WRITE-OFF Definition

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WRITE-OFF is to decrease the value of an item, e.g., a tax write-off decreases tax liability, a vehicle involved in an accident can be declared a write-off if the cost to repair is in excess of the value of the vehicle.

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REPLACEMENT COST NEW is the current cost of a similar new property having the nearest equivalent utility to the property being valued.

CONTRA REVENUE ACCOUNT is an account that is offset against a revenue account on the income statement.

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