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Depreciation is a term we hear about frequently, but don't really understand. It's an essential component of accounting however. Depreciation is an expense that's recorded at the same time and in the same period as other accounts. Long-term operating assets that are not held for sale in the course of business are called fixed assets. Fixed assets include buildings, machinery, office equipment, vehicles, computers and other equipment. It can also include items such as shelves and cabinets. Depreciation refers to spreading out the cost of a fixed asset over the years of its useful life to a business, instead of charging the entire cost to expense in the year the asset was purchased. That way, each year that the equipment or asset is used bears a share of the total cost. As an example, cars and trucks are typically depreciated over five years. The idea is to charge a fraction of the total cost to depreciation expense during each of the five years, rather than just the first year.
There are many different careers in the field of accounting ranging from entry-level bookkeeping to the Chief Financial Officer of a company. To achieve positions with more responsibility and higher salaries, it's necessary to have a degree in accounting as well as achieve various professional designations.
Most businesses start out as a small company, owned by one person or by a partnership. The most common type of business when there are multiple owners is a corporation. The law sees a corporation as real, live person. Like an adult, a corporation is treated as a distinct and independent individual who has rights and responsibilities. A corporation's "birth certificate" is the legal form that is filed with the Secretary of State of the state in which the corporation is created, or incorporated. It must have a legal name, just like a person.
What is Identity Theft?
How can someone steal your identity? Identity theft occurs when someone uses your personal information such as your name, credit card number or other identifying information, without your permission to commit fraud or other crimes.
Identity theft is a serious crime. People whose identities have been stolen can spend months or years - and their hard-earned money - cleaning up the mess thieves have made of their good name and credit record. In the meantime, victims may lose job opportunities, be refused loans, housing or cars, or even get arrested for crimes they didn't commit.
How it works:
In recent years identity theft has been on the increase. By trickery, by stealing information from rubbish bins or office bins, or by using publicly available information, a crook obtains personal information about youfor example, date of birth and mother's maiden name. The result could be that the thief is able to obtain credit cards, take out loans, issue counterfeit cheques or credit cards and go on a spending spree in your name. In effect, they become you for the sole purpose of committing fraud or theft. This type of crime also can go undetected for many months, if not years, because bills and other documents often are sent to fake addresses, not to your house. You may only become aware of the situation after unpaid and overdue bills begin to accumulate and your credit record has been downgraded. You may even be denied a loan or credit card, an apartment, a job or other opportunities because an identity thief ruined your credit rating.
Best defense:
Protect all your credit card numbers, account passwords or other personal information. Be suspicious of unsolicited offers that seem too good to be true, because they could be fraudulent attempts to get your bank account numbers or other personal information. If credit cards or IDs of any kind are missing, immediately notify the issuers. Pay attention to your bank and credit card statements, and quickly report a suspected fraud.
If Your Personal Information Has Been Lost or Stolen:
If you've lost personal information or identification, or if it has been stolen from you, taking certain steps quickly can minimize the potential for identity theft.
Close accounts, like credit cards and bank accounts, immediately. When you open new accounts, place passwords on them. Avoid using your mother's maiden name, your birth date or your phone number.
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Related Credit News and Articles From adzines
What comes to mind when the Christmas season is near? Gifts, entertainment, travelng and everything that necessarily requires you to shell out your hard earned cash. For most people, it can mean overusing their credit cards. At least 54% of people are still paying off the previous year Christmas well into the next year. If you don want to be included in those statistics then here are some budgeting tips to keep your holiday travel and entertainment expenses under control.
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Making an affinity credit card deal, you can donate to non-profit organizations concerned with protecting the environment and fighting the global warming. However, if you want to show your love to nature, you need to pay high interest and fees.