ACCOUNTING TERMS - ACCOUNTING DICTIONARY - ACCOUNTING GLOSSARY
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RESIDUAL VALUE Definition
RESIDUAL VALUE is: a) Realizable value of a fixed asset after deducting costs associated with its sale; b) Scrap value or the value to a junk dealer; or c) The amount remaining after all depreciation has been deducted from the original cost of a depreciable asset.
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AUDIT ADJUSTMENT is a correction of a financial information misstatement identified by the auditor, whether recorded or not.
IOU is an informal debt instrument in the form of a written promise to pay back money owed; e.g., personal loans and professional services.