{"id":27766,"date":"2015-04-02T07:14:57","date_gmt":"2015-04-02T07:14:57","guid":{"rendered":"http:\/\/vskills.in\/certification\/blog\/?p=27766"},"modified":"2024-04-03T13:16:06","modified_gmt":"2024-04-03T07:46:06","slug":"provision-undetermined-liability-with-exact-accuracy","status":"publish","type":"post","link":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/","title":{"rendered":"Provision: Undetermined Liability With Exact Accuracy"},"content":{"rendered":"<p style=\"text-align: center\"><a ref=\"magnificPopup\" href=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-27833\" alt=\"Provision Undetermined Liability With Exact Accuracy\" src=\"http:\/\/vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg\" width=\"202\" height=\"240\" \/><\/a><\/p>\n<p>It is the\u00a0 amount that cannot be determined with exact accuracy. It is created to meet a known liability. It is debited to P &amp; L A\/c and invested outside the business. Provision for doubtful debts, Provision for depreciation, Provision for repairs, Provision for taxation, Provision for the replacement of an asset etc. are the examples.<\/p>\n<p>When goods\u00a0 are sold on credit then it is called a credit sale &amp; to whom the credit sales are made called Debtors or Receivables . Good Debtors are those debtors who will certainly pay the amount of credit\u00a0 to the company or the firm. Bad debts are the amount that a firm or company could not get from its debtors.<\/p>\n<p>Doubtful debts are those debtors from whom a company or firm might not receive money. it is a common practice\u00a0 of a company or a firm to make a suitable provision for doubtful debts at the time of ascertaining true profit or loss to take into account this possible loss of\u00a0 non payment by some debtors.<\/p>\n<p>For doubtful debts. It is usually calculated as a certain percentage of the total amount due from sundry debtors after deducting or writing off all known bad debts.<\/p>\n<p><a href=\"http:\/\/www.vskills.in\/certification\/accounting-banking-and-finance\">Click here for government certification in Accounting, Banking &amp; Finance<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It is the\u00a0 amount that cannot be determined with exact accuracy. It is created to meet a known liability. It is debited to P &amp; L A\/c and invested outside the business. Provision for doubtful debts, Provision for depreciation, Provision for repairs, Provision for taxation, Provision for the replacement of an asset etc. are the&#8230;<\/p>\n","protected":false},"author":964,"featured_media":27833,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[1519],"tags":[2945,2195,2944,2370],"class_list":["post-27766","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-banking-and-finance","tag-accuracy","tag-liability","tag-provision","tag-types"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Provision: Undetermined Liability With Exact Accuracy - Vskills Blog<\/title>\n<meta name=\"description\" content=\"What is a Provision?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Provision: Undetermined Liability With Exact Accuracy - Vskills Blog\" \/>\n<meta property=\"og:description\" content=\"What is a Provision?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/\" \/>\n<meta property=\"og:site_name\" content=\"Vskills Blog\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/vskills.in\" \/>\n<meta property=\"article:author\" content=\"madansingh.sh\" \/>\n<meta property=\"article:published_time\" content=\"2015-04-02T07:14:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-03T07:46:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"202\" \/>\n\t<meta property=\"og:image:height\" content=\"240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Madan Singh\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Madan Singh\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/\",\"url\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/\",\"name\":\"Provision: Undetermined Liability With Exact Accuracy - Vskills Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg\",\"datePublished\":\"2015-04-02T07:14:57+00:00\",\"dateModified\":\"2024-04-03T07:46:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/#\/schema\/person\/46dbc8844167a5c656496685408e469d\"},\"description\":\"What is a Provision?\",\"breadcrumb\":{\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#primaryimage\",\"url\":\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg\",\"contentUrl\":\"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg\",\"width\":202,\"height\":240},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.vskills.in\/certification\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Provision: Undetermined Liability With Exact Accuracy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/#website\",\"url\":\"https:\/\/www.vskills.in\/certification\/blog\/\",\"name\":\"Vskills Blog\",\"description\":\"Vskills - A Initiative in Assessment to Enhance Employability\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.vskills.in\/certification\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/#\/schema\/person\/46dbc8844167a5c656496685408e469d\",\"name\":\"Madan Singh\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.vskills.in\/certification\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/25f071353c95330a4e24a48ff28eb02a46fb848ddbc352bb87ef77f90f4e6e4d?