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What is the exact difference between advance tax and provision for tax?
Wiki User
∙ 16y ago
Advance tax would be prepaid taxes, or overpaid taxes left with the taxing body. It is an asset account, a deferred credit.
Provision for taxes would be an estimate of tax liability for the period covered by the financial statements. It is a liability account.
More information: http://www.nysscpa.org/cpajournal/old/12268824.htm
Advance tax would be prepaid taxes, or overpaid taxes left with the taxing body. It is an asset account, a deferred credit.
Provision for taxes would be an estimate of tax liability for the period covered by the financial statements. It is a liability account.
More information: http://www.nysscpa.org/cpajournal/old/12268824.htm
Wiki User
∙ 16y ago
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