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Experts: Please let me know the key difference between reverse and provision?

Key Account Management Accounting Tax Accounting Budgetary Finance
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Question added by Bhojraj Dahal , supply chain coordinator , L’Oréal
Date Posted: 2014/11/13
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Usman Dalawar
by Usman Dalawar , GENERAL ACCOUNTANT , AHMED NUR MOHD TRADING LLC

Reserve is created for unknown losses and provision is created for known losses and amount of which is not known, reserve is shown on credit side of the balance sheet and provision is shown in debit side of the balance sheet.

 

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