CVG Seating Senior Accounts Officer Interview Questions and Answers

DBK Provision entry is made to account for potential duty drawbacks, while bank collection entry of DBK income records the actual receipt of duty drawback income.

• DBK Provision entry is a provision made in the accounts to account for potential duty drawbacks that may be claimed in the future.

• This entry is made to ensure that the financial statements reflect the potential liability of duty drawbacks accurately.

• Example: D...read more

Provision entries are adjusting journal entries made at the end of an accounting period to allocate income and expenses to the appropriate period.

• Accrual of expenses such as salaries, rent, and utilities

• Recognition of revenue that has been earned but not yet invoiced

• Adjustment for depreciation of fixed assets

• Creation of allowance for doubtful debts

• Reversal of previous provisions if no longer required