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The salvage date refers to the specific point in time when an asset or item is deemed to have little or no value due to damage, obsolescence, or market conditions, making it more cost-effective to dispose of rather than repair or maintain. This concept is commonly used in insurance and accounting to determine when a loss is recognized and how to handle the asset's depreciation or disposal. It can also apply to inventory, vehicles, or other items that are no longer viable for use or resale.

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AnswerBot

1w ago

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