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

question 85

Multiple Choice

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

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Definitions:

Asset

A resource with economic value that an individual, corporation, or country owns or controls with the expectation that it will provide future benefit.

Entity's Activities

Operations or actions undertaken by an entity, which can include its core business operations, investments, financing, and other actions that it engages in.

Owners' Equity

The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of shareholders or owners.