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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.
What is the period of time which the cost of an asset is allocated to depreciation expence?
The period of time over which the cost of an asset is allocated to depreciation expense is typically referred to as the asset's useful life. This is the duration for which the asset is expected to be economically beneficial to the company. Useful life can vary based on the type of asset, its expected wear and tear, and industry standards, and it is determined during the asset's acquisition. Depreciation allocates the cost of the asset over this useful life to match expenses with the revenues generated by the asset.
When estimating the useful life of an asset accountants consider?
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In accounting what is the life expectancy of a plant asset?
In accounting, the life expectancy of a plant asset, also known as its useful life, is the period over which the asset is expected to be used in operations. This duration can vary based on factors like the asset's type, industry standards, and maintenance practices. Companies typically estimate the useful life to determine depreciation, which allocates the asset's cost over its expected lifespan. Generally, useful lives for plant assets can range from a few years to several decades, depending on the asset's nature and application.
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.
