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bad debt |
Also found in: Dictionary/thesaurus, Medical, Legal, Financial, Wikipedia | 0.01 sec. |
bad debtBill or debt which has not been paid and is most unlikely to be paid. Bad debts eventually have to be ‘written off’ on the profit and loss account. They are counted as a provision and are deducted from the account. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The inference is that, had the taxpayer specifically identified an allowance account (or portion thereof) as offsetting the bad debt in question--as in Brandtjen & Kluge, Inc. It is far more expensive to write off a bad debt than it is to pay for trade credit insurance, which generally costs less than 1 percent of sales, according to research from Marsh. said its fourth-quarter charges may exceed $1 billion and its loss from continuing operations will widen from the third quarter because of bad debt. |
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