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/25f071353c95330a4e24a48ff28eb02a46fb848ddbc352bb87ef77f90f4e6e4d?s=96&d=mm&r=g\",\"caption\":\"Madan Singh\"},\"description\":\"Net qualified in Management (finance) along with MBA in finance and pursuing Phd in management( Finance). Working as finance and accounts faculty in the MJ Institute of commerce, New Delhi and counselor for Post graduation course in IGNOU Study Centre, New Delhi.\",\"sameAs\":[\"madansingh.sh\",\"madan-singh\",\"https:\/\/twitter.com\/madansingh_sh\"],\"url\":\"https:\/\/www.vskills.in\/certification\/blog\/author\/madan-singh\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Provision: Undetermined Liability With Exact Accuracy - Vskills Blog","description":"What is a Provision?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/","og_locale":"en_US","og_type":"article","og_title":"Provision: Undetermined Liability With Exact Accuracy - Vskills Blog","og_description":"What is a Provision?","og_url":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/","og_site_name":"Vskills Blog","article_publisher":"https:\/\/www.facebook.com\/vskills.in","article_author":"madansingh.sh","article_published_time":"2015-04-02T07:14:57+00:00","article_modified_time":"2024-04-03T07:46:06+00:00","og_image":[{"width":202,"height":240,"url":"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg","type":"image\/jpeg"}],"author":"Madan Singh","twitter_misc":{"Written by":"Madan Singh","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/","url":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/","name":"Provision: Undetermined Liability With Exact Accuracy - Vskills Blog","isPartOf":{"@id":"https:\/\/www.vskills.in\/certification\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#primaryimage"},"image":{"@id":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#primaryimage"},"thumbnailUrl":"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg","datePublished":"2015-04-02T07:14:57+00:00","dateModified":"2024-04-03T07:46:06+00:00","author":{"@id":"https:\/\/www.vskills.in\/certification\/blog\/#\/schema\/person\/46dbc8844167a5c656496685408e469d"},"description":"What is a Provision?","breadcrumb":{"@id":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#primaryimage","url":"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg","contentUrl":"https:\/\/www.vskills.in\/certification\/blog\/wp-content\/uploads\/2015\/04\/Provision-Undetermined-Liability-With-Exact-Accuracy.jpg","width":202,"height":240},{"@type":"BreadcrumbList","@id":"https:\/\/www.vskills.in\/certification\/blog\/provision-undetermined-liability-with-exact-accuracy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.vskills.in\/certification\/blog\/"},{"@type":"ListItem","position":2,"name":"Provision: Undetermined Liability With Exact Accuracy"}]},{"@type":"WebSite","@id":"https:\/\/www.vskills.in\/certification\/blog\/#website","url":"https:\/\/www.vskills.in\/certification\/blog\/","name":"Vskills Blog","description":"Vskills - A Initiative in Assessment to Enhance Employability","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.vskills.in\/certification\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.vskills.in\/certification\/blog\/#\/schema\/person\/46dbc8844167a5c656496685408e469d","name":"Madan Singh","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.vskills.in\/certification\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/25f071353c95330a4e24a48ff28eb02a46fb848ddbc352bb87ef77f90f4e6e4d?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/25f071353c95330a4e24a48ff28eb02a46fb848ddbc352bb87ef77f90f4e6e4d?s=96&d=mm&r=g","caption":"Madan Singh"},"description":"Net qualified in Management (finance) along with MBA in finance and pursuing Phd in management( Finance). Working as finance and accounts faculty in the MJ Institute of commerce, New Delhi and counselor for Post graduation course in IGNOU Study Centre, New Delhi.","sameAs":["madansingh.sh","madan-singh","https:\/\/twitter.com\/madansingh_sh"],"url":"https:\/\/www.vskills.in\/certification\/blog\/author\/madan-singh\/"}]}},"_links":{"self":[{"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/posts\/27766","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/users\/964"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/comments?post=27766"}],"version-history":[{"count":7,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/posts\/27766\/revisions"}],"predecessor-version":[{"id":71686,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/posts\/27766\/revisions\/71686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/media\/27833"}],"wp:attachment":[{"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/media?parent=27766"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/categories?post=27766"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vskills.in\/certification\/blog\/wp-json\/wp\/v2\/tags?post=27766"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}