What is provision for depreciation?

Answer Provision for depreciation is an immensely important concept for accounting and tax purposes. With the passage of time, the value of assets, such as machinery, goes down, and, therefore, they have ... Read More »

Top Q&A For: What is provision for depreciation

Difference Between Depreciation & Depreciation Expense?

In general usage, depreciation is the decline in an asset's value due to both internal and external causes. In accounting, depreciation is a decline in an asset's value during its useful lifespan, ... Read More »

What is a statutory provision?

A statutory provision is a clause in a statute that provides for a specific matter, according to the online legal dictionary,TransLegal. For example, the state of Minnesota has a statutory provisio... Read More »

What is the meaning of provision?

Provision is one of those terms that has multiple meanings that can be taken from a dictionary. For the most part, the word provision has something to do with food or supplies stored for a particul... Read More »

What is a deeming provision?

A deeming provision, simply put, is a clause in case law that allows the court to make an assumption so proceedings can continue. For example, the court can make an assumption through a deeming pro... Read More »