Money

Depreciation is an allowance or allocation to cover the reduction of an asset’s value over time. For example, items such as cars, computers and manufacturing equipment decline in value over an extended period of time as they are subjected to ongoing use. This usage is often referred to as wear and tear.

This term frequently applies to business use, but can be applied in any situation in which an asset loses value. For example, sometimes a home will drop in value due to issues such as neighborhood decline. This drop in value is depreciation. A decrease in the value of a currency is also called depreciation. For example, if the value of the dollar drops against most other currencies, it is said to be depreciated.

For tax purposes, depreciation is used as a deduction to reflect the diminishing value of assets. Depreciation decreases the overall worth of a business and is reflected as an operating expense or cost of doing business. There are many different systems used for depreciation and they can change with each tax year. For many items, their value is reduced to zero or near zero after several years, even if the item retains some resale value.

For all Checking, Money Market (Checking and Savings), the Average Daily Balance is calculated by adding the Ledger Balance in the account for each day of the statement period and dividing that figure by the total number of days in the statement period. For all of Savings accounts, Average Daily Balance is calculated by adding the Ledger Balance in the account for each day of the month and dividing that figure by the total number of days in the month.
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This is the method by which most credit cards calculate your payment due. An average daily balance is determined by adding each day’s balance and then dividing that total by the number of days in a billing cycle. The average daily balance is then multiplied by a card’s monthly periodic rate, which is calculated by dividing the annual percentage rate by 12. A card with an annual rate of 18 percent would have a monthly periodic rate of 1.5 percent. If that card had a $500 average daily balance it would yield a monthly finance charge of $7.50. See two-cycle billing.
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The average amount in a deposit account that equals the sum of the daily balances during an accounting period, usually a month, divided by the number of days in the period. Can sometimes be used to avoid service charges or to qualify for special services. See also, minimum daily balance.
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The gradual elimination of a liability, such as a mortgage, in regular payments over a specified period of time. Such payments must be sufficient to cover both principal and interest. Writing off an intangible asset investment over the projected life of the assets.
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Repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan at the end of a fixed period of time.
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The preparation of a payment plan for a loan which allows for equal payments to be made to the creditor at consistent intervals over the life of the loan (the amortization period). Each payment covers interest accrued over the interval period with the remainder of the payment being applied to reduce the principal owed. If every payment is made on time and in full over the amortization period, the loan will be completely repaid at the end of the amortization period.
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Loan payment by equal periodic payments calculated to pay off the debt at the end of a fixed period, including accrued interest on the outstanding balance.
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Payment of debt in regular, periodic installments of principal and interest, as opposed to interest only payments. Amortization is the process of reducing principal and interest in equal installment payments at specific intervals over a set term. For example, a fully amortized loan payment is a portion of which will be applied to pay the accruing interest on the loan with the remainder being applied to principal. Over time, the interest portion decreases as the loan balance decreases and the amount applied to principal increases so that the loan is paid off in the specified term .
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Anything of monetary value that is owned by a person. Assets include real property, personal property, and enforceable claims against others (including bank accounts, stocks, mutual funds, and so on).
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Property and items of value owned by a person or business. The primary classifications of assets are: current assets, long-term assets, prepaid and deferred assets, and intangible assets. Current assets are cash and other liquid instruments, including accounts receivable that can be converted to cash within one year at maximum. Long-term assets are plants, equipment, real estate and other capital assets, and net of depreciation. Prepaid and deferred assets include expenditures for future costs or expenses, such as insurance, interest or rent, that are set up as assets to be amortized over an applicable period. Intangible assets are assets with a determined value, but which may not be scalable, such as goodwill, patents, copyrights, and brand name recognition.
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Items of value owned by an individual. Assets that can be quickly converted into cash are considered “liquid assets.” These include bank accounts, stocks, bonds, mutual funds, and so on. Other assets include real estate, personal property, and debts owed to an individual by others.
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Anything having commercial or exchange value that is owned by a business, institution or individual. A business’ assets might include its real estate, equipment inventory, intellectual assets such as copyrights or trademarks, and accounts receivable.
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