**Useful Life of an Asset**

The correct answer to the given question is option 'B', which is "Useful life". The number of production or similar units expected to be obtained from the use of an asset by an enterprise is referred to as its useful life.

**Explanation:**

1. **Useful Life:** The useful life of an asset represents the period over which the asset is expected to be used by the enterprise in order to generate revenue. It is the estimated duration during which the asset will be productive and provide economic benefits to the company.

2. **Determining Useful Life:** The useful life of an asset is determined based on various factors such as the physical life of the asset, technological changes, anticipated wear and tear, legal or contractual provisions, and economic factors. It is an estimate made by the management of the enterprise based on their experience and judgment.

3. **Units of Production Method:** The number of production or similar units expected to be obtained from the use of an asset is particularly relevant when using the units of production method for depreciation. Under this method, depreciation expense is calculated based on the number of units produced or the number of units of output obtained from the asset during a particular accounting period.

4. **Example:** For example, if a company purchases a machine for manufacturing products, it estimates that the machine will be useful for producing 100,000 units of output. Therefore, the useful life of the machine would be considered as 100,000 units.

5. **Importance:** The useful life of an asset is essential for determining the depreciation expense to be charged against the asset over its useful life. It helps in allocating the cost of the asset over its useful life in a systematic and rational manner.

In conclusion, the correct term for the number of production or similar units expected to be obtained from the use of an asset by an enterprise is "useful life". It is an estimate made by the management of the company based on various factors and is important for calculating depreciation expense.

Crt opt is b)useful life. Since
In a production if a machine is used, then we expect some life to use to produce during a specific period is known as "USEFUL LFIE OF AN ASSET"