0
What else can I help you with?
Why can't you get out of your timer share?
A contract provision that relieves a party to the contract from liability is known as
What is provision for taxation?
The amount which is kept by the company to pay taxes against its profits is known as provision for taxation. Provision for taxation considered as current liability.
Difference between provision for reserve fund and reserve fund?
Provisions are those where the liability existence is certain, but the amount of liability cannot be determined with substantial accuracy. In case of reserves, the liability is not known. but some amount of profits are kept aside for meeting the contingencies that might become actual liabilities.
What is a provision?
The word 'provision' is a noun and a verb.The noun 'provision' is a word for:an act or process of providing or supplying something for use;an amount or thing supplied or provided;a stock of materials or supplies;financial or other arrangements for future eventualities or requirements;a condition or requirement in a legal document;a word for a thing.The verb 'provision' means:to provide or supply something for use;to set aside an amount in an organization's accounts for a known liability;a word for an action.
What is a severance clause?
The Severance Clause, also known as a Severability Clause, is a legal provision that may be included in a contract or legislation that states that if part or parts of the contract or legislation is determined to be invalid, unenforceable or unconstitutional that the remainder of the contract or legislation is still valid or in effect. If a contract or legislation does not include a Severability Clause and any part of is ruled to be illegal or unenforceable then the entire contract or legislation is voided.
What is the meaning of outstanding liability?
The amount of liability which is yet to be paid as on the balance sheet date is known as outstanding liability
A liability that has been incurred but has not been recorded in the accounts is known as?
An accrued liability
A liability that has been incurred but has not been recorded in the accounts is known as...?
An accrued liability
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 Contract compliance?
Contract compliance is when a party follows the conditions of a contract. Successful performance and completion of a contract is known as compliance.
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 liabilities provisions and contingent liabilities?
Provision made for known or specified liabilities which may occur in future is provision for liabilities whereas Contingent liabilitiy is provision made for unknown liabilities which may or may not occur in future.
