Refunds

Merchandise Allowance
A merchandise allowance is a sum of money provided or allowed for merchandise returned due to poor quality or overstocking.
Overcharge
An overcharge occurs when a retail price charged is greater than the actual retail price of an item, often due to errors, necessitating a refund to the customer.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.