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.

Question

Quizplus · Accepted Answer

Long-lived assets include both tangible and intangible assets.Tangible long-lived assets are depreciated;intangible long-lived assets are amortized.

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