The number of years before an asset wears out or becomes obsolete whichever comes first is called ___________.

economic life

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accounting life

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technical life

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rated life

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Solution

The correct option is A economic life
Economic life is 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 its actual physical life.

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The number of years before an asset wears out or becomes obsolete whichever comes first is called ___________.

The correct option is A economic lifeEconomic life is 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 its actual physical life.

The correct option is A economic life
Economic life is 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 its actual physical life.