An Asset's Useful Life Can Be Subsequently Revised Requiring a Recalculation

question 110

True/False

An asset's useful life can be subsequently revised requiring a recalculation of depreciation.

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Definitions:

Investment Plan

A strategy developed by individuals or financial advisors to allocate assets with the goal to meet future financial goals.

Expense

Costs or charges incurred in the operation of a business or the execution of a transaction.

RRSP

Registered Retirement Savings Plan, a Canadian investment vehicle for individuals to save for retirement while taking advantage of tax deferrals.

Years

Years are units of time that measure the duration or length of time an event has occurred or is expected to occur, usually related to financial calculations or investments.