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What do you understand by accounts written-off?

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What do you understand by accounts written-off?

Write off:

Write off is an accounting expense which reduced the value of assets for which payments can no longer be received. Basically write off takes place of unpaid bank loan obligation, unpaid receivables and losses on stored inventories of a company.

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The amounts which remained uncollectible by the debtors due to some major reasons and for which the amount has been reduced from general ledger of a...

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Recording Business Transactions in Accounting

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Chapter 3 / Lesson 7
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Learn about recording transactions. Understand what recording transactions is, examine the process of recording transactions, and identify its importance.


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