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

Question

Quizplus · Accepted Answer

A fixed asset master file is a record-keeping system that organizes and tracks all of a company's fixed assets, including equipment. This file includes detailed information about the assets such as the date of acquisition, original cost, current year depreciation, and accumulated depreciation. The other options listed do not provide the same level of detailed information for each asset.

A Set of Records for Each Piece of Equipment That