Provisions for bad debts
Calculated to cover the debts that are
not expected to be paid.
The
charges against profits for debtors who
may not pay for goods and services they
have received.
Some
debtors may be unable to pay their debts
due to all kind circumstances.
Provision
for Bad Debts usually done at the end
of financial year, might be also known
as Bad Debt Expense or Uncollectible
Account Expense. In this situation, the
Provision for Bad Debts reports the
credit losses that pertain to the period
shown on the income statement.
Provisions for depreciation
An amount
credited to an account of a company in
order to allow for the depreciation of a
fixed assets.
The
amount set aside is deducted from the
value of the asset in the balance sheet.
Depreciation may be defined as the
permanent decrease in the value of an
asset due to use or the lapse of the
time. -Terminology of Institute of Cost
and Management Accountants, England
Causes of Depreciation:
Internal
depreciation which occurs for
certain normal internal causes called
internal depreciation.
External
depreciation caused by external reasons
is called external depreciation.
Provision for accrued liabilities
Accrued liabilities consist of the
following aspects:
Non
income tax
Employee
Customer allowances
Customer retention
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Subjects keywords:
Provision, Definition of Provision,
Provisions for bad debts, Provisions for
depreciation, Provision for accrued
liabilities. All information about
Provision.
