Geetanjali Medical College and Hospital Accountant Interview Questions and Answers

Provisions are liabilities that are uncertain in timing or amount.

• Provisions are created to account for future expenses or losses.

• They are recognized in the financial statements when there is a probable obligation and the amount can be estimated.

• Examples include provisions for bad debts, warranties, restructuring, and legal claims.

Provisions are liabilities that are uncertain in timing or amount.

• Provisions are created to account for future expenses or losses.

• They are recognized in the financial statements when there is a probable obligation and the amount can be estimated.

• Examples include provisions for bad debts, warranties, restructuring, and legal claims.