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How do you determine the useful life of a fixed asset?
useful life of fixed asset
How do you detemine an assets useful life?
According to useful life of an asset.
Process of spreading the cost over an asset's useful life?
Expensing is the process of spreading the cost over an asset's useful life.
Distinguish between economic life and useful life?
the useful life of an asset is the period over which an asset is expected to be available for use by an entity whiles economic life is the period over which an asset is expected to be useable by one or users
A long-term asset must have a useful life of more than a month?
No, a long term asset must have a useful life of more than a year
How do you determine the useful life of a fixed asset?
useful life of fixed asset
How do you detemine an assets useful life?
According to useful life of an asset.
Process of spreading the cost over an asset's useful life?
Expensing is the process of spreading the cost over an asset's useful life.
Distinguish between economic life and useful life?
the useful life of an asset is the period over which an asset is expected to be available for use by an entity whiles economic life is the period over which an asset is expected to be useable by one or users
A long-term asset must have a useful life of more than a month?
No, a long term asset must have a useful life of more than a year
When can Depreciable life be increased?
Initially, depreciation for financial reporting purposes is based on an owner's estimate of the useful life of the asset in service. If later, the owner has better or additional information about the true useful life of the asset, he can revise his estimate of its useful life and take all remaining depreciation (on a going-forward basis) based on the asset's revised remaining useful life.
What is difference between expendable and non expendable assets?
Any asset with the useful life of one or more than one year is Non-Expendable asset. Any asset with the useful life of less than one year is Expendable asset.
When estimating the useful life of an asset accountants consider?
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Are expenses assets?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
Are fixed assets expenses?
Yes and no. When a company purchases a fixed asset it is expensed through depreciation over the useful life of the asset.
How do you calculate straigt line depreciation?
Straigt line depreciation = (total cost of asset - salvage value)/ useful life of asset.
A plant asset's useful life might not be the same as its productive life?
An asset's useful life refers to the period over which it is expected to provide benefits, while its productive life refers to the period it actually remains in use and generates revenue. Differences could arise due to factors like technological advancements, changes in market demand, or maintenance practices that affect an asset's ability to remain productive beyond its expected useful life.
