useful economic life

useful economic life
The period of time over which an asset can provide economic benefits to its owner. The costs of *long-term assets are *amortized over their useful lives. See also *wasting asset.

Auditor's dictionary. 2014.

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  • useful economic life — The period for which the present owner of an asset will derive economic benefits from its use. Under Statement of Standard Accounting Practice 12, Accounting for Depreciation, an asset should be depreciated over its useful economic life …   Big dictionary of business and management

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  • economic life — See *useful economic life …   Auditor's dictionary

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  • Economic Life — The expected period of time during which an asset is useful to the average owner. The economic life of an asset could be different than the actual physical life of the asset. Estimating the economic life of an asset is important for businesses so …   Investment dictionary

  • economic life, sociology of — The fundamental problem in economics is to explain how the limited productive resources and effort of a society are allocated among the wide range of alternative uses to which they might be put. Conventional economic theory seeks to address this… …   Dictionary of sociology

  • economic life — Useful or profitable life of property, which may be shorter than the physical life. See also economic obsolescence …   Black's law dictionary

  • economic life — Useful or profitable life of property, which may be shorter than the physical life. See also economic obsolescence …   Black's law dictionary

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  • life — [laɪf] noun lives PLURALFORM [laɪvz] [countable] 1. the period of time during which something takes place or exists: • industrial products used during the life of a mining operation • The rate of interest is often subsidized and fixed for the… …   Financial and business terms

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