The Transfer to Expense of the Cost of Intangible Assets

question 182

True/False

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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Definitions:

Oxidation

A chemical reaction involving the loss of electrons by a molecule, atom, or ion, often associated with gaining oxygen or losing hydrogen.

Reduction

A chemical reaction involving the gain of electrons or the decrease in oxidation state by a molecule, atom, or ion.

Oxidizing Agent

A substance that has the ability to oxidize other substances, meaning it gains electrons in the process.

Reagents

Substances or compounds that are added to a system in order to bring about a chemical reaction or to see if a reaction occurs.