--%>

Provisional Entries

Describe Provisional Entries?

E

Expert

Verified

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.

   Related Questions in Managerial Accounting

  • Q : Understandability-Accounting information

    What do you mean by the term Understandability which is accounting information?

  • Q : Federal budget Choose the right answer

    Choose the right answer from following. Which one did not contribute to the large Federal budget deficits in the year of 2002 and 2003? A) spending on the wars in Afghanistan and Iraq. B) low interest rates. C) Federal tax cuts. D) the recession of 2001 and its afterm

  • Q : Influence of lack of partnership deed

    Describe the provision of 'Indian partnership Act 1932‘concerning sharing of profits in lack of any provision in partnership deed. Answer: In the lack of any p

  • Q : VAT entry How to make a VAT entry in

    How to make a VAT entry in books including set off?

  • Q : Explain Cash Management Cash Management

    Cash Management: Cash Management is the management of cash balances of a concern in such a way as to maximize the accessibility of cash not invested in inventories or fixed assets and to ignore the risk of insolvency. According to Keynes there are thr

  • Q : Actual costing A function of measuring

    A function of measuring and assigning production costs to determine the unit cost. Actual revenue assigns the real cost of materials, labor, and overhead to ma

  • Q : What is Partnership Partnership :

    Partnership: Whenever two or more persons enter into an agreement to take on business and share its gain and losses, it is a condition of partnership. It can also define as: "Partnership is the relation among persons and who have granted to share the

  • Q : When does a partnership exist A) A

    A) A partnership may be formed either expressly or impliedly, and in each case all the circumstances should be examined in order to ascertain: The intention of the parties; Whether there has been a

  • Q : Conditions in which fixed capital of

    Give circumstances in which the fixed capital of partners might change. Answer: Two circumstances in which the fixed capital of Partners might change are as follows:

  • Q : Regions of decision making process What

    What are the possible broad regions of decision making process where management accounting information is required?