PROVISION

Provision

In financial accounting, a provision is an account which records a present liability of an entity to another entity. The recording of the liability affects both the current liability side of an entity's balance sheet as well as an appropriate expense account in the entity's income statement.

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provision

Noun

  1. An item of goods or supplies, especially food, obtained for future use.
  2. The act of providing, or making previous preparation.
  3. Money set aside for a future event.
  4. A liability or contra account to recognise likely future adverse events associated with current transactions.
    We increased our provision for bad debts on credit sales going into the recession.
  5. A clause in a legal instrument, a law, etc., providing for a particular matter; stipulation; proviso.
    An arrest shall be made in accordance with the provisions of this Act.
  6. Regular induction into a benefice, comprehending nomination, collation, and installation.
  7. A nomination by the pope to a benefice before it became vacant, depriving the patron of his right of presentation.

Verb

  1. To supply with provisions.


The above text is a snippet from Wiktionary: provision
and as such is available under the Creative Commons Attribution/Share-Alike License.

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