for certain company expenses, and payments for them, in the same year. This makes the company's financial statements more accurate. ... Because the expense is 'probable', the amount set aside is expected to be spent.

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Answered by 7ellewinnne8

Answer:

Provisions are important because they account for certain company expenses, and payments for them, in the same year. This makes the company's financial statements more accurate. Provisions are not a form of savings. Because the expense is 'probable', the amount set aside is expected to be spent.

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