The transfer to expense of the cost of intangible assets attributed to the passage of time or decline in usefulness is called amortization.

Name: The transfer to expense of the cost of intangible assets attributed to the passage of time or decline in usefulness is called amortization.
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Question

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This statement is true. Amortization is the process of gradually expensing the cost of intangible assets over their useful lives, as they are consumed or become less useful.

The Transfer to Expense of the Cost of Intangible Assets