The amount of use that the company expects to obtain from an asset before disposing of it is referred to as the life of the asset. (Enter only one word.)

In calculating depreciation, the life of an asset refers to its:physical life.legal life.useful life.technological life.

An asset's useful life is based on the:Multiple Choiceuseful economic life to the company.schedule required by the IRS.asset's residual value.asset's depreciable cost.

what is the economic life of an asset?ans.the service life that minimizes the marginal cost of an assetthe service life that maximizes revenue generated by an assetthe service life that accounts for the cost of an asset replacementthe service life that minimizes the average cost of an asset over time Previous Marked for Review Next

The amount a company expects to receive from selling a long-term asset at the end of its service life is known as:Multiple Choicebook value.accumulated depreciation.residual value.depreciable cost.

Which of the following assets typically have a definite life and should be amortized over a period of its useful life?Select answer from the options belowa franchisea trademarkgoodwilla patent