Limited Life Definition – What is Limited Life?

Accounting Glossary 

Useful life definition including break down of areas in the definition. Analyzing the definition of key term often provides more insight about concepts. useful life can be defined as: Length of time an asset will be productively used in the operations of a business; also called useful life or limited life. useful life generally refers to the useful life of property plant and equipment or fixed assets, these assets having a relatively ling useful life. useful life is used when calculating deprecation in order to allocate the cost of assets over the useful life.