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24-08-2020
Business

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The amount of use that the company expects to obtain from an asset before disposing of it is referred to as the _____________ life of the asset.

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26-08-2020

Answer:

Economic or Useful Life

Explanation:

The time period that the asset is in the business, it is expected to generate economic benefits for the company.

This time period is usually known as the economic life/useful life of the asset and may be shorter or longer than its legal life.

Note : Legal life of an asset is its period of operation granted by a law especially for intangible assets. Examples are trademark and copyrights.

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