Senior Accountant and Team Lead Interview Questions and Answers

Accounting standards dictate how financial transactions are recorded and reported. Provision is an estimated liability, while reserve is a portion of profits set aside for specific purposes.

• Accounting standards provide guidelines for how financial transactions should be recorded and reported.

• Provision is an estimated liability that a company sets aside to cover potential future expenses.

• Reserve is a portion of profits that a company sets aside for specific purposes, such as f...read more