QUESTION 4 Which of the following statements is incorrect? OA) 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. QUESTION 5 An asset is considered to be obsolete A) only when it wears out B) only at the end of its useful life C) when it is fully depreciated D) when a newer asset can perform the job more efficiently than the old asset can QUESTION 6 Which of the following requires businesses to record depreciation? OA) revenue recognition principle B) matching principle C) cost principle D) going concern principle