Control, Competency, Compatibility, Flexibility and Cost-Benefit Are the Five Basic

question 59

True/False

Control, competency, compatibility, flexibility and cost-benefit are the five basic principles of accounting information systems.

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Definitions:

Disposal

The act of getting rid of an asset through sale, exchange, retirement, or destruction, typically reflected in financial statements.

Plant Asset

Long-lived, tangible assets used in the operations of a business, typically including buildings, machinery, and equipment.

Trade-in Allowance

The value offered by a seller for a buyer's existing asset as part of the payment for a new asset.

Accumulated Depreciation

The total amount of an asset's cost that has been allocated as depreciation expense over the asset's useful life.