The Useful Life of an Item of Property, Plant and Equipment

question 97

Multiple Choice

The useful life of an item of property, plant and equipment is:

• A) The length of time it is productively used in a company's operations.
• B) Never related to its physical life.
• C) Its productive life, but not to exceed one year.
• D) Determined by the FASB.
• E) Determined by law.

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Definitions:

Adherence

The commitment or attachment to a regimen, rule, or belief, often used in contexts like medication adherence or adherence to guidelines.

Commitment

signifies a state of being dedicated to a cause, activity, or goal, showing a willingness to be engaged and persevere through challenges.

Compliance

The act of conforming to or adhering to rules, standards, or laws.

Resistance

A refusal to accept or comply with something; the attempt to prevent something by action or argument.