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Simple English definitions for legal terms
allocation
Read a random definition: call of the house
A quick definition of allocation:
Allocation: When you set aside or divide something for a specific reason, it is called allocation. For example, when you receive money, you allocate it to different things you need to buy or pay for. The word allocation can also be used to describe the process of recording how much money is spent on each thing.
A more thorough explanation:
Definition: Allocation is when something is designated or apportioned for a specific purpose. It can also refer to the crediting of a receipt or the charging of a disbursement to an account.
Example: The company's budget committee made an allocation of funds for the new marketing campaign.
Explanation: In this example, the budget committee designated a specific amount of money for the marketing campaign. This is an allocation because the funds were apportioned for a specific purpose.
Example: The accountant made an allocation of expenses to the appropriate accounts.
Explanation: In this example, the accountant charged the expenses to the appropriate accounts. This is an allocation because the expenses were designated to specific accounts.