write-off

Accounting

(noun)

The cancellation of an item; the amount cancelled or lost.

Related Terms

  • non-current asset
  • solvency ratio
  • uncollectible
  • statement of cash flows
  • solvency
  • revenue

(verb)

To remove a portion of a debt or an amount of an account owed to you counting it as a loss (as a gesture of goodwill for example)

Related Terms

  • non-current asset
  • solvency ratio
  • uncollectible
  • statement of cash flows
  • solvency
  • revenue
Finance

(noun)

The term written-off describes a reduction in recognized value. In accounting terminology, it refers to recognition of the reduced or zero value of an asset.

Related Terms

  • pro forma
  • depreciation

Examples of write-off in the following topics:

  • Resource Cost Write-Off

    • The term write-off describes removing an asset whose value is zero and is no longer in use from the balance sheet.
    • The term write-off describes a reduction in recognized value.
    • Asset write-offs should not be confused with impairment.
    • A write-off journal entry removes an asset not in use and its related contra account (accumulated depletion) from the balance sheet.
    • An asset write-off removes an asset's cost off the balance sheet and expenses it on the income statement.
  • Write-Offs

    • Companies use two methods for handling uncollectible accounts: the allowance method and the direct write-off method.
    • Companies use two methods for handling uncollectible accounts: the direct write-off method and the allowance method.
    • The entry to write off this account is:
    • A write-off does not affect the net realizable value of accounts receivable.
    • Explain how to write off an uncollectible account using both the direct write-off and the allowance method.
  • Valuing Notes Receivable

    • Companies have two methods available to them for measuring the net value of accounts receivable: the allowance method and the direct write-off method.
    • Companies have two methods available to them for measuring the net value of accounts receivable--the allowance method and the direct write-off method.
    • The second method is the direct write off method.
    • Differentiate between the allowance method and the write off method for valuing notes receivable
  • Valuing Accounts Receivable

    • Companies use two methods to account for bad debts: the direct write-off method and the allowance method.
    • For tax purposes, companies must use the direct write-off method, under which bad debts are recognized only after the company is certain the debt will not be paid.
    • Smith fails to pay a $100 balance, for example, the company records the write-off by debiting bad debts expense and crediting accounts receivable from J.
    • Differentiate between the direct write-off method and the allowance method of accounts receivable valuation
  • Introduction to You Are What You Write

    • Consider this: the only thing anyone knows about you on the Internet comes from what you write, or what others write about you.
    • Devoting some care to your writing will pay off hugely.
    • Because that kid didn't write like a thirteen-year-old, no one knew that's what he was.
    • Following are some ways to make your writing give a good impression too.
  • Appropriate Language

    • The writer's tone should be contingent on the type of writing.
    • Academic writing should be more formal than personal writing.
    • The goal is formal writing, not extravagant and flowery writing.
    • The reason we want to avoid using clichés in academic writing is that they tend to be ambiguous and can come off as overly colloquial and informal.
    • Avoiding pretentious writing and defining any technical jargon will endow your writing with a clarity that readers will appreciate.
  • Getting Help Meeting College Writing Expectations

    • College-level writing obeys different rules, and learning them will help you hone your writing skills.
    • Think of it as ascending another step up the writing ladder.
    • Academic writing can, at times, feel overwhelming.
    • Sunday: Write a final draft.
    • Sign off with your first and last name, the course number, and the class time.
  • Brevity

    • What they read is mostly each other's writing.
    • I announce in my business writing workshops that five elements lead to successful business writing: brevity, clarity, correctness, courtesy, and power.
    • "Vaht you musst realize," he said, "iss zat ze reader vill spend vahn fifth off a second on effery vord.
    • Do nott haff ze reader VASTE zat vahn fifth off a second!
    • Write as if you were an orator or a poet.
  • Introduction to the Writing Process

  • Introduction to Writing in the Humanities

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