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Definitions from WordNet

Definitions from the Web

Allowance Account

Noun

A financial account that is created to track a recurring sum of money set aside for a specific purpose, typically used for budgeting or savings.

Example sentence:

She created an allowance account to ensure that she saved enough money for her dream vacation.

Noun

In accounting, an allowance account refers to a contra asset account that reduces the reported value of an asset to reflect its estimated value or potential losses.

Example sentence:

The company's allowance account for bad debts was created to account for the risks associated with unpaid invoices.

Amazon related products:

• Budget Planner
• Savings Account
• Accounting Book