Provision

Quick Summary of Provision

A liability of uncertain timing or amount.

noun

1. the action of providing or supplying something for use.
2. An amount or thing supplied or provided.

Similar: facilities, services, amenities, resource(s), equipment, arrangements, solutions, means, offering, funds, benefits, assistance, allowance(s), concession(s), opportunities, supplying, supply, providing, purveying, delivery, furnishing, equipping, giving, donation, allocation, distribution, presentation

verb

1. Supply with food, drink, or equipment, especially for a journey.
2. Set aside an amount in an organization’s accounts for a known liability.

Provision, generally, is to prepare in advance for an event that is projected to place in the future. In accounting, it is an amount charged against profits for a specific liability (for example: bad debts, depreciation or taxes). A liability may be known, but the amount is often uncertain. This uncertainty may lead to an adjustment in a later income statement once the final amount of the liability is ascertained.

Examples of Provision in a sentence

We increased our provision for bad debts on credit sales going into the recession.
Financial institutions have to provision against loan losses.
civilian contractors were responsible for provisioning these armies
changing levels of transport provision
new contracts for the provision of services

Synonyms For Provision

Cite Term

Definition Sources