Service Life
Definition: Period of time over which an asset is estimated to be of service.
National Service Life Insurance (NSLI)-established in 1940 to take the place of USGLI; terminated in 1950. Today NSLI exists for amounts ranging from $1000 to $10,000 under five-year renewable term and permanent forms of life insurance.
Service Life and Cost Allocation
Casually, people will speak of depreciation as a decline in value or 'using-up' of an asset.
Service life
The service life is the length of time in which a plant asset will be used in the operations of the business.
Service organization ...
[Harvey] accumulated depreciation A valuation account to record the accumulation of periodic credits made to record the expiration of the estimated service life of fixed assets.
[1] It is of most use when dealing with assets of a short, fixed service life, and which is an example of applying the matching principle per generally accepted accounting principles.
shorter than a realistic forecast of its probable actual service life;
(2) more of the total cost of the fixed asset is allocated to the first
half of its useful life than to the second half (i.e., there is a ...
In the former phase, the individuals save money throughout his service life to protect his future financial crisis.
Producer durables, or capital goods Durable goods having an expected service life of more than three years that are used by businesses to produce other goods and services.
Several factors are considered when determining this useful life; for example, demand and competition, effects of obsolescence, legal or contractual limitations, renewal provisions, and service life expectations.
 See also: Expense, Useful life, Acquisitions, Accelerated depreciation, Original cost
  
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