How is the useful life of a tangible asset defined?
A) The period of time over which an asset is expected to be used by the entity.
B) The number of production output or similar units expected to be obtained from the asset by the entity.
C) a or b
D) Neither a nor b

Question

Quizplus · Accepted Answer

The useful life of a tangible asset can be defined as either the period of time over which the asset is expected to be used by the entity or the number of production output or similar units expected to be obtained from the asset by the entity. Therefore, both options (a and b) are correct, making choice C the best answer.

How Is the Useful Life of a Tangible Asset Defined