Provisional Entries
Describe Provisional Entries?
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Provision entries are the entries which are made to account for expenses which have not been accounted in the period for which it associates. Therefore debiting the expenses and crediting the party account or liability account forms the provision.
Indirect Cost: A cost which can’t be recognized particularly with or traced to a specified cost object in an economically feasible manner.
Expense: The Outflow or other using up of resources or acquiring liabilities (or a combination of both), the advantages from which exert to an entity's operations for the present accounting period, however they do not expand to future
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