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I. What are some key valuation terms and principles?

1. Appraisal vs. valuation

When you hear the term appraisal you typically think of real estate appraisals. Technically, the terms appraisal and valuation are synonymous, and are commonly used interchangeably. Many valuation professionals make a distinction. Appraisals estimate the value of tangible/physical assets like real estate, equipment, vehicles, antiques, etc. Valuations estimate the value of intangible as well as tangible assets.

A good example of when a valuation, as opposed to an appraisal, is appropriate is when valuing an operating business. The value of a business entity typically includes the value of tangible and intangible assets. In many cases the value of a business - intangible assets, commonly and collectively called goodwill - exceeds the value of its tangible assets. (http://www.accountingweb.com/item/40284)