amortize – v: to allocate a large expense, such as research and development or closing fees paid to lenders, over the period of time that that expense benefits the company. When a business amortizes an expense, that amortized expense is recorded on the company’s income statement not when the cash expense is incurred, but rather as a series of amortization expenses spread out over the amortization period.

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Adapted from "The CompanyCrafters Entrepreneur's Dictionary"
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