A set of records for each piece of equipment that includes descriptive information,date of acquisition,original cost,current year amortization,and accumulated amortization is the
A)capital asset master file.
B)file of purchase requisitions.
C)amortization schedule.
D)acquisitions journal.

Question

Quizplus · Accepted Answer

A capital asset master file tracks all relevant information about a company's assets, including equipment. It includes descriptive information, date of acquisition, original cost, current year amortization, and accumulated amortization. A file of purchase requisitions would only track the request to acquire the equipment, while an acquisitions journal would only track the actual purchase transactions. An amortization schedule typically shows the amount of principal and interest paid on a loan over time.

A Set of Records for Each Piece of Equipment That