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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 values12. It is a reserve that is set aside in the expectation of expenses to be incurred at a future date3. Allowances are used to create a more accurate representation of a company’s financial position by anticipating future events that may impact the financial statements1. An allowance can also be reserved for an expected loss of revenue, loss of receivables, and loss of value in assets held by a business2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.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 in accounting terms refers to the reserve amount set aside for anticipated expenses in the future by a business. It can also be reserved for an expected loss of revenue, loss of receivables, and loss of value in assets held by a business.www.accountinghub-online.com/what-is-an-allowan…An allowance is a reserve that is set aside in the expectation of expenses to be incurred at a future date. It accelerates expense recognition.www.accountingtools.com/articles/allowance
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