The useful life of a plant asset is the length of the service period expected from the asset.

Name: The useful life of a plant asset is the length of the service period expected from the asset.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The useful life of a plant asset is defined as the estimated duration for which the asset can be used productively to generate income, whereas the service life is the actual period during which an asset is used in business operations. Therefore, the statement is true.

The Useful Life of a Plant Asset Is the Length