Which of the Following Statements Concerning Asset Valuation Is Incorrect

Multiple Choice

Which of the following statements concerning asset valuation is incorrect?

A) Subject to a few exceptions, non-current assets, after acquisition, can be measured at either cost or fair value.
B) If non-current assets are measured using the cost basis, they cannot be valued at less than their recoverable amount.
C) If non-current assets are measured using the fair value basis, fair value must be regularly reassessed.
D) Assets and liabilities are recorded initially at their historical cost.