Accounting for IGCSE & O level - Accounting Procedures (Section 13 - No. 50)
In the given context, what does 'salvage value' represent?
The original cost of the asset.
The estimated value of an asset at the end of its useful life.
The accumulated depreciation of the asset.
The current market value of the asset.
Explanation
Salvage value is the estimated remaining value of the asset at the end of its useful life.
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