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How do you treat over or under provision of income tax?
Best way to understand is through an example: If in 2010 you have a provision for tax of $2,000 payable for accounting. However the actual tax paid was $1,500. You would have an over provision of income tax. So once the tax is paid in 2011 it will Dr Provision Cr Bank. So in 2011 the amount of the over provision must be adjusted by: Dr Provision for tax Cr Income tax expense This will clear out the tax provision for 2011 resulting from the over provision. Same concept applies to under provsions.
How does the provision inure to the benefit of successors and assigns in this contract?
The provision benefits future parties who may take over the contract.
Reserve for doubtful debts definition in accounting?
The reserve for bad debts is a provision set aside for debts (debtors) in the balance sheet that might not be collectable. This provision can be either specific or general: * Specific bad debt provision - a provision set aside for specific or identified individual debts considered not collectable. This provision is allowable for tax deduction * General bad debt provision - a provision set aside for non specific debts, it might be for eexample 100% of all debts over 90 days old and 50% of debts over 60 days old. It is a general provision to cover the fact if any of these debts go bad and is not an allowable deduction for tax purposes
What is the entry of tds provision?
For a provision you initially debit cost and credit provision. When the provision is released you debit your provision and credit cash. The provision should be adjusted to present value on your balance sheet.
What is hauling of provision?
hauling of provision
Is shanghai is a provision of china?
It is a city not a provision.
What is provision of information and can you name an advantage and a disadvantage of this?
Provision of Information is when the government provides information to the consumer in order for them to recognise the true costs/benefits to themselves. Advantage: Reduces over-consumption/decreases over-consumption Disadvantage: Information only informs consumers, does not enforce like taxation.
How old do you have to be to get provision license?
You have to be 34 to have your provision license.
What is the definition of universal provision?
A universal provision is something that is offered to everyone. For instance, if a service is offered to the entire population it may be called a universal provision of that service.
Which provision adds an unpopular provision to a popular bill that is likely to be passed?
A rider is a provision that is added to a popular bill. Usually the rider is for a provision that on its own would not pass.
How do you calculate the provision for obsolete stocks?
How to reverse provision stock
What is a provision of the jersey plan?
a provision of the New Jersey Plan?
