Which of the following statements about tangible long-lived assets is not correct?
A. All long-lived assets are depreciated as they are used in the business.
B. The cost of a long-lived asset minus the Accumulated Depreciation is called the carrying value of the asset.
C. Depreciation and maintenance are expenses associated with the use of tangible long-lived assets.
D. Assuming no additions, replacements, or extraordinary repairs, the carrying value of a long-lived asset is never more than its original cost.
Answer: A
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