Current Liabilities and Provisions: Current liabilities may be defined as all obligations arising from operations related to an operating cycle and payable within the course of such a cycle and includes all other obligations which are to be repaid within the same accounting year in which they were incurred. The following items are classified under this category:

1. Acceptances;

2. Sundry creditors;

3. Subsidiary companies;

4. Advance payments and unexpired discount;

5. Unclaimed dividends;

6. Other liabilities; and

7. Interest accrued but not due on loans.

Provision has been defined as "any amount written off or retained by way of providing for depreciation, renewals or diminution in value of assets, or retained by way of providing for any known liability of which the amount cannot be determined with substantial accuracy". The following list of provisions can be disclosed under this category:

1. Provision for taxation.

2. Provision for proposed dividends.

3. Provision for contingencies.

4. Provision for provident fund scheme.

5. Provision for insurance, pension and similar staff benefit schemes.

6. Other provisions.

Email based Accounting assignment help - homework help at Expertsmind

Are you searching Accounting expert for help with Current Liabilities questions?  Current Liabilities topic is not easier to learn without external help?  We at www.expertsmind.com offer finest service of Accounting assignment help and Accounting homework help. Live tutors are available for 24x7 hours helping students in their Current Liabilities related problems. We provide step by step Current Liabilities question's answers with 100% plagiarism free content. We prepare quality content and notes for Current Liabilities topic under  Accounting theory and study material. These are avail for subscribed users and they can get advantages anytime.

Why Expertsmind for assignment help

1. Higher degree holder and experienced experts network
2. Punctuality and responsibility of work
3. Quality solution with 100% plagiarism free answers
4. Time on Delivery
5. Privacy of information and details
6. Excellence in solving Accounting questions in excels and word format.
7. Best tutoring assistance 24x7 hours