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purchase allowance

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A reduction in the cost of goods purchased that is granted by a supplier without the physical
return of the goods.

Also a general ledger account in which the purchase allowances are recorded under the
periodic inventory method.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

Learn More About Harold

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