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📖 generic · CBSE Class 11 English medium · ACCOUNTANCY · Page 41

1. Basic nature : A provision is a charge against profit whereas reserve is an

Chapter 7: Depreciation, Provisions and Reserves · ACCOUNTANCY

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atching principle requires that the revenue of→a given period is matched against the expenses→for the same period. This ensures ascertainment of→the correct amount of profit or loss. If some cost is→incurred whose benefit extend to more than one→

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    1. Basic nature : A provision is a charge against profit whereas reserve is an — ACCOUNTANCY, CBSE Class 11 English medium | Examozhi | Examozhi