Question

what is provision? explain its importance.​

Answer 1

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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Answer 2

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.

Explanation:

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