A Write-off is…

August 10th, 2009

A write-off is the cancellation of an asset or debt from an account because the asset is worthless or the debt can’t be collected. For example, if you own stock in a company that goes bankrupt, that stock isn’t worth anything anymore, even though you technically still own it. So you remove the asset from your account (since it’s basically just a waste of space now), and call it a write-off.

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