solve pleaes

Part 6 "Assets are defined as properties owned by the business, including anything of monetary value and anything that can be exchanged for cash or other property. Some assets have a useful life more than a year and the cost of items that are expected to last more than a year can be prorated (spread out) and deducted over a period of years. It is an annual allowance or paper loss' for the wear and tear, deterioration, or obsolescence of the property. What do you understand from the above statement, and elaborate your answer with any two (2) factors involved in the above situation