Question

To be classified as a depreciable asset the useful life should be ___________.

• A. more than one year
• B. at least five year
• C. more than $10$ yrs
• D. indefinite

Answer 1

The correct option is A more than one year

Any asset that is expected to be retained for more than one accounting period is long-lived asset. In accounting assets described as fixed or long-term i.e. more than one year - often referred to as property plant and equipment (PP&E) are the depreciable ones.