A tax provision is the amount recognized in the accounts to reflect the estimated tax liability for a period. It is recorded even if the actual payment will be made later. Proper tax provisioning ensures that financial statements reflect the true profit after considering expected tax expense.
Turnover
Turnover can have different meanings depending on context, but it commonly refers either to total sales revenue or to the speed at which something...
Trust Account
A trust account is an account in which money is held by one party on behalf of another for a specific purpose. It is...
Trial Balance
A trial balance is a statement listing the balances of all ledger accounts at a specific date to check whether total debits equal total...
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