The Primary Accounting Record for Property, Plant, and Equipment Accounts

question 106

Essay

The primary accounting record for property, plant, and equipment accounts is the fixed asset master file. What is included for each fixed asset in the master file?

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Definitions:

Annually

Occurring every year or pertaining to a period of one year.

Consumer Credit-Card Rate

The interest rate that banks charge consumers on the balances they carry on their credit cards.

Prime Rate

The interest rate that commercial banks charge their most creditworthy customers, often used as a benchmark in lending rates.

Economic Resource

Any resource used by humans to produce goods or services, including labor, capital, land, and entrepreneurship.