Question

Which of the following statements are correct about a “Provision”?
(i) Provisions are a charge against the profits of an enterprise
(ii) Provisions are created out of divisible profits
(iii) Creation of provisions are not necessary for a business
(iv) Provisions are created to meet a known liability
(a) (i), (ii) and (iii)
(b) (ii) and (iv) only
(c) (i), (iii) and (iv)
(d) (i) and (iv) only

Answer 1

Answer:

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Explanation:

b) (ii) and (iv) only