Provisions are defined as liabilities of uncertain timing and amount.
2 types of provisions
1. provision that are in the nature of liabilities ( eg provision for warranty)
2. provisions that are in the nature of asset valuation ( eg provision for doubtful debt)
Provision for doubtful debt is current asset which is created as a reduction in accounts receivable balance and which is adjusted at actual bad debt.
asset liability
An asset.
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
advance paid is current asset and advance received is current liability.
Current Asset
Current Liability
No it is a current liability and is not included in the Income Statement, as other revenues would be.
no
Sundry creditor is current liability.
expense owing is a current asset
Accounts receivable is a current asset, never a current liability.