Write-off (Noun)
Meaning 1
The act of cancelling from an account a bad debt or a worthless asset.
Classification
Nouns denoting acts or actions.
Examples
- The company was forced to take a significant write-off on its investment in the failed startup.
- The bank made a large write-off on the defaulted mortgage, recognizing that it would never be repaid.
- After the natural disaster, the insurance company declared the damaged building a total loss and made a write-off on its value.
- The retailer took a write-off on the unsold inventory, which had become obsolete due to changes in consumer demand.
- The accounting firm advised the client to make a write-off on the outstanding accounts receivable that were deemed uncollectible.
Related Words
Meaning 2
(accounting) reduction in the book value of an asset.
Classification
Nouns denoting possession and transfer of possession.