The process of allocating the cost of the natural resource over its useful life is referred to as depletion, similar to depreciation for tangible long-lived assets.

Name: The process of allocating the cost of the natural resource over its useful life is referred to as depletion, similar to depreciation for tangible long-lived assets.
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Depletion is the accounting method used to allocate the cost of extracting natural resources, similar to how depreciation allocates the cost of tangible assets over time.

The Process of Allocating the Cost of the Natural Resource