Accounting Dictionary - Letter E

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Economic life
is a period over which a fixed asset is expected to provide benefits to its owner. Economic life is often shorter than the asset's physical life as the asset can function for a longer period notwithstanding its inadequacy or obsolescence. Economic life is used for determining depreciation expense (i.e., useful life).
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