Provision
A provision is an estimated liability recorded when a business expects a future obligation from a past event but the exact amount or timing is uncertain. Examples include provisions for bad debts, warranties, or legal claims. They ensure expenses are recognized early, promoting conservative and accurate financial reporting.
More Items
Purchase Order
A purchase order is a formal document issued by a buyer to a supplier, confirming the purchase of goods or…
Petty Cash
Petty cash is a small fund kept on hand for minor or incidental expenses, such as office supplies or travel…
Profit and Loss Statement
The P&L statement, or income statement, summarizes a company’s revenues, costs, and expenses over a period to show net profit…
This website uses cookies to improve your experience. You can accept all or reject non-essential cookies.