Which type of asset class includes those assets which have only definite use and become valueless when the yield is over?

Fixed asset

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Current asset

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Fictitious asset

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Wasting asset

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Solution

The correct option is B Wasting asset
A wasting assets is that which has a limited useful life and looses its value over its life. As the assets uses, it depreciate and have no residual value. The examples are gas , oil, coal mines etc.

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Current assets are those assets which get converted into cash

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