The Period of Time Over Which the Cost of an Asset

question 22

True/False

The period of time over which the cost of an asset is allocated to depreciation expense is called its useful life.

---

Definitions:

System of Equations

A set of equations with the same variables, which are to be solved simultaneously.

Method of Substitution

A technique for solving systems of equations where one of the equations is solved for one variable in terms of the others, and then substituted into the other equation(s).

System of Equations

A set of equations with the same variables, which are solved together to find the values of these variables.

System of Equations

A set of two or more equations with the same set of variables, which are solved together.