Useful life
At the time an asset is acquired, useful life is an estimate is made of its usefulness in terms of years, output, and so forth.
Definitions
According to College Accounting: A Practical Approach by Slater (13th edition),
- Useful life. At the time an asset is acquired, an estimate is made of its usefulness in terms of years, output, and so forth.
Related concepts
- Accounting (alternatively known as accountancy) is management of financial data, information, and knowledge about financial transactions of legal entities. Accountancy tends to include bookkeeping and, depending on a particilar enterprise, may also include quatitative analysis of financial data in the bookkeeping system and/or business intelligence.
