Useful Life of an Assets

-

What is useful life of an Asset?
Period over which an assets is expected to be available for use by an entity or the number of production or similar units expected to be obtained from the assets by an entity is called useful life.

Following three factors should be considered when estimating the useful life of a depreciable asset.
  • Expected physical wear and tear
  • Obsolescence
  • Legal or other limits on the use of the asset

For Video Lecture please click the below link


Popular posts from this blog

Registration of Business with Islamabad Chamber of Commerce and Industry (ICCI)

-
Registration of Business with Islamabad Chamber of Commerce and Industry ICCI has been serving the  Economy of Pakistan  and has continuously contributed to its development and progress. The ICCI always tries to support and serve the business community and highlight the issues in front of Government in order to resolve them. If you are running your own business or working in an organization and want to become Corporate Member of ICCI. Following is the procedure that you need to follow, Required Documents if Business is Sole Proprietorship: 1.       Obtain Membership Form from ICCI official website or Office 2.       Fill in the form properly. a.        Write business name and then business owner name b.       Must provide 2 reference/seconded which should be valid member of ICCI c.        Mention the Person Name, Business Name, Membership Number with signature separately for both seconded. d.       Properly fill in the particulars of applicant e.       
Read more