What are Provisions:
Provisions is prevent or gather things necessary for a purpose. It is also known as the action and effect of providing.
In countries that suffer natural disasters or political problems, for example, we can say that individuals have supplies of food and medicine in their homes.
Provision can also refer to the disposition to achieve something such as, for example, without the provision of electricity we will not be able to get home.
The provision is also known as the savings that an individual makes for any eventuality that may arise to cover expenses and obligations.
In the field of law, provision is a resolution or sentence issued by a judge or court. On the other hand, provision is the possession in the hands of the payer of the value of a bill, check, etc.
Formerly, the Royal Provision existed in the Kingdom of Castile. It was an administrative legal provision issued and signed by the king, or failing that, by the Council of Castile, Military Orders or Chancelleries, in order to regulate matters and matters of public interest.
Synonyms for provisions are: rationing, supplies, supplies, inputs, pantries and assortments.
See also Supplies.
Antonyms or the opposite of provision are: scarcity, penury, lack and misery.
Provisions in English is provisions for example, “We need to keep provisions at home before the hurricane arrives”, which translates as “We must keep supplies at home before the hurricane hits.”
Accounting provisions
In accounting, provision is the amount withdrawn or set aside from gross profits to satisfy an obligation.
In business administration, provisions are necessary to foresee extra expenses for eventualities or acquired obligations that cannot be paid with ordinary assets. Such as, for example, the case of paying fines, taxes or reparations.
See also Business Administration.