Provision vs Accrual - What's the difference?
provision | accrual |
An item of goods or supplies, especially food, obtained for future use.
* Francis Bacon
* Milton
The act of providing, or making previous preparation.
Money set aside for a future event.
(accounting) A liability or contra account to recognise likely future adverse events associated with current transactions.
(legal) A clause in a legal instrument, a law, etc., providing for a particular matter; stipulation; proviso.
(Roman Catholic) Regular induction into a benefice, comprehending nomination, collation, and installation.
(UK, historical) A nomination by the pope to a benefice before it became vacant, depriving the patron of his right of presentation.
An increase; something that accumulates, especially an amount of money that periodically accumulates for a specific purpose
(accounting) a charge incurred in one accounting period that has not been paid by the end of it.
As nouns the difference between provision and accrual
is that provision is provision while accrual is an increase; something that accumulates, especially an amount of money that periodically accumulates for a specific purpose.provision
English
Noun
(en noun)- making provision for the relief of strangers
- And of provisions laid in large, / For man and beast.
- (Shakespeare)
- We increased our provision for bad debts on credit sales going into the recession.
- An arrest shall be made in accordance with the provisions of this Act.
- (Blackstone)
