Question

what is the meaning of objectives of provision​

Answer 1

Answer:

Provisions are created against the anticipated losses or for the expenses which are due but not paid

Answer 2

Meaning of Provision

provision is an amount set aside,by charging it to profit or loss account or statement of profit and loss, to provide for a known liability the amount of which is not determined.

Objectives of provison

The main objective of provison is that it is the amount which we set aside for some arising liability, expenses in nearby future. It balance our accounting system