provision

Examples of provision in the following topics:

• Allocation, Provisioning and the Economic System

  • Economics as a study of provisioning is the study of how individuals and societies evolve over time.
  • Provisioning is concerned with the social structure and the alternative ways in which the allocation problem is approached.
  • The concern of provisioning is with the economic actors (agents), the context in which their choices are made and the criteria used to make and evaluate those choices.

• Sunset Laws

  • A sunset provision is a measure within a statute that provides that a law shall cease to be in effect after a specific date.
  • The definition of extraneous includes provisions that are outside the jurisdiction of the committee or that do not affect revenues or outlays.
  • Therefore, a sunset provision in the Act reinstated the tax to its original levels on January 1, 2011 in order to comply with the Byrd Rule.
  • As of April 2011, Republicans in Congress have tried to repeal the sunset provision, but their efforts have been unsuccessful.
  • Uncertainty over the prolonged existence of the sunset provision has made estate planning more complicated.

• Economics as a Study of Provisioning

  • The provisioning process frames or defines the approaches to allocating resources and goods.
  • Economics as a study of provisioning is a social science and tries to understand the historical and philosophical context of the allocation problem.
  • The allocation problem is one aspect of the provisioning problem.
  • Economics as a study of provisioning includes the historical and philosophical foundations and context of economic behavior.
  • Human societies have attempted a broad array of alternative systems to deal with the problem of provisioning.

• Introduction to the Economic Problem

  • Provisioning is process that by which individuals in societies provide themselves with the means for survival and betterment.
  • The questions about allocation and provisioning are interrelated.
  • It is possible to address the allocation problem without making the provisioning problem explicit.
  • It is not possible to deal with the questions about provisioning without dealing with the allocation problem.
  • Every society faces the problems of allocation and provisioning.

• Introduction

  • Provisioning is process that by which individuals in societies provide themselves with the means for survival and betterment.
  • The questions about allocation and provisioning are interrelated.
  • It is possible to address the allocation problem without making the provisioning problem explicit.
  • It is not possible to deal with the questions about provisioning without dealing with the allocation problem.
  • Every society faces the problems of allocation and provisioning.

• Regulation of Broadcast Media

  • Among its provisions was the equal opportunity provision, which provided a foundation for the equal time rule.
  • This provision required radio stations, television stations and cable systems, which originated their own programming, to treat legally qualified political candidates equally when it came to selling or giving away air time.
  • This provision was a result of legislators' growing concerns that, without mandated equal opportunity for candidates, some broadcasters might try to manipulate elections.
  • The Communications Act of 1934 amended the Radio Act, and the equal time provision is located in Section 315 of the Communications Act.
  • The FCC has the authority to "make such regulations not inconsistent with law as it may deem necessary to prevent interference between stations and to carry out the provisions of [the] Act. "

• Reporting Contingencies

  • For example, to accrue a provision for product warranty costs, assume that minor repairs cost 5% of the total product sales and an estimated 5% of products may require minor repairs within 1 year of sale.
  • The provision is calculated by multiplying 5% of total product cost by 5% of products needing minor repair and then adding 20% of cost for major repair, multiplied by 1% of products needing major repair.
  • A warranty expense is debited for the provision amount that will offset product sales revenue in the income statement and a credit is posted to warranty provision liability.
  • The long-term liability warranty provision is moved to the current liability section in the accounting period occurring three years after the product sale.

• Recognizing Notes Receivable

  • The first method is the allowance method, which establishes a contra-asset account, allowance for doubtful accounts, or bad debt provision, that has the effect of reducing the balance for accounts receivable.
  • The amount of the bad debt provision can be computed in two ways, either (1) by reviewing each individual debt and deciding whether it is doubtful (a specific provision); or (2) by providing for a fixed percentage (e.g. 2%) of total debtors (a general provision).
  • The change in the bad debt provision from year to year is posted to the bad debt expense account in the income statement.
  • The two methods are not mutually exclusive, and some businesses will have a provision for doubtful debts, writing off specific debts that they know to be bad (for example, if the debtor has gone into liquidation. )

• Introduction to Provisioning

  • Economics as a provisioning problem includes the allocation problem but includes and analysis of the social infrastructure, knowledge and ideological framework in which economic behavior occurs.

• Provisions of Preferred Stock

  • Preferred stock shareholders already have rights to dividends before common stock shareholders, but cumulative preferred shares contain the provision that should a company fail to pay out dividends at any time at the stated rate, then the issuer will have to make up for it as time goes on.
  • Describe in detail the different types of provisions for preferred stock