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Accrued expenses are those expenses which are incurred but no amount is paid yet.
Provisions are created to be adjusted against actual expenses occurs during the fiscal year and advance liability is created in balance sheet.
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∙ 9y ago
Kaleb Tamiru
Accrued Revenues are those revenues which have earned by the company but not yet recieved. Accrued revenue is shown under current assets in balance sheet
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Can you distinguish between the two categories of adjusting entries and identifying the types of adjustments applicable in each category?
Deferral 1 Prepaid Expenses 2. Unearned Expenses Accruals 1. Accured Revenue 2. Accured Expenses
What is the difference between provision and accrual?
Accrual is income earned but not received or expenses incurred but not spent. Provision is making provision from the profit for a specified or known expense which is to be met in unknown future.
What is the difference between provision and payable?
Provision means the expenditure known but not exact amount to be spent that is unknown but payable means the exact amount of expenses knows that is to be paid.
What is the difference between Income Tax and Provision of Income Tax?
Provision for income tax refers to the line item in the profit and loss statement. Income tax is a broad term and could mean current taxes (taxes actually payable to Government), Tax expenses/provision for tax- taxes reported in the P&L or deferred taxes (difference between current taxes and tax expense).
What is the difference between preliminary and preoperative expenses?
THERE IS NO DIFFERENCE BETWEEN PRELIMINARY AND PREOPERATIVE EXPENSES. THESE EXPENSES ARE INCURED IN BREFORE OPENING THE DOORS OF A BUSINESS OR RELEASING A NEW PRODUCT INTO THE MARKET ETC.. FOR EXAMPLE ADVERTISMENT, PRELAUNCHING EXPENSES, ETC.
What is the difference between an accrued and a provision?
i must say accrued and provision is two different things,accrued is something paid to you but you can spend it,concerning provision is not the same.
What is difference between advance expenses and prepaid expenses?
i dont have any knowlege.....Nikita Gohil
What is difference between provision liability and continget liability?
A provision is when it's grater than 50% chance of happening where as a contingent is less than that. You show a provision on the accounts but not the contingent.
What is difference between expenses and losses?
A business (company or individual) earns money - called earning or revenue. To earn this, the entity incurs expenses - such as material, salaries, telecom costs. When you subtract the expenses from the revenue, the result is called 'profit', if it is positive, and 'loss', if negative. So the difference is - expenses are the costs incurred by a business, and loss is the difference between earnings and expenses, (if expenses are more than revenues).
What the difference between expenses and prepaid expenses?
Expenses are those amounts the benefit of which is already taken by business while prepaid expenses are advance payments for those expenses which company will incur in future.
What is the difference between conveyance and traveling expenses?
muje kya pta
Difference between provision and accrual?
Accrual - means is common word carry farword to next. provision - means is should be payable. Harisha Mundre
