Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as
A. Contingent liability
B. Liability
C. Provision
D. Reserve
Answer: Option C
Solution(By Examveda Team)
Present liability of uncertain amount, which can be measured reliably by using a substantial degree of estimation is termed as Provision. A provision is an account which records a present liability of an entity.This Question Belongs to Commerce >> Accounting
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