Which of the following statements regarding 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.

Question

Quizplus · Accepted Answer

Not all long-lived assets are depreciated; land, for example, is not depreciated because it does not have a finite useful life.

Which of the Following Statements Regarding Tangible Long-Lived Assets Is