According to ________ useful life of an asset is normally the period over which it is expected to be used.

AS 3

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AS 6

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AS 2

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AS 4

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Solution

The correct option is B AS 6
Option B is correct One.
According to AS 6
(i) the period over which a depreciable asset is expected to be used by the enterprise; or
(ii) the number of production or similar units expected to be obtained from the use of the asset by the enterprise.

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Similar questions

Under this method, a particular asset is expected to generate equal utility (economic benefits) during its useful life. Which method is this?

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