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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CROSS-ACCOUNTING is non-cash payment through the delivery of goods or services to satisfy a liability; a very common practice between subsidiaries of a company. See IN-KIND.

BOOKKEEPING is the art, practice, or labor involved in the systematic recording of the transactions affecting a business.

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