Explanation:

A provision is a liability of uncertain amount and timing. Thus, it is the amount that is kept aside from the profits of an enterprise to meet the future known liabilities however whose amount cannot be determined precisely and accurately.
The examples of provisions are:
Short-term Provisions: Provision for doubtful debts, Provision for tax, Provision for discount on  debtors, etc.
Long-term Provisions: Provision for depreciation, Provision for repairs and renewals, etc.