provision

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Provision

Used in accounting as a charge for an estimated expense or loss.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
When William III and George I came to England from Holland and Hanover respectively, each had brought their customary Jewish bankers and Jewish army provisioners with them; and from Isaac Pereira, Solomon de Medina and Gideon Samson through Joseph Salvador to the Franks and the Goldsmid brothers, Jewish financiers had been quietly funding British governments, supplying British armies and helping to build Britain's international trade throughout the eighteenth century.
Data Centers are the Resource Provisioners, which always service only legitimate clients and even not for aggressive legitimate clients to improve availability.
Port facilities, whether owned or operated by private firms or public agencies, also require stevedoring firms, breakbulk facilities, barge and lighterage providers, bunkerage and ships stores provisioners, and tugboat operators.
Further, Harvey recognized the importance of retaining the talented chefs he hired, and thus gave them discretion with recipes and even encouraged them to make deals with provisioners in their respective areas to acquire interesting game and produce.
Those of us accustomed to imagining Victorian cuisine as overwhelmingly bland will be surprised to learn that a typical Tuesday evening meal consisted of "John dory and lobster sauce," "curried fowl," and "strawberry cream," the preparation of which required trips to a variety of specialist provisioners (57).