Senior Accountant and Team Lead

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Senior Accountant and Team Lead Interview Questions and Answers

Updated 18 Jun 2024

Q1. accounting standards and difference between provision and reverses

Ans.

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

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