DEPLETION

Depletion

Depletion is an accounting concept used most often in mining, timber, petroleum, or other similar industries. The depletion deduction allows an owner or operator to account for the reduction of a product's reserves. Depletion is similar to depreciation in that, it is a cost recovery system for accounting and tax reporting. For tax purposes, there are two types of depletion; cost depletion and percentage depletion.

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depletion

Noun

  1. the act of depleting, or the state of being depleted; exhaustion
  2. the consumption of a resource faster than it can be replenished


The above text is a snippet from Wiktionary: depletion
and as such is available under the Creative Commons Attribution/Share-Alike License.

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