Which of the following is the expense resulting from a decline in the utility of a natural resource?

Question

Quizplus · Accepted Answer

Depletion refers to the expense resulting from the decline in the utility of a natural resource, such as oil or timber, due to its usage or extraction. Amortization refers to the accounting for the gradual reduction of the value of intangible assets, such as patents or trademarks. Depreciation refers to the accounting for the gradual reduction in the value of tangible assets, such as buildings or equipment. Obsolescence refers to the expense resulting from the decline in the utility of an asset due to technological advancements, changing consumer preferences, or other reasons.

Which of the Following Is the Expense Resulting from a Decline