The Useful Life of an Asset May Be Estimated Based

question 23

Multiple Choice

The useful life of an asset may be estimated based on:

• A) The period of time over which the future economic benefits of the asset are expected to be consumed by the entity.
• B) The total service, expressed in terms of production or similar units that may most likely be obtained from the asset under normal operating conditions.
• C) The period of time over which the future economic benefits of the asset are expected to be generated in normal use by a typical entity.
• D) The total service, expressed in terms of production or similar units that may most likely be obtained from the asset under ideal operating conditions.
• E) The period of time over which the future economic benefits of the asset are expected to be consumed by the entity and the total service, expressed in terms of production or similar units that may most likely be obtained from the asset under normal operating conditions.

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Definitions:

Memory Card

A small, removable storage device used for storing data in electronic devices like cameras and smartphones.

Inches

A unit of length in the imperial and US customary systems, equal to 1/12 of a foot or exactly 2.54 centimeters.

Online Social Network

A platform on the internet where users can connect, share, and communicate with each other.

Online Community

An online Community refers to a group of people who interact through the internet, sharing common interests or goals.