Asset Type

Term. (1)  A code used to classify the type of item purchased. The useful life of equipment is assigned by the asset type. The useful life is used to calculate depreciation. 2)  A subgroup of assets with common functionality. The asset type code determines the length of time the assets will be depreciated. 3)  The category of asset including depreciable life, whether movable or not, building and room required, etc. 4) a subgroup of assets with common functionality. The asset type code determines the length of time the assets will be depreciated.