Which of the following statements is incorrect?
A) The life cycle of a plant asset includes: acquisition, usage, and disposal.
B) Depreciation is recorded on all plant assets.
C) Plant assets not currently being used in business operations are classified as long-term investments.
D) Plant assets are long-lived tangible assets used in the operations of a business.
B) Depreciation is recorded on all plant assets.
Explanation: Depreciation is recorded on all plant assets except land.
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