Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 13 - No. 2)
In accounting, what does the term "provision" often refer to?
An estimate of a future expense or liability.
A distribution of profits to partners.
The initial capital contributed by partners.
The act of providing goods to customers.
Explanation
A provision is a type of liability, often used to estimate a future expense.
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