Provisions or estimated liabilities, Cost Accounting

Assignment Help:

Where the liabilities are identified but the amounts cannot be precisely found, we estimate the liability and give for it as a liability. A common illustration is income tax payable. Unless the tax liability is found the amount payable cannot be exactly determined. There could be other illustrations too, such as product warranty expenses to be met and rapidly. The common practice is to evaluate these liabilities depends on past experience and make a provision for the same that is demonstrated as a part of liabilities.


Related Discussions:- Provisions or estimated liabilities

Analysis of fund flow and cash flow statements, After you have studied this...

After you have studied this section, you should be capable to: know the idea of funds flowing by a business in a dynamic situation understand the role of working capital

Standards on motivation, ADescribe the impact of different types of standar...

ADescribe the impact of different types of standards on motivations, and specifically, the likely effect on motivation of adopting the labor standard recommended for Geeta & Compan

Calculate the tax base of the interest received, Prepare answers to each of...

Prepare answers to each of the following questions.  Assume a tax rate of 30%. (i) Harry Ltd has a balance of prepaid rent in the balance sheet amounting to $100 000 as at 30 Ju

Example of labour remuneration, Example of Labour Remuneration Beneath...

Example of Labour Remuneration Beneath a premium bonus scheme, workers obtained a guaranteed basic hourly minimum rate of pay in addition of a bonus of 50 percent of the time

What is the cost of goods manufactured, information for the year ended Dece...

information for the year ended December 31, 2010: Direct labor $16,840 Direct material used 16,300 General and administrative expenses 14,240 Indirect production costs 16,780 Selli

Explain break-even analysis, Q. Explain Break-even analysis? ...

Q. Explain Break-even analysis? Cost-volume-profit (CVP) analysistracks that how profit changes when there are changes insales price, variable costs, fixed c

Direct cost as a relevant cost, Direct Cost as a Relevant Cost Direct ...

Direct Cost as a Relevant Cost Direct costs may be directly chargeable to a cost center or a product. They may be fixed costs or variable costs whereas it comes to decision-ma

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd