IMPAIRMENT OF VALUE Definition

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IMPAIRMENT OF VALUE is the permanent decline in the value of an asset. The entry is to debit the loss account and credit the asset for the loss in utility. See also FRS 11.

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FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC) is an agency of the federal government that insures accounts at most commercial banks and mutual savings banks. The FDIC also has primary federal supervisory authority over insured state banks that are not members of the Federal Reserve System.

DOUBLE RULE is a double line drawn under an amount when the amounts above are totals and no other entries will be made.

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