Statement I:

Non-current assets (or long-term assets) can consist of both depreciable and non-depreciable assets.

Statement II:

Depreciation is the allocation process of the cost of an asset (property or equipment) to expense over its useful life, in a rational and systematic way.

Both statements are incorrect

Both statements are correct

Statement 1 is correct; statement 2 is incorrect

Statement 1 is incorrect; statement 2 is correct