adjustment account
Word Rarity
Rare
Frequency: 3.86 in modern English
31
Scrabble Score
17
Letters
5
Syllables
11
Unique Chars
Meaning
noun
An account used in double-entry bookkeeping to represent the other side of adjustments that need to be made.
Example Sentences
- "lt is also relevant to mention that there would be no effect on the profit of the Corporation even if the liability was written back through 'prior period adjustment account'."
- "[…] your adjustment account should be an expense account for reducing inventory and an income account when increasing inventory."
- "The impact will be disclosed by establishment of an inventory adjustment account and a cost of goods sold adjustment account at the cost basis of the merchandise sold."
- "However, if goods are returned by branch to HO, the loading is cancelled by debit to adjustment account."