provision


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Related to provision: Provision for Bad Debts

provision

A term which, as used in UK medical practice, corresponds to one or more legal conditions/provisos written into a contract or financial arrangement, when a particular type of expense is anticipated but its actual and final cost is uncertain—e.g., clinical negligence liability.

Provisions are included in contracts to comply with the accounting principle of prudence. An estimate of the likely expense is charged to the income and expenditure account—for the Department, to the Operating Cost Statement—as soon as the issue comes to light, even though a cash payout might not occur for many years, if at all. The expense is matched by a balance-sheet provision entry showing the potential liability to the organisation.
References in classic literature ?
He starved us when he had the sole superintendence of the provision department, before the committee was appointed; and he bored us with long lectures once a week, and with evening readings from books of his own inditing, about sudden deaths and judgments, which made us afraid to go to bed.
Catherine came to me, one morning, at eight o'clock, and said she was that day an Arabian merchant, going to cross the Desert with his caravan; and I must give her plenty of provision for herself and beasts: a horse, and three camels, personated by a large hound and a couple of pointers.
My object was to secure the only provision for her daughters which it was now possible to make.
Scrooge,' said the gentleman, taking up a pen, `it is more than usually desirable that we should make some slight provision for the Poor and Destitute, who suffer greatly at the present time.
We made no more provision for growing older, than we did for growing younger.
It was the golden end of afternoon as the coach stopped in front of the main hotel, The Golden Fortune; and for the benefit of any with not too long purses who shall hereafter light on Yellowsands, and be alarmed at the name and the marble magnificence of that delightful hotel, I may say that the charges there were surprisingly "reasonable," owing to one other wise provision of the young lord and master of that happy place, who had had the wit to realise that the nicest and brightest and prettiest people were often the poorest.
For many are the Trees of God that grow In Paradise, and various, yet unknown To us, in such abundance lies our choice, As leaves a greater store of Fruit untoucht, Still hanging incorruptible, till men Grow up to thir provision, and more hands Help to disburden Nature of her Bearth.
Having made this goodly provision for washing down the supper, he seemed to think no farther ceremonious scruple necessary on his part; but filling both cups, and saying, in the Saxon fashion, ``Waes hael, Sir Sluggish Knight
He did so, and pensively apostrophized it with a shocking epithet in anticipation of the time when its appetite must be satisfied from the provision shop instead of from its mother's breast.
We had soon touched land in the same place as before and set to provision the block house.
If he had lived, he would have made provision for us.
It is scarcely questioned that this provision was intended by those who made it for the reclaiming of what we call fugitive slaves; and the intention of the lawgiver is the law.