______ refers of writing off the cost of intangible assets like patent
Right Answer is: D
• Depreciation- The decrease in monetary value of an asset due to use, wear & tear over a period of time is known as depreciation.
• Diminution- A reduction in the importance, size or extent of something is known as Diminution.
• Depletion- it is an accrual accounting technique used to allocate the cost of extracting natural resources like minerals, oil, timber etc.
• Amortisation- writing off the cost of intangible assets like patents,
copyrights, trademarks, franchises, and goodwill which have utility for a
specified period of time.