The asset cost less accumulated depreciation equals salvage value. O True O False

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The asset cost less accumulated depreciation equals salvage value. O True O False

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Answer 1

Answer #1

Solution:

Salvage Value: Salvage value is the estimated resale value of any assets after the completion of life of the assets. It is difficult to determine the correct salvage value so this is calculated on the basis of estimated basis.

In given question below formula is given,

Salvage Value = Assets Cost Less Accumulated Depreciation.

From the above formula we will get the book value of any assets so it means the given formula is incorrect.

Assets Cost Less Accumulated Depreciation = Book Value of the Assets

As per above explanation,

Answer = False

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Answer 2

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