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 the:
A) depreciation schedule.
B) file of purchase requisitions.
C) acquisitions journal.
D) fixed asset master file.

Question

Quizplus · Accepted Answer

A fixed asset master file is a comprehensive record of each fixed asset, including all relevant details such as date of acquisition, original cost, current year depreciation, and accumulated depreciation. This file serves as a key tool for tracking and managing fixed assets throughout their useful lives. The other options (depreciation schedule, file of purchase requisitions, and acquisitions journal) are related to aspects of fixed asset accounting but do not encompass the full range of information included in a fixed asset master file.

A Set of Records for Each Piece of Equipment That