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.

Look at other dictionaries:

  • 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

  • useful economic life — The period for which the present owner of an asset will derive economic benefits from its use …   Accounting dictionary

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

  • economic life — noun : the period during which an economic good retains its utility …   Useful english dictionary

  • economic life — The time period over which an asset s NPV is maximized. Economic life can be less than absolute physical life for reasons of technological obsolescence, physical deterioration, or product life cycle. Bloomberg Financial Dictionary * * * economic… …   Financial and business terms

  • 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

  • useful life — The expected period of time during which a depreciating asset will be productive. Bloomberg Financial Dictionary * * * useful life useful life ➔ life * * * useful life UK US noun [C] (also useful economic life) ► ACCOUNTING ECONOMIC LIFE( …   Financial and business terms

  • life|blood — «LYF BLUHD», noun. 1. the blood necessary to life: »Fear at my heart, as at a cup, My lifeblood seem d to sip (Samuel Taylor Coleridge). 2. Figurative. a source of strength and energy; the vital part of vitalizing influence: »Field work is the… …   Useful english dictionary

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