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What is a provision?


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Wiki User
2017-05-25 18:42:04
2017-05-25 18:42:04

The word 'provision' is a noun and a verb.

The noun 'provision' is a word for:

  • an act or process of providing or supplying something for use;
  • an amount or thing supplied or provided;
  • a stock of materials or supplies;
  • financial or other arrangements for future eventualities or requirements;
  • a condition or requirement in a legal document;
  • a word for a thing.

The verb 'provision' means:

  • to provide or supply something for use;
  • to set aside an amount in an organization's accounts for a known liability;
  • a word for an action.

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For a provision you initially debit cost and credit provision. When the provision is released you debit your provision and credit cash. The provision should be adjusted to present value on your balance sheet.

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For a provision you initially debit cost and credit provision. When the provision is released you debit your provision and credit cash. The provision should be adjusted to present value on your balance sheet.

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It is a city not a provision.

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