An allowance account is a financial account used to track and manage allowances given to individuals or groups of people. This type of account is commonly used by parents to give their children an allowance, but it can also be used by businesses to provide allowances to their employees.
Definitions
An allowance account is a financial account that is set up to track and manage allowances. It is used to keep track of the amount of money that has been given as an allowance, as well as how much has been spent.
Origin
The origin of the allowance account can be traced back to the early days of banking. Banks would often set up accounts for their customers to help them manage their finances. These accounts would be used to track deposits, withdrawals, and other financial transactions.
Meaning in different dictionaries
The meaning of allowance account can vary slightly depending on the dictionary used. In the Merriam-Webster dictionary, an allowance account is defined as “an account set up to track and manage allowances.” The Oxford English Dictionary defines an allowance account as “a financial account used to manage allowances given to individuals or groups of people.”
Associations
The association of an allowance account is typically with parents and children. Parents use this type of account to give their children a set amount of money each week or month. However, businesses can also use an allowance account to provide their employees with a set allowance for expenses such as travel or meals.
Synonyms
There are several synonyms for allowance account, including:
- Allowance ledger.
- Allowance register.
- Allowance book.
- Allowance journal.
Antonyms
There are no direct antonyms for allowance account, but some related terms include:
- Savings account.
- Checking account.
- Investment account.
The same root words
The same root words for allowance account include:
– Account.
Example Sentences
- I set up an allowance account for my son so he can learn how to manage his money.
- The company provides an allowance account for its employees to cover travel expenses.
- The allowance ledger showed that the child had spent all of their allowance for the month.
- The allowance register helped the parents keep track of how much money they had given their children.