Final answer:
The term amortization is used to identify the expense recognition for tangible assets, not intangible assets.
Step-by-step explanation:
The statement is False. The term amortization is actually used to identify the expense recognition for tangible assets and not intangible assets. Intangible assets are typically amortized over their useful lives, whereas tangible assets are typically depreciated. Amortization expense is recorded on the income statement and reduces the net income of a company.