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 ?
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).
This will be the second year for what is planned as an annual event, featuring food booths from 18 local restaurants, caterers and provisioners.
Solitary nest-provisioning Hymenoptera may be subdivided into 2 broad categories based on the relative timing of provisioning and offspring developmental events: progressive provisioners, those in which the female provisioning period overlaps with the larval development period, and mass provisioners, in which females complete provisioning and seal off each nest cell before the egg hatches (Evans & O Neill 2007).
Like Meli, Tognetti begins by describing the career of these Pisan homines novi who began as wine merchants, expanded their activities to the wool trade, and ultimately functioned as the major provisioners for the Appiani court at Piombino.
There are, however, notable considerations to be made when viewing their roles as provisioners through the gender filter of their roles as men.
The unsuccessful provisioners were turned away so they decided to walk to a Cherokee village in Mexico, a mere 160 miles distant.
In these capacities, they acted as independent provisioners to the fur trade.