Depreciation is not considered a cash expense when determining the cash budget because.

A. depreciation represents a part of an asset that has been written down.

B. accountants are very conservative, and this practice has been a tradition since the early days of accounting.

C. the asset being depreciated was paid for in the past, so depreciation involves no cash outlay.

D. U.S. GAAP requires this practice, although in some other countries depreciation is a part of cash budget.