The policies and procedures involved in purchasing property, capturing and maintaining relevant data about the assets, paying for and recording the related assets, depreciation and other expenses, and gains or losses are collectively referred to as:
A)Capital resources
B)Fixed asset processes
C)Property administration
D)Capital procedures

Question

The policies and procedures involved in purchasing property, capturing and maintaining relevant data about the assets, paying for and recording the related assets, depreciation and other expenses, and gains or losses are collectively referred to as:
A)Capital resources 
B)Fixed asset processes
C)Property administration
D)Capital procedures

Quizplus · Accepted Answer

The policies and procedures involved in acquiring, tracking, and accounting for fixed assets are referred to as fixed asset processes. This includes all aspects of the asset lifecycle, from initial purchase through disposal, including data capture and maintenance, payment and record-keeping, depreciation and expenses, and gains or losses. While capital resources and procedures may be part of the overall financial management of a company, they are not specific to fixed assets. Property administration may refer to the management of real estate or other property, but is not necessarily related to fixed asset processes.

The Policies and Procedures Involved in Purchasing Property, Capturing and Maintaining