TO BE WRITTEN OFF Meaning and
Definition
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"To be written off" is a phrasal verb that is used to describe a financial occurrence, typically within accounting or bookkeeping, where a specific asset or debt is considered as uncollectible or no longer valuable.
In terms of accounting, "to be written off" refers to the process of removing an asset's value from a company's balance sheet, as it is deemed as non-recoverable. This is commonly seen with bad debts, where a company recognizes that it will not be able to collect payment from a customer and therefore removes the unpaid amount from its accounts receivable. This action is reflected in the financial statements to accurately portray the actual financial position of the business.
Furthermore, "to be written off" can also apply to physical assets. When an asset, such as a vehicle or a machine, becomes damaged beyond repair or is no longer usable, it is often written off. This means the asset's value is lowered to zero and is removed from the company's balance sheet as it is no longer considered an asset that can contribute to the business.
Overall, "to be written off" is a term used in accounting and financial contexts to signify the process of recognizing and removing the value of an asset or debt that is deemed as uncollectible or no longer viable for the company.
Common Misspellings for TO BE WRITTEN OFF
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