Final answer:
Asset maintenance involves both recording of depreciation charges and expensing physical improvements, though significant improvements may be capitalized rather than expensed.
Step-by-step explanation:
Asset maintenance typically involves several procedures, and it's crucial to clarify which of these are correctly associated with the maintenance of assets. The answer to the question is that asset maintenance usually involves both recording of depreciation charges and physical improvements. However, it is not correct to say that all physical improvements are expensed immediately. Some improvements or betterments can increase the value of an asset or extend its useful life. These are capitalized, meaning the cost is added to the asset's value on the balance sheet and then depreciated over the useful life of the improvement.
Regular maintenance expenses that don't increase the asset's useful life or value are expensed as incurred. Meanwhile, depreciation charges are a way to allocate the cost of a tangible asset over its useful life and are recorded as part of the asset maintenance process to reflect the asset's decreasing value over time.