Write-down (Of An Asset)
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Description
A reduction in the carrying amount of an asset because it has become obsolete or its usefulness has otherwise been impaired. Involves a credit to the appropriate asset account, with an offsetting debit to a loss account.
Concept Prerequisite
Wikipedia Reference
http://en.wikipedia.org/wiki/Write-off
Learning Material
Covered in Topic(s)
| Inventories & the COGS |