UNCOLLECTIBLE Meaning and
Definition
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Uncollectible is an adjective used to describe something that cannot be collected or recovered, usually referring to debt or financial obligations. It is a term commonly used in accounting and financial contexts.
In the field of accounting, uncollectible typically pertains to accounts receivable, which are amounts owed by customers or clients. When a debt becomes uncollectible, it means that the debtor is unable or unwilling to pay the debt. This could be due to various reasons such as insolvency, bankruptcy, or the debtor simply refusing to fulfill their financial obligations. In such cases, the uncollectible debt is considered a loss for the business or individual to whom the debt is owed.
The term uncollectible can also be used in reference to taxes, where it describes the inability to recover overdue tax payments from individuals or organizations. Governments often face challenges in collecting taxes from delinquent taxpayers, making these overdue tax liabilities uncollectible.
In summary, uncollectible is a term used to describe debts or financial obligations that cannot be collected due to various reasons, such as the debtor's inability or refusal to pay. It represents a loss to the entity owed the debt and is widely used in accounting and financial contexts to categorize and track such uncollectible amounts.
Common Misspellings for UNCOLLECTIBLE
- yncollectible
- hncollectible
- jncollectible
- incollectible
- 8ncollectible
- 7ncollectible
- ubcollectible
- umcollectible
- ujcollectible
- uhcollectible
- unxollectible
- unvollectible
- unfollectible
- undollectible
- uncillectible
- unckllectible
- unclllectible
- uncpllectible
- unc0llectible
- uncollectivle
- uncorectible
Etymology of UNCOLLECTIBLE
The word uncollectible is derived from the verb collect, which originated from the Latin word collectus, the past participle of colligere. Colligere is a combination of two Latin elements: com, meaning together, and legere, meaning to gather. Over time, collect came to mean gathering or bringing together items or money. The prefix un- is added to collectible to denote the negation or opposite of the word, giving us uncollectible.
Similar spelling words for UNCOLLECTIBLE
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