Asked by Madilyn McPherson on May 22, 2024
Verified
The process of writing off a natural resource is:
A) depreciation.
B) depletion.
C) amortization.
D) None of the above answers are correct.
Natural Resource
Refers to resources found in nature that are used for economic gain, such as minerals, forests, water, and land.
Depletion
Amount of natural resources that has been exhausted by mining, pumping, and so forth for a period of time.
- Comprehend the concept of depletion and the accounting practices applied to natural resources.
Verified Answer
RS
Rushita SanghaniMay 26, 2024
Final Answer :
B
Explanation :
The process of writing off a natural resource is referred to as depletion. This accounting method is used to allocate the cost of extracting natural resources such as minerals, oil, and gas over their productive life.
Learning Objectives
- Comprehend the concept of depletion and the accounting practices applied to natural resources.
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