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(Querist)
05 September 2011 define provision?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
05 September 2011 Amount of an expense that must be recognized currently when the exact amount of the expense is uncertain. An example is an expense such as provision for income taxes.
Contra asset account such as allowance for bad debts and allowance to reduce securities from cost to market value.
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