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Write off - idioms by The Free dictionary
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Write off definition and meaning collins English Dictionary
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Urban Dictionary: ride off
Machine asset 100,000, a fixed asset write off transaction should only be recorded after written authorization concerning the targeted asset has been secured. This approval should come from the manager responsible for the asset, and sometimes also the cfo. Fixed asset write offs should be recorded as soon after the disposal of an asset as possible. Otherwise, the balance sheet will be overburdened with assets and accumulated depreciation that are no longer relevant. Also, if an asset is not written off, it is possible that depreciation will continue to be recognized, even though there is no asset remaining. To ensure a timely write off, include this step in reviews the monthly closing procedure. What's Trending Now More Trending Words 1 : an elimination of an item from the books of account 2 a : a reduction in book value of an item (as by way of depreciation) b : a tax deduction of an amount of depreciation, expense. First Known Use of write-off write off verb transitive verb 1 : to eliminate (an asset) from the books : enter as a loss or expense write off a bad loan 2 : to regard or concede to be lost most were content to write. First Known Use of write off write off Synonyms Synonyms bad-mouth, belittle, cry down, decry, denigrate, deprecate, depreciate, derogate, diminish, discount, dismiss, disparage, kiss off, minimize, play down, put down, run down, talk down, vilipend ; Antonyms acclaim, applaud, exalt, extol (also extoll glorify, laud.
Depending upon the price paid and the remaining amount of depreciation that has not yet been charged to expense, this can result in either a gain or a loss on sale of the asset. For example, abc corporation still disposes of its 100,000 machine, but does so after seven years, and sells it for 35,000 in cash. In this case, it has already recorded 70,000 of depreciation expense. The entry is: Debit, credit, cash 35,000, accumulated depreciation 70,000, gain on asset disposal 5,000. Machine asset 100,000, what if abc corporation had sold the machine for 25,000 instead of 35,000? Then there would be tyson a loss of 5,000 on the sale. The entry would be: Debit, credit, cash 25,000, accumulated depreciation 70,000, loss on asset disposal 5,000.
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What happens when your car is a write-off after an accident?
Definitions write-off noun, the definition of a write-off is an accounting term that refers to a reduction in the value year of an expense. An example of a write-off is deducting the value of an asset from the balance sheet of a company. Write-off something written off, amortized, etc. Write-off noun, accounting. A cancellation of a worthless asset from a balance sheet. The amount canceled or lost. A downward adjustment in earnings or in the value of an asset on account of a loss or expense: a tax write-off for business expenses. Noun ( plural writeoffs alternative spelling of write-off. Usage notes, this form is about as common as "write-off" in usage as a noun.