Definition: Preallowance is a term used in the context of accounting and finance to refer to a situation where an entity has committed a financial error or misstatement that was not caught by management at the time it was made. It refers to situations where there were errors or omissions in the financial statements, and the auditors have determined that they were not disclosed during the audit process. In accounting terms, preallowance is defined as any amount of money that has been deducted from an account before it is
closed bracket.
what should be said.