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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BALANCING OFF THE BOOKS means totaling off the various amounts to find out how much money is left or, how overdrawn the organization is. At certain times; e.g. once a month, quarterly, for management committee meetings; it may be necessary to balance off the books".

UN-PRESENTED CHECK is a check that was written but has not yet been forwarded to or paid by the bank on which it is drawn.

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