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- In accounting, an allowance refers to an estimated amount set aside to account for future expenses, potential losses, or reductions in asset values1. It is a reserve that is set aside in the expectation of expenses that will be incurred at a future date2. The creation of a reserve essentially accelerates the recognition of an expense into the current period from the later period in which it would otherwise have been recognized2. Examples of allowances include an allowance for bad debt, in which a certain percentage of income is deducted because of the likelihood it will be uncollectible3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.Allowance An allowance in accounting refers to an estimated amount set aside to account for future expenses, potential losses, or reductions in asset values. Allowances are used to create a more accurate representation of a company’s financial position by anticipating future events that may impact the financial statements.www.superfastcpa.com/what-is-an-allowance-in-ac…An allowance is a reserve that is set aside in the expectation of expenses that will be incurred at a future date. The creation of a reserve essentially accelerates the recognition of an expense into the current period from the later period in which it would otherwise have been recognized.www.accountingtools.com/articles/allowanceallowance An accounting term used to describe entries on a profit and loss statement for expenses that might become necessary in the future. Examples include an allowance for bad debt, in which a certain percentage of income is deducted because of the likelihood it will be uncollectible.financial-dictionary.thefreedictionary.com/allowance
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