Why BDO, difference between reserve and provision, outstanding and accrued, when non profit organisation taxable

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Accepted Answer

Answering questions on BDO, reserves and provisions, outstanding and accrued, and non-profit taxation.

BDO is a global accounting firm with expertise in tax services.
Reserves are profits set aside for future use, while provisions are expenses set aside for future payment.
Outstanding refers to unpaid debts or obligations, while accrued refers to expenses that have been incurred but not yet paid.
Non-profit organizations may be taxable if they engage in certain activities, such as unrelated business income.
Taxation of non-profits can be complex and requires careful consideration of applicable laws and regulations.

Accepted Answer

Because BDO is emerging as fastest accounting firm taking up challenging assignments globally.
Reserves are funds set aside for specific purpose out of profits whereas provisions are mere liabilities for expenses accounted for
Outstandings refers to the debts which are confirmed and due whereas accrued refers those expenses which are only incurred but not yet due

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