Subjects>Law & Government>United States Government

Provision is an asset or a liability?

Anonymous

∙ 13y ago

Updated: 11/11/2022

yes its come under Assets Account.

if you are make provision for Expenses which may occurred in next few month (less than 12 month) the provision account come under Current Assets. (Just like Prepaid expenses)

Wiki User

∙ 13y ago

What else can I help you with?

Is Bad debts an asset or liability?

Neither, a bad debt becomes an expense on the P&L. the provision created against this is liability

Is Provision for income taxes a current asset or liability?

Provisions are defined as liabilities of uncertain timing and amount. 2 types of provisions 1. provision that are in the nature of liabilities ( eg provision for warranty) 2. provisions that are in the nature of asset valuation ( eg provision for doubtful debt)

What is net liability?

Asset - Liability = Net Asset / Liability * Net Asset - When Asset is more than Liability * Net Liability - When Liability is more than Asset

Is provision for doubtful debt a current liability?

Provision for doubtful debt is current asset which is created as a reduction in accounts receivable balance and which is adjusted at actual bad debt.

Is a trade debtors asset or liability?

yes It is an Asset, not a Liability.

Is asset or liability?

asset

Is rent income a asset liability or owners equity?

asset liability

Is equipment an asset or liability?

Asset

Is land an asset or liability?

Asset

Is debtor an asset or liability?

It is an asset

Is a premises an asset or liability?

asset

Is Cash an asset or liability?

Asset.

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