A set of records for each piece of equipment that includes descriptive information, date of acquisition, original cost, current year depreciation and accumulated depreciation is:
A) the depreciation schedule.
B) the acquisitions journal.
C) the fixed asset master file.
D) the file of purchase requisitions.

Question

Quizplus · Accepted Answer

The fixed asset master file is a database that contains detailed information about each fixed asset, including the date of acquisition, original cost, current year depreciation, and accumulated depreciation. This information is used to prepare the depreciation schedule, but the schedule itself is not a set of records for each piece of equipment. The acquisitions journal and file of purchase requisitions are both used to document the acquisition of new assets, but they do not include information about depreciation or provide a complete record of each asset. Therefore, C is the best choice.

A Set of Records for Each Piece of Equipment That