QUESTION 1 (3 points) 'The amount of time an asset will last.' This is the definition of which of the following terms? (A 27) Work life Asset life Useful life Physical life QUESTION 2 (3 points) Which of the following statements best describes deferred taxes? (A 42) The differences between taxes on depletion and depreciation. The difference caused by changes in tax rates from one year to the next. The difference between tax payments each year and what they owe on April 15th. The difference because of different recognition times between U.S. GAAP and tax income