The major difference between the service life of an asset and its physical life is that ... (a) service life refers to the time an asset will be used by a company and physical life refers to how long the asset will last. (b) physical life is the life of an asset without consideration of salvage value and service life requires the use of salvage value. (c) physical life is always longer than service life. (d) service life refers to the length of time an asset is of use to its original owner, while physical life refers to how long the asset will be used by all owners.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The major difference between the service life of an asset and its physical life is that ... (a) service life refers to the time an asset ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Bureaucratic control attempts to elicit employee compliance using strict rules, a rigid hierarchy, well-defined job descriptions, and administrative mechanisms such as budgets, performance appraisals, and compensation schemes. True or false?
Answers (1)
The set of activities required to first identify a need, assign a supplier to meet that need, approve the specification or scope, acknowledge receipt, and submit payment to the supplier" is the definition of A. electronic funds transfer (EFT). B.
Answers (1)
Third-party beneficiary: A. A person who is not a party to a contract but who will benefit from the performance of a contract but has no right to sue if the contract is not performed Incidental beneficiary. B.
Answers (2)
When an athletic director at state university evaluates how much time a coach spends with the team, the coach's ethical impact on team member behaviors, and the clarity of the coach's explanations of new plays, the manager is assessing the coach's?
Answers (1)
Parrett Corp. acquired one hundred percent of Jones Inc. on January 1, 2018, at a price in excess of the subsidiary's fair value. On that date, Parrett's equipment (ten-year life) had a book value of $360,000 but a fair value of $480,000.
Answers (1)
New Questions in Business
When starting a business it is best to? A. Borrow from bank B. Find investors C. Use your saving D. Obtain a loan from family or friend
Answers (1)
Which of the following is an advantage of consumer credit? a) It costs more than cash purchases. b) It can encourage customers to spend beyond their means. c) It can allow you to save money if you time your purchases correctly.
Answers (1)
Why should you sort mail into categories before presenting it to the executive?
Answers (1)
skywalker limited shares of jedi jewellers during 2018 for $124000. Skywalker elected the air value option for accounting for this investment. At year end 208, 2019 and 2020 this investment has a fair value of $120000, $128000 and 138000.
Answers (1)
Not adjusting the amounts reported in the financial statements for inflation is an example of which basic assumption or principle of accounting? a. Economic entity. b. Going concern. c. Historical cost. d. Full disclosure.
Answers (1)