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CPA Interview Question Get his or her take on the below concepts. What provisions would the...

CPA Interview Question

Get his or her take on the below concepts.

What provisions would the accountant change if he or she could?


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Answer:- provision is an expenditure relating to a particular accounting period, but not falling due on the date of financial statements.
- A provision can be an estimate as in the case of provision for doubtful debts or accurate as in the case of audit fee.
- Provisions are recognized on the balance sheet and then expensed on the income statement.
- Accountant will change if a provision is made by a bank for interest on overdue deposits, the provision needs to be carried in the financial statements and any such interest paid upon renewal is to be debited to such provision account only.

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