Which type of information below should not be maintained by the AIS in accounting for fixed assets?
A) identification/serial number
B) cost
C) improvements
D) market value

Question

Quizplus · Accepted Answer

The AIS should maintain information about the identification/serial number, cost, and improvements made to fixed assets. However, market value is subject to fluctuations and may not accurately reflect the value of the asset for accounting purposes. Instead, the AIS should maintain information about the asset's depreciation and impairment, which accurately reflect the asset's value over time.

Which Type of Information Below Should Not Be Maintained by the AIS