Accounting for IGCSE & O level - Accounting Procedures (Section 12 - No. 43)
In the context of depreciation, what does the term 'useful life' refer to?
The physical lifespan of the asset.
The period over which an asset is expected to provide economic benefits to the company.
The period a company intends to use the asset
The total amount of time the asset can function.
Explanation
The period of time over which an asset is expected to generate revenue or provide service to a company
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