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Is provision for tax is a current liability?
Provision for taxation is current liablity
Is provision for doubtful debt under current assets?
Yes provision of doubtful debt is part of current assets as accounts receivable is part of current assets and this allowance is for short term period.
Is provision for doubtful debt a current liability?
Provision for doubtful debt is current asset which is created as a reduction in accounts receivable balance and which is adjusted at actual bad debt.
What if income tax provision is higher than deferred income tax?
You may not understand what your asking, in provision and "tax" are 2 different things. Provision is a purely accounting (GAAP) term. it has nothing to do with IRS tax really. It isn't even part of IRS vernacular really. An Income Tax Provision basically has 2 components; Deferred Tax Provision & Current Tax Provision. (Some ancillary accounting lines may have to do with credits and tax effect of state tax deduction for example). The total income tax provision is the combination of the 2. If current tax provision is higher than deferred tax provision, than the deferred tax provision is a tax benefit. A very common thing that happens when tax accounting requires a provision be recorded for income recorded for GAAP before it is income for tax.
What does provision of income tax mean?
Estimation of the taxes for the current year
How different approaches to work with children in the early years have influenced current provision in the UK?
The approach in the UK with young children is quite different that in the United States. It has influenced current provisions by teaching parents to work and learn with their children. Children learn to play in different environments and learn safe ways to play.
Is provision for tax is a current liability?
Provision for taxation is current liablity
Is provision for doubtful debt under current assets?
Yes provision of doubtful debt is part of current assets as accounts receivable is part of current assets and this allowance is for short term period.
What is provision for taxation?
The amount which is kept by the company to pay taxes against its profits is known as provision for taxation. Provision for taxation considered as current liability.
Is provision for doubtful debt a current liability?
Provision for doubtful debt is current asset which is created as a reduction in accounts receivable balance and which is adjusted at actual bad debt.
What if income tax provision is higher than deferred income tax?
You may not understand what your asking, in provision and "tax" are 2 different things. Provision is a purely accounting (GAAP) term. it has nothing to do with IRS tax really. It isn't even part of IRS vernacular really. An Income Tax Provision basically has 2 components; Deferred Tax Provision & Current Tax Provision. (Some ancillary accounting lines may have to do with credits and tax effect of state tax deduction for example). The total income tax provision is the combination of the 2. If current tax provision is higher than deferred tax provision, than the deferred tax provision is a tax benefit. A very common thing that happens when tax accounting requires a provision be recorded for income recorded for GAAP before it is income for tax.
What does provision of income tax mean?
Estimation of the taxes for the current year
Is provision for depreciation is current liability?
NO, it is not a liability it is a con-tra account
Should Provision for depreciation comes under current liabilities?
All provisions comes under current liabilities so provision for depreciation is as well because it is made for one fiscal year only.
How are the north equatorial and south equatorial currents in the pacific ocean alike and different?
The North Equatorial Current and South Equatorial Current in the Pacific Ocean are both warm, fast-moving currents that flow towards the west. They are driven by the trade winds. One key difference is that the North Equatorial Current is influenced by the North Pacific Gyre, while the South Equatorial Current is influenced by the South Pacific Gyre.
Formula for current liability?
Current Liability = sundry creditor+bank overdraft+ expenses payable+provision for tax,divident
Is Provision for income taxes a current asset or liability?
Provisions are defined as liabilities of uncertain timing and amount. 2 types of provisions 1. provision that are in the nature of liabilities ( eg provision for warranty) 2. provisions that are in the nature of asset valuation ( eg provision for doubtful debt)
