Which of the following is the title given to an asset for its residual – InterviewSolution

1.	Which of the following is the title given to an asset for its residual value?1). Diminished2). Shrink3). Taper4). Salvage
Answer» Salvage value is the title GIVEN to an asset for its diminished value. It is defined as the estimated resale value of an asset at the end of its useful life. Suppose ‘A’ buy a car for 5 lakh rupees, after USING it for 10 years the car met with an accident and damage is beyond repair. Now A SELLS it to the junkyard for 10,000. The value of its metal, body and LEFT PARTS that A gained is termed as salvage value or residual value.

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