Which of the following is not a characteristic of the Fixed Asset System?
A) Acquisitions are routine transactions requiring general authorization.
B) Retirements are reported on an authorized disposal report form.
C) Acquisition cost is allocated over the expected life of the asset.
D) Transfer of fixed assets among departments is recorded in the fixed asset subsidiary ledger.

Question

Quizplus · Accepted Answer

Acquisitions of fixed assets typically require specific authorization and may include capital expenditure requests or purchase orders. They are not routine transactions that can be authorized generally.

Which of the Following Is Not a Characteristic of the Fixed