USEFUL LIFE Definition

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USEFUL LIFE is the expected period of time, in years, during which a depreciating asset will be productive.

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MITIGATING is a reducing in force or intensity.

INDUCTIVE ACCOUNTING THEORY (scientific method) assumes accounting standards are somewhat like evolution of a species in nature --- survival of the fittest. It relies heavily upon controlled experimentation (e.g., behavioral accounting research) and statistical testing (e.g., capital markets "events" studies of the impact of accounting information on market prices and volume of transactions).

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