Accounting for IGCSE & O level - Accounting Procedures (Section 8 - No. 43)
What does the term "useful life" of an asset refer to?
The length of time the asset is physically functional.
The period over which the asset is expected to be used by the company.
The warranty period for the asset.
The time it takes to fully depreciate the asset.
Explanation
Useful life refers to the period an asset is expected to be used by a company.
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