Accounting for IGCSE & O level - Accounting Procedures (Section 27 - No. 19)
Which of the following best describes the term 'useful life' in relation to a depreciable asset?
The period during which the asset is legally owned.
The period over which an asset is expected to be used by the business.
The period for which the asset will be insured.
The time it takes to manufacture the asset.
Explanation
Useful life is the period for which the asset is expected to be used to generate revenue.
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