The Salvage Value of Unsold Services Is

question 21

Multiple Choice

The salvage value of unsold services is:

• A) Equivalent to the salvage value of products.
• B) Dependent upon the type of service.
• C) Dependent upon the accounting practices of the firm.
• D) Zero.
• E) The cost of labor to deliver the service.

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Definitions:

Economic Profit

The financial surplus a company has after deducting all types of costs, including visible and hidden, from its gross income.

Existing Technology

The current state of technological development or the sum of the technological innovations available in any given field or society.

Process Innovation

The introduction of a new or significantly improved production or delivery method.

Technological Advance

Technological Advance refers to the development and application of new technologies and improvements to existing technologies, which can increase efficiency, productivity, and quality of products and services.