A wash sale generally refers to selling a security at a loss and then repurchasing the same or substantially similar security within a short period, often triggering special tax treatment or disallowance of the loss under certain tax rules. It is important in investment accounting and tax compliance. The specific consequences depend on the jurisdiction’s tax law.
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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