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 ?
Echoworx Corporation, a provider of managed encryption services for enterprise e-mail, announced today the availability of a self-provisioning capability for its Encrypted Mail Gateway product.
MyNetonomy provides a wide range of self-provisioning and online enterprise account management capabilities that give business administrators and employees a simple, user friendly means of activating and managing their corporate and individual 3G data accounts and services.
WebVisible's Geneva software application powers the technology behind "SearchMax", which eliminates the effort of self-provisioning interactive advertising on behalf of the advertiser, and allows local businesses to advertise on WebVisible's network of over 30 search engines, including Google, Yahoo