adjustment account
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English[edit]
Noun[edit]
adjustment account (plural adjustment accounts)
- (accounting) An account used in double-entry bookkeeping to represent the other side of adjustments that need to be made.
- 1976, Food Corporation of India, Annual Report - Food Corporation of India, page 100:
- 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'.
- 2006, Kathy Ivens, Running QuickBooks 2007 Premier Editions, page 49:
- […] your adjustment account should be an expense account for reducing inventory and an income account when increasing inventory.
- 2008, Bill D. Jarnagin, U.S. Master GAAP Guide, page 622:
- 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.
- 2016, Sehgal Deepak, Financial Accounting, page 20-3:
- However, if goods are returned by branch to HO, the loading is cancelled by debit to adjustment account.
Further reading[edit]
- “adjustment account”, in Cambridge English Dictionary, Cambridge, Cambridgeshire: Cambridge University Press, 1999–present.
- “adjustment account” in Longman Dictionary of Contemporary English, Longman.