WRITE OFF Meaning and
Definition
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Write off is a phrasal verb that typically refers to the act of canceling or eliminating a financial liability or debt from one's accounting records. It is a term commonly used in the context of finance and business.
In the field of accounting, a write-off occurs when a company or individual acknowledges that an asset, such as an accounts receivable or an investment, is no longer collectible or has lost its value. It is a measure taken to adjust the financial statements and reflect the realizable value of an asset. When a debt or an asset is deemed irrecoverable, it is written off as an expense or loss on the financial statements of the entity.
Write off can also refer to the act of recognizing reduced value or depreciation of a tangible asset, such as a vehicle or equipment, on the balance sheet. It is a practice followed to accurately portray the actual worth of an asset, which could have diminished due to obsolescence, damage, or wear and tear.
Furthermore, outside the realm of finance, write off can be used informally to describe dismissing something as insignificant, unimportant, or inconsequential. It implies disregarding or considering an idea, suggestion, or person of little value or consequence. It is akin to disregarding or discarding something without much thought or consideration.
Top Common Misspellings for WRITE OFF *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for WRITE OFF
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- wr9te off
Etymology of WRITE OFF
The term "write off" is derived from accounting terminology. In accounting, when a company determines that an asset has become worthless or has no future economic value, it is removed from the balance sheet by "writing it off". This means that the value of the asset is set to zero, and it is no longer considered an asset of the company. Over time, the term "write off" has been adopted in various contexts outside of accounting to refer to disregarding, dismissing, or considering something as a loss or unimportant.
Idioms with the word WRITE OFF
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write off sth
The idiom "write off something" means to consider or dismiss something as unimportant, unsuccessful, or not worth pursuing any further. It typically refers to disregarding or abandoning a particular idea, plan, project, or item as a loss or failure.
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write off (to sm) (for sth)
The idiom "write off (to someone) (for something)" means to send a letter or formal communication to someone, typically in order to request or apply for something. This can be sending a letter to a person or organization to ask for information, assistance, permission, or any other kind of formal communication.
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write off
The idiom "write off" means to consider something as a loss or no longer viable, to dismiss as unimportant or inconsequential, or to officially cancel a debt or financial obligation.
Similar spelling words for WRITE OFF
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