Define: Allowability

UK Accounting Glossary

Definition: Allowability



What is the dictionary definition of Allowability?

Dictionary Definition


The state of being allowable; legitimacy; permissibleness.


Advertisement



Full Definition of Allowability


Characteristic of a cost that permits its inclusion in a cost-plus type contract, and depends on:

  • its reasonableness
  • its allocability
  • provisions of GAAP.
  • practices appropriate under the circumstances, and
  • the terms of the contract.

Advertisement




Cite Term


To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.

Page URL
https://payrollheaven.com/define/allowability/
Modern Language Association (MLA):
Allowability. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. February 19, 2020 https://payrollheaven.com/define/allowability/.
Chicago Manual of Style (CMS):
Allowability. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/allowability/ (accessed: February 19, 2020).
American Psychological Association (APA):
Allowability. PayrollHeaven.com. Retrieved February 19, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/allowability/

Definition Sources


Definitions for Allowability are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • BusinessDictionary.com
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 28th December 2019.