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Useful Life

by Online Tutorial & Training Guide | Nov 10, 2025 | Measurement & Valuation, Terminologies

The expected period an asset will be productive for business purposes. Used to determine depreciation schedules. Can differ from physical life due to obsolescence.

Net Realizable Value (NRV)

by Online Tutorial & Training Guide | Sep 28, 2025 | Measurement & Valuation, Terminologies

The estimated selling price of inventory minus costs of completion and selling. Ensures inventory is not overstated. A conservative valuation method.

Residual Value

by Online Tutorial & Training Guide | Sep 21, 2025 | Measurement & Valuation, Terminologies

The estimated value of an asset at the end of its useful life. Used in calculating depreciation. Also called salvage value.
  • Sales Returns and Allowances
  • Useful Life
  • Credit Note
  • Freight and Shipping Expense
  • Interest Income
  • Direct Costs
  • Royalty Income
  • Variance Report
  • Accrual Basis Accounting
  • How to Input Company Details in QuickBooks Online

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