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 classic literature ?
NEW PROVISIONS therein are also expressly authorized.
The recommendatory act of Congress is in the words following: "WHEREAS, There is provision in the articles of Confederation and perpetual Union, for making alterations therein, by the assent of a Congress of the United States, and of the legislatures of the several States; and whereas experience hath evinced, that there are defects in the present Confederation; as a mean to remedy which, several of the States, and PARTICULARLY THE STATE OF NEW YORK, by express instructions to their delegates in Congress, have suggested a convention for the purposes expressed in the following resolution; and such convention appearing to be the most probable mean of establishing in these States A FIRM NATIONAL GOVERNMENT:
In fact, as I afterward surmised, each servant was stealing from me and secreting a private stock of provisions for himself.
As a result, the provisions General Folsom had taken possession of diminished with perilous rapidity.
had plenty of provisions hidden away and could last out for months.
But it was all to no purpose, I had an irresistible desire for the voyage; and I told her I thought there was something so uncommon in the impressions I had upon my mind, that it would be a kind of resisting Providence if I should attempt to stay at home; after which she ceased her expostulations, and joined with me, not only in making provision for my voyage, but also in settling my family affairs for my absence, and providing for the education of my children.
population (based on the 2000 Federal census) modified their sales and use tax provisions and procedures to conform to it.
Though TIPRA became law--following months of deliberation--a number of planned provisions were excluded in order to keep the tax-cut package within the five-year, $70 billion limit in the budget resolution.
Boyle sent a letter to Representative William Thomas, Chairman of the House Ways & Means Committee, and Senator Charles Grassley, Chairman of the Senate Finance Committee, urging that several of the revenue offset provisions in S.
At issue are a series of provisions in the 2001 law that many lawmakers in Congress point to as one of the primary reasons why they were willing to vote for the Patriot Act.
The Federal Reserve Board, on December 16, 2003, requested comment on interim final rules and proposed rules to establish effective dates for certain provisions of the Fair and Accurate Transactions Act of 2003 (FACT Act) including provisions that preempt state laws that regulate areas governed by the Fair Credit Reporting Act (FCRA).
13, 2003 will be subject to the provisions of the Construction Contracts Act of 2002.

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