An Asset's Useful Life

question 47

Multiple Choice

An asset's useful life

• A) remains unchanged once it has been determined.
• B) is the same as its physical life.
• C) is affected by physical and economic factors.
• D) is not affected by physical and economic factors.

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Definitions:

Burden of Proof

The obligation on a party in a dispute to provide sufficient evidence to support their claims, typically resting on the party who brings forth the case.

Convincing Evidence

Information or data that is so strong or persuasive it leads one to accept an argument or conclusion.

Burden of Proof

The obligation in a legal setting to prove one's assertion or the principle that the party asserting a claim bears the responsibility of proving its truth.

Convincing Evidence

Evidence that is robust and compelling enough to persuade an individual to accept its validity or truth.