Depreciation Is Usually Not Considered an Operating Cash Flow in Capital

Depreciation is usually not considered an operating cash flow in capital budgeting because:

A) depreciation usually does not result in an increase in working capital
B) depreciation is usually a constant amount each year over the life of the capital investment
C) deducting depreciation from operating cash flows would be counting the lump-sum amount twice
D) depreciation usually has no effect on the disposal price of the machine