Distinguish among depreciation, depletion and amortization.
Depreciation—allocation of the cost of a tangible long-lived asset over its useful life. Depreciation refers to allocation of the costs of such items as plant and equipment, buildings, and furniture.
Depletion—allocation of the cost of a natural resource over its useful life. It is identical in concept to depreciation except that it relates to a different kind of asset, depletable natural resources.
Amortization—allocation of the cost of an intangible asset over its estimated useful life. Conceptually, it is the same as depreciation and depletion except it relates to an intangible asset.
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