33. The major difference between the service life of an asset and its physical life is that A) service life refers to the length of time an asset is of use to its original owner, while physical life refers to how long the asset will be used by all owners. B) physical life is always longer than service life. C) service life refers to the time an asset will be used by a company and physical life refers to how long the asset will last. D) physical life is the life of an asset without consideration of salvage value and service life requires the use of salvage value.

33. The major difference between the service life of an asset and its physical life is that A) service life refers to the length of time an asset is of use to its original owner, while physical life refers to how long the asset will be used by all owners. B) physical life is always longer than service life. C) service life refers to the time an asset will be used by a company and physical life refers to how long the asset will last. D) physical life is the life of an asset without consideration of salvage value and service life requires the use of salvage value.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter2: Introduction To Financial Statements

Section: Chapter Questions

Problem 6MC: Which of the following statements is true? A. Tangible assets lack physical substance. B. Tangible...

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