write-off

/'rait'ɔ:f/

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Explanation of "Write-off"

Definition:
The term "write-off" is a noun that refers to the act of canceling or removing something from an account, usually because it is no longer considered valuable or collectible. This often happens in accounting when a company decides that a debt (money owed to them) is unlikely to be paid back, or when an asset (something of value owned by a company) has lost its value and is no longer useful.

Advanced Usage:

In more advanced discussions, "write-off" can also refer to a reduction in the book value of an asset. This means that the recorded value of an asset in the company's financial statements is decreased due to depreciation or loss of value.

Word Variants:

• Write-off (noun): The act of writing off.
• Write off (verb): The action of canceling or reducing a debt or asset value.

Different Meanings:

1. Accounting Context: As mentioned, it refers to removing bad debts or worthless assets from accounting records.
2. General Use: It can also refer to giving up on something that is not worth pursuing anymore, such as a project or an investment.

Synonyms:

• Cancellation
• Reduction
• Loss
• Deductions (in some contexts)

Idioms and Phrasal Verbs:

While "write-off" does not have specific idioms associated with it, you might hear phrases like: - "Writing something off": This means to stop considering something as important or worth pursuing.

Summary:

In summary, a "write-off" is an important term in accounting and finance that signifies the cancellation or reduction of bad debts or worthless assets. It can also be used more generally to express giving up on something that is no longer valuable.

Academic

Noun

1. the act of cancelling from an account a bad debt or a worthless asset
2. (accounting) reduction in the book value of an asset

Synonyms

• write-down