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Definition of Allowance account
1. Noun. A reserve fund created by a charge against profits in order to provide for changes in the value of a company's assets.
Exact synonyms: Allowance, Valuation Account, Valuation Reserve
Generic synonyms: Reserve Account, Reserve Fund
Generic synonyms: Reserve Account, Reserve Fund
Lexicographical Neighbors of Allowance Account
Literary usage of Allowance account
Below you will find example usage of this term as found in modern and/or classical literature:
1. A First Year in Bookkeeping and Accounting by George Arthur MacFarland, Irving David Rossheim (1913)
"When an allowance is made to a customer on some particular sale, an entry is made
inthe Journal debiting "Allowance" Account and crediting the customer. ..."
Other Resources:
