What term is used to describe the situation where there is a permanent decline in the value of an intangible asset?
A) Amortization
B) Impairment
C) Depletion
D) Depreciation

Question

Quizplus · Accepted Answer

Impairment is the term used to describe the situation where there is a permanent decline in the value of an intangible asset, such as goodwill or patents. Amortization applies to the gradual write-off of the cost of an intangible asset over its useful life, depletion is used for natural resources, and depreciation is used for tangible assets.

What Term Is Used to Describe the Situation Where There