What term refers to the accounting process of allocating asset cost over natural resources like mineral deposits or timber?

Explanation

* Depletion systematically allocates cost of extraction of natural resources (oil, timber, minerals) based on physical units extracted.
* Calculated via units-of-production method: (Cost – Salvage Value) / Total Estimated Units * Units Extracted.
* Amortization applies to intangibles; depreciation applies to physical equipment.