Depreciation & amortization difference

Question

What is the difference between depreciation & amortization? What are the assets that should be depreciated as apposed to amortized? Can anyone explain with few examples?

Answer 1

Answer is simple. We "Depreciate" tangible fixed assets while we "Amortize" intangible assets. Both depreciation & amortization are used to systematically allocate of the depreciable amount
of an asset over its useful life.