What do you mean  by (1) Residual value (2) Salvage Value and (3) Scrap Value.?

Is there any difference among all these terms?

By Mahamaya Prasad Budhauliya

Residual value, salvage value and scrap value are three terms that refer to the expected value at the end of the useful life of the property, plant and equipment used in a business. This estimated amount is used in the calculation of an asset’s depreciation expense, and often the amount is assumed to be zero.

By SHIKHA SONI