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Residual Value
The estimated value that an asset will have at the end of its useful life.
Useful Life
The estimated duration for which an asset is expected to be functional and economically viable for its intended purpose.
Periodic Depreciation
The allocation of an asset's cost over its useful life, recognized as an expense on the income statement at regular intervals, typically annually.
Cost Allocation
The process of identifying, aggregating, and assigning costs to cost objects, such as products, departments, or projects.
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