 Related Questions Latest Answer : Provisions are to allocate an amount to meetout the requirement.Reserves are made avaialble to meet business demands eg., meet out obsoletions, to meet out expansions etc.,By and large provisions will have revisions, reserves will not have. ... What is meant by the followingInterest accrualInterest bookingInterest Application on the month endInterest Application for the broken periodOverdue interest Unredeemed interestClosures and Premature Closures of the accounts Latest Answer : Meaning of Accrual: Revenues and costs are accrued (gathered), that is recognised as they are earned or incurred (and not as money is received or paid) and recorded in the financial statements of the periods to which they relate. Accrual basis of accounting ... Latest Answer : Provision means liabilities It means payable account it's an very usefull for controlling payable accounts like telephone charges, ESIC accounts, EPF accounts, EPF payable accounts Dr to EPF accountsESIC payable accounts Drto ESIC account ... Read Answers (2) | Asked by : vijay Latest Answer : Salary A/C drTo TDS payable A/CTo EPF payable A/CTo ESI payable A/C ... Read Answers (1) | Asked by : Sajith Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the What are Accrual, Provision and Reserve? Latest Answer : we create any outstanding or Expenditure are Income is called Accrual. It is not actual received or paid specific period, but these are earned are expended preset specific period. This transaction is not effected on the cash present period, only ... Your client is preparing financial statements to show the bank. You know that he has incurred a computer repair expense during the month, but you see no such expense on the books. When you question the
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