Accounting for IGCSE & O level - Accounting Procedures (Section 10 - No. 3)
In the context of depreciation, what does 'useful life' refer to?
The physical lifespan of the asset.
The estimated period the asset will be used by the business.
The period until the asset's salvage value is reached.
The asset's warranty period.
Explanation
Useful life is the estimated period an asset is used by the business.
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