Residual Cost
Residual cost, also called salvage value, is the estimated amount an asset will be worth at the end of its useful life. It’s used in depreciation calculations and impacts how much of an asset’s cost is expensed over time. It represents the recoverable value after disposal.
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Reverse Entry
A reverse entry is made at the beginning of a new accounting period to cancel out an adjusting journal entry…
Revenue Recognition
Revenue recognition is the accounting principle that determines when income should be recorded. Under accrual accounting, revenue is recognised when…
Retained Earnings
Retained earnings represent the cumulative net profit a company keeps after distributing dividends to shareholfers. Reported under equity on the…
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