What is the service life of an asset

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Question: 1. How is the dictionary definition different from the accounting definition of depreciation?

2. What factors must we estimate in allocating the cost of a long-term asset over its service life?

3. What is the service life of an asset? How do we determine service life under the straight-line and the activity-based depreciation methods?

4. What is residual value? How do we use residual value in calculating depreciation under the straight-line method?

Reference no: EM131521110

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