Define: Refund

Business, Legal & Accounting Glossary

Definition: Refund



What is the dictionary definition of Refund?

Dictionary Definition


An amount of money returned.


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Full Definition of Refund


The term refund has several meanings. A refund is money returned to a payer or the act of returning money previously received. A refund usually refers to the reimbursement of funds to a customer for a product or service provided, for reasons such as defects in merchandise or dissatisfaction with labour performed. There is also the tax refund, which is the government’s return of excess taxes (money) to taxpayers. A tax refund is usually computed at the time of filing a tax return. There is also the insurance refund, which is a return to a policyholder for part of a premium paid due to cancellation or suspension of a policy, or in the event of a rate or policy reduction. Finally, a refund can refer to retiring an outstanding bond issue at maturity. This type of refund is also known as refunding.


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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/refund/
Modern Language Association (MLA):
Refund. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. April 07, 2020 https://payrollheaven.com/define/refund/.
Chicago Manual of Style (CMS):
Refund. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/refund/ (accessed: April 07, 2020).
American Psychological Association (APA):
Refund. PayrollHeaven.com. Retrieved April 07, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/refund/

Definition Sources


Definitions for Refund are sourced/syndicated and enhanced from:

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

This glossary post was last updated: 9th February, 2020