Dictionary

adjustment account en · NOUN

Meanings

1. An account used in double-entry bookkeeping to represent the other side of adjustments that need to be made.
   • 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. 2008, Bill D. Jarnagin, U.S. Master GAAP Guide, page 622:
   • 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'. 1976, Food Corporation of India, Annual Report - Food Corporation of India, page 100:
   • […] your adjustment account should be an expense account for reducing inventory and an income account when increasing inventory. 2006, Kathy Ivens, Running QuickBooks 2007 Premier Editions, page 49:
   • However, if goods are returned by branch to HO, the loading is cancelled by debit to adjustment account. 2016, Sehgal Deepak, Financial Accounting, page 20-3:

Forms

Translations (3)

fr compte de régularisation (Translations) · pl konto dostosowawcze (Translations) · fi tarkistustili (Translations)