Which of the following factors are primarily considered to determine the economic life of an asset?

Name: Which of the following factors are primarily considered to determine the economic life of an asset?
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Question

Quizplus · Accepted Answer

The economic life of an asset is primarily determined by the passage of time, asset usage, and obsolescence, as these factors directly impact how long the asset can effectively and efficiently contribute to production or service provision before it needs to be replaced or significantly overhauled.

Which of the Following Factors Are Primarily Considered to Determine