Define provision and reserve.
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A reserve is an appropriation of profits for a specific purpose. ... A provision is the amount of an expense or reduction in the value of an asset that an entity elects to recognize now in its accounting system, before it has precise information about the exact amount of the expense or asset reduction.
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A reserve is an appropriation of profits for a specific purpose. ... A provision is the amount of an expense or reduction in the value of an asset that an entity elects to recognize now in its accounting system, before it has precise information about the exact amount of the expense or asset reduction.
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