A waiver is the intentional giving up of a legal right, contractual claim, fee, or requirement by one party. For example, a lender may waive a covenant breach or a supplier may waive a penalty. In accounting, a waiver may affect liability recognition, disclosure, or the interpretation of contractual obligations.
Write-Off
A write-off is the removal of an asset or receivable from the books when it is no longer expected to provide value or be...
Write-Down
A write-down is the reduction of the carrying value of an asset when its value has fallen below the amount currently shown in the...
Working Trial Balance
A working trial balance is an internal trial balance used during the accounting close or audit process, often with extra columns for adjustments, classifications,...
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