Accrual vs. Provision

Accrual vs. Provision — Is There a Difference?
ADVERTISEMENT

Difference Between Accrual and Provision

Accrualnoun

An increase; something that accumulates, especially an amount of money that periodically accumulates for a specific purpose

Provisionnoun

An item of goods or supplies, especially food, obtained for future use.

Accrualnoun

(accounting) from the creditor's viewpoint, a charge incurred in one accounting period that has not been, but is to be, paid by the end of it.

Provisionnoun

The act of providing, or making previous preparation.

Accrualnoun

the act of accumulating

Provisionnoun

Money set aside for a future event.

ADVERTISEMENT

Provisionnoun

(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.

Provisionnoun

(legal) A clause in a legal instrument, a law, etc., providing for a particular matter; stipulation; proviso.

An arrest shall be made in accordance with the provisions of this Act.

Provisionnoun

(Roman Catholic) Regular induction into a benefice, comprehending nomination, collation, and installation.

Provisionnoun

A nomination by the pope to a benefice before it became vacant, depriving the patron of his right of presentation.

Provisionverb

(transitive) To supply with provisions.

to provision an army

Provisionverb

To supply (a user) with an account, resources, etc. so that they can use a system.

ADVERTISEMENT

Provisionnoun

a stipulated condition;

he accepted subject to one provision

Provisionnoun

the activity of supplying or providing something

Provisionnoun

the cognitive process of thinking about what you will do in the event of something happening;

his planning for retirement was hindered by several uncertainties

Provisionnoun

a store or supply of something (especially of food or clothing or arms)

Provisionverb

supply with provisions