Examlex
A circular-flow diagram is a visual model of how an economy is organized.
Written Off
Written off involves removing an asset or debt from a company’s financial statements, acknowledging that the asset has lost all value or the debt cannot be collected.
Reinstated
The act of restoring something to its previous condition or position, such as reinstating an employee after suspension or a policy after being temporarily revoked.
Allowance Account
An account used in accounting to record reductions in the value of receivables, such as allowances for doubtful accounts.
Direct Write-Off Method
An accounting practice where uncollectible debts are charged against income at the time they are determined to be uncollectable, rather than provisioned for in advance.
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