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A write-off is a reduction of the recognized value of something. In accounting , this is a recognition of the reduced or zero value of an asset. In income tax statements, this is a reduction of taxable income, as a recognition of certain expenses required to produce the income.
Big Bath in accounting is an earnings management technique whereby a one-time charge is taken against income in order to reduce assets, which results in lower expenses in the future. [1] The write-off removes or reduces the asset from the financial books and results in lower net income for that year. The objective is to ‘take one big bath ...
A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off.
An asset depreciation at 15% per year over 20 years [1] In accountancy, depreciation refers to two aspects of the same concept: first, an actual reduction in the fair value of an asset, such as the decrease in value of factory equipment each year as it is used and wears, and second, the allocation in accounting statements of the original cost of the assets to periods in which the assets are ...
In insurance claims, a total loss or write-off is a situation where the lost value, repair cost or salvage cost of a damaged property exceeds its insured value, and simply replacing the old property with a new equivalent is more cost-effective. [1] [2] Such a loss may be an "actual total loss" or a "constructive total loss".
The product was re-branded as Sage Sterling +2, and in 1993 a version of the product became available for Apple Macintosh. By 1993, Sage Sterling was the market leader, with 62.5% of the integrated accounting software market. [5] In the late 1990s, Sage Instant – a cut-down version of the product line – was introduced. [6]
MYOB was founded in the early 1980s by a team of developers at Teleware, who developed accounting software. Teleware was purchased by Best Software (now part of Sage ) in 1993. Data-Tech Software was the Australian republisher of the MYOB products and, in 1997 entered into an agreement with Best Software to buy the company (renamed MYOB Inc ...
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