provision

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Provision

Used in accounting as a charge for an estimated expense or loss.

provision

the sums charged in DOUBLE ENTRY ACCOUNTS against a firm's PROFITS in anticipation of costs which are likely to arise in the future. The most common general provision made by firms is the provision for DOUBTFUL DEBTS which is established in anticipation of some customers not paying what they owe. In addition, a firm may make a specific provision against, say, a damages claim which is presently not yet settled. Provisions are aimed at trying to ensure that profits are not overstated by making sure that all a firm's costs are charged, even those whose precise amount is not yet certain. See REVALUATION PROVISION, DEFERRED TAX.
References in periodicals archive ?
User Modeling(TM) - enables new user accounts to be provisioned by cloning the access rights of existing users, resources, roles or templates.
Employing state-of-the-art Operational Support Systems (OSS) and optical electronics, Looking Glass is breaking the metro bandwidth bottleneck by offering rapidly provisioned lit bandwidth, dark fiber and collocation services.
The mission of the XRPM Working Group is to provide a standard for the open interoperability between systems and resources in order for access rights to be provisioned.
Through open source toolkits the RS platform allows services to be dynamically provisioned through policy-based configurations.
Services to be provisioned can be entered directly into the system or extracted from external sources such as an Order Management system.