Definition of provision
From Old French provision.
provision (plural provisions)
- An item of goods or supplies obtained for future use.
- Money set aside for a future event.
- (accounting) A liability or contra account to recognise likely future adverse events associated with current transactions.
We increased our provision for bad debts on credit sales going into the recession.
to provision (third-person singular simple present provisions, present participle provisioning, simple past and past participle provisioned)
- To supply with provisions.
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