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Provisions are typically recorded as a liability on the balance sheet, which means they are credited. When a provision is recognized, it reflects an obligation that the company expects to settle in the future, resulting in a corresponding debit to an expense account. Thus, the initial entry involves a debit to the expense and a credit to the provision liability.
What else can I help you with?
Bank overdraft is in debit or credit side?
credit side
Is bank loan credit or debit in trial balance?
credit
Is an investment credit or debit?
Debit
Is insurance credit or debit?
Debit
Is furniture and fixtures a debit or credit?
Furniture is a credit and so is fixtures But furnitures are asset and fixtures are expenses
Increase provision for bad debts what is double entry?
Debit Bad Debts Credit Provisions for Bad Debts
Is prepaid insurance a debit or credit?
Debit
Does cash on hand have a debit or credit balance?
credit
Is cost of sale credit or debit?
Credit or debit
Is a refund to a credit card a debit or credit?
Debit
What are the rules of debit and credit for assets?
There are three rules for recording transactions: Personal account Debit the receiver. Credit the giver. Real account Debit what comes in. Credit what goes out. Nominal account Debit all expenses.There are three Golden Rules for Debit & Credit, whole accounting is depend on these three rules :- 1. Debit what comes in & Credit what goes out. 2. Debit the receiver & Credit the..Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Why is it important to memorize the debit and credit rules?
Because to make the things debit on debit side and credit on credit side, for that purpose its important to memorize the debit and credit rule.
Is drawing debit or credit?
its debit.
How do you post a debit or a credit?
debit is the receiver,credit is the giver
Bank overdraft is in debit or credit side?
credit side
Is bank loan credit or debit in trial balance?
credit
how can i paywe do not have credit or debit cart?
how can i pay?we do not have credit or debit cart
