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Residual Value
The estimated remaining value of an asset at the end of its useful life, often used in calculating depreciation expenses.
Useful Life
The estimated period over which an asset is expected to be usable for its intended purpose.
Depreciation
The method of spreading the expense of a physical asset across its lifespan, demonstrating the decline in its value as time progresses.
Asset
Economic resources owned by a business or individual, expected to provide future benefits or value.
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