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Application forms should always require relevant dates, including date of birth.
Amortization
Amortization refers to the process of gradually writing off the initial cost of an intangible asset over its useful life, reflecting its consumption or decline in value.
Accumulated Depreciation
The total amount of depreciation that has been recorded for an asset since it was put into use, reducing its book value on the balance sheet.
Trade-in Allowance
The amount credited to the buyer by the seller for a traded-in asset toward the purchase of a new asset.
Cost Basis
The original value or purchase price of an asset or investment, used to calculate capital gains or losses for tax purposes.
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