Tag Archives: #ProvisionAccounting

Is provision a long-term liability?

Is provision a Long-Term Liability Is provision a Long-Term Liability: It is a liability that is recognize when there is a probable obligation or liability that may result from a past event, and the amount of the obligation can be estimate with reasonable accuracy. Provisions can be either short-term or long-term depending on the time… Read More »

Is the provision for taxation a liquid asset or not?

Is the provision for taxation a liquid asset or not The provision for taxation is not considered a liquid asset. In financial terms, a liquid asset refers to an asset that can easily convert into cash without significant loss in value. While the provision for taxation represents an estimated amount set aside by a company… Read More »

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