Book value
Book value (carrying amount) is what an asset is recorded at on the balance sheet. It is not the asset's market value.
Example
A van costing $24,000 with $8,000 accumulated depreciation has a book value of $16,000.
Learn and practice it
Contra accounts — Accumulated depreciation, allowances, and sales returns: accounts that reduce a related account and carry the opposite balance.
Open the lesson