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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. One way for medium-sized companies to avoid the problem is to employ a factor, a company which specializes in collecting debts on behalf of other companies. |
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? Mentioned in | ? References in periodicals archive | |
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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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bad debt
