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MARCH JUNE 2017

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › MARCH JUNE 2017

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Kim Smith.
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  • August 1, 2020 at 7:01 pm #578935
    iza1
    Participant
    • Topics: 115
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    • ☆☆☆

    4th Question , 3rd part about provisions.

    Can you please help me understand the difference between provisions charged and utilised during the year ?

    August 2, 2020 at 9:42 am #578948
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    Charge (in accounting) generally means expense to profit and loss (for anything – e.g. depreciation), For any provision – say for goods sold with a warranty for repairs – it is the making of the provision by Dr P&L Cr Provision that “hits” profit. When the goods are then returned for repairs, the repairs incurred are not expensed – that would be “double counting” – the provision is used/utilised by Dr Provision (Cr Cash)

    A provision can only be utilised (used up) for the purpose for which it was created.

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