Residual value is which of the following?
A)Equal to the acquisition cost of a tangible operational asset.
B)The same as book value of an asset.
C)The amount expected to be recovered when an asset is disposed of at the end of its estimated useful life.
D)The current value of an asset as of the statement of financial position date.

Question

Quizplus · Accepted Answer

Residual value is the amount expected to be recovered when an asset is disposed of at the end of its estimated useful life. It is the amount that is left when depreciation expense has been subtracted from the original cost of the asset.

Residual Value Is Which of the Following