Objectives of the fixed asset system do not include
A)authorizing the acquisition of fixed assets
B)recording depreciation expense
C)computing gain and/or loss on disposal of fixed assets
D)maintaining a record of the fair market value of all fixed assets

Question

Quizplus · Accepted Answer

While it is important to maintain records of the fair market value of fixed assets, it is not an objective of the fixed asset system. The objectives of the fixed asset system typically focus on authorizing the acquisition of fixed assets, recording depreciation expense, and computing gain and/or loss on disposal of fixed assets.

Objectives of the Fixed Asset System Do Not Include