Which of the following is NOT TRUE about depreciation? O A. Depreciation expenses reduce a firm's taxable income. O B. All else being equal, you'd rather pay more taxes up front and less taxes later, so you'll want to record depreciation expenses as slowly as possible OC. While depreciation expenses reduce net income, they actually increase operating cash flow (OCF). OD. Depreciation expenses reflects the diminishing value of a firm's fixed or long-term assets