Define: Provision

UK Accounting Glossary

Definition: Provision


Quick Summary of Provision


A liability of uncertain timing or amount.




What is the dictionary definition of Provision?

Dictionary Definition


  1. An item of goods or supplies, especially food, obtained for future use.
  2. The act of providing, or making previous preparation.
  3. Money set aside for a future event.

Also:

  • An article, clause, or stipulation in an agreement, contract, deed, instrument, or statute that explains a specific condition, effect, implication, qualification, or requirement.
  • To resource/source

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Full Definition of Provision


noun
1. the action of providing or supplying something for use.
“new contracts for the provision of services

Similar: supplying, supply, providing, purveying, delivery, furnishing, equipping, giving, donation, allocation, distribution, presentation

2. An amount or thing supplied or provided.
“changing levels of transport provision”

Similar: facilities, services, amenities, resource(s), equipment, arrangements, solutions, means, offering, funds, benefits, assistance, allowance(s), concession(s), opportunities

verb
1. supply with food, drink, or equipment, especially for a journey.
“civilian contractors were responsible for provisioning these armies”
2. set aside an amount in an organization’s accounts for a known liability.
“financial institutions have to provision against loan losses”


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Provision FAQ's


What is the meaning of provision?

Provision is a clause in a legal instrument, a law, etc., providing for a particular matter; stipulation; proviso. the providing or supplying of something, especially of food or other necessities. arrangement or preparation beforehand, as for the doing of something, the meeting of needs, the supplying of means, etc.


Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/provision/
Modern Language Association (MLA):
Provision. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. November 17, 2019 https://payrollheaven.com/define/provision/.
Chicago Manual of Style (CMS):
Provision. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/provision/ (accessed: November 17, 2019).
American Psychological Association (APA):
Provision. PayrollHeaven.com. Retrieved November 17, 2019, from PayrollHeaven.com website: https://payrollheaven.com/define/provision/

Definition Sources


Definitions for Provision are sourced/syndicated from:


This glossary post was last updated: 23rd December 2018.