Depreciation, Depletion and Amortization

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Depreciation is a present expense that accounts for the past cost of an asset that is now providing benefits. Depletion and amortization are synonyms for depreciation. Generally: The term depreciationÂť is used when discussing man made tangible assets The term depletionÂť is used when discussing natural tangible assets The term amortizationÂť is used when discussing intangible assets