, writing off
is the expensing of a balance sheet asset that has no future benefits. An example would be the writing off of goodwill
. That is, the worthless asset
will be recorded as an expense on the current period's income statement
rather than keeping it on the balance sheet
as an asset.
Similar to a write off is a write down. This is a partial write off. Only part of the value of the asset is removed from the balance sheet.
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