Question

The estimated value of an asset at the end of its useful life is called all of the following except a.residual value. b.salvage value. c.book value. d.scrap value.

Answer 1

Answer:

Correct answer is letter C, book value

Explanation:

The value of an asset at the end of its useful life is called residual value, salvage value, scrap value or break-up value. While book value on the other hand is the value of an asset after we deduct the accumulated depreciation from the cost of an asset. It is sometimes referred to us the carrying value of an asset we netting the asset against its accumulated depreciation.