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 ?
The index for 'food articles' group rose by 1.3 per cent to 153.7 (provisional) from 151.7 (provisional) for the previous month due to higher price of fruits and vegetables (5 pc), egg, maize and jowar (4 pc each), pork (3 pc), beef and buffalo meat, bajra, wheat and condiments and spices (2 pc each) and barley, moong.
CM Balochistan has made several changes in portfolios of provisional ministers in last one year.
5, the provision mandating that a provisional license issued to a recruitment agency is only valid for a non-extendible period of 2 years has been held in abeyance due to the recent events in host countries that have affected the deployment of migrant workers.
'I would like to underscore the provision of the law that the provisional CPCN granted to Peco during the transition period shall not be construed as extending the franchise of Peco, which has expired on January 18, 2019.
He said the provisional safeguard duty would be implemented as "the DTI, acting under Section 7 of RA (Republic Act) 8800, the Safeguard Measures Act, found after preliminary determination that increased imports of ceramic floor and wall tiles have caused serious injury to the domestic industry." Under the Safeguard Measures Act, the country is allowed to impose safeguard measures or higher duties on imported goods when it is found that there is an increase in imports of a certain commodity and such has hurt the local industry.
The Hague - The UAE has sought an indication of provisional measures from the International Court of Justice in a case filed by Qatar in which Doha instituted proceedings against the UAE with regard to alleged "violations" of the international convention against racial discrimination.
Marginal accuracy is one of the most important factors that determines the success of a provisional restoration; an acceptable accuracy at the margin is indispensable in maintaining gingival health and protecting the tooth from physical, chemical, bacterial, and thermal injuries.4 Marginal failure might lead to micro-leakage, postoperative sensitivity, pulpal inflammation, recession, and recurrent dental caries.5
The growth of service sector has declined from provisional estimates of 6.43 percent to 5.78 percent.
In the services sector, growth declined from provisional estimates of 6.43pc to 5.78pc, wholesale and retail trade declined from 7.51pc to 6.40pc, transport, storage and communication sector declined to 1.96pc from provisional growth of 3.58pc.
The prices for apartments in houses made out of bricks at the end of October amounted to 668 provisional units (in September to 667 provisional units), in panel houses to 612 provisional units (in September to 614 provisional units).
A member of bench wondered if India is giving special status to Kashmir by amending Article 370 of its constitution, why could Pakistan not grant provisional provincial status to GB.
The officials in the PBS also mentioned that exports from Pakistan during March-2018 is worth Rs250,065 million (provisional) as compared to Rs209,996 million (provisional) in February-2018 and Rs187,922 million during March-2017 explaining a rise of 19.08 percent over February-2018 but a rise of 33.07 percent over March, 2017.

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