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the estimated use the company expects to obtain from an asset before disposing of it is referred to as the

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The estimated use the company expects to obtain from an asset before disposing of it is referred to as the useful life.

The useful life of an asset is an accounting estimate used to estimate the number of years an asset is likely to be used for revenue generation in a cost effective manner for the benefit of the company. Useful life is used in the calculation of the deprecation expense of an asset.

Determinants of the useful life of an asset

  1. Frequency with which the asset is used. The more an asset is used, the lower its useful life.
  2. The age of the machine when it was purchased.
  3. The quality of maintenance of the asset.

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