Question

Which of the following statements about tangible long-lived assets is not correct?

A) Depreciation and maintenance are expenses associated with the use of tangible long-lived assets.

B) Assuming no additions, replacements, or extraordinary repairs, the carrying value of a long-lived asset is never more than its original cost.

C) The cost of a long-lived asset minus the Accumulated Depreciation is called the carrying value of the asset.

D) All long-lived assets are depreciated as they are used in the business.

Answer

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