When Determining Whether to Record an Asset as a Fixed

question 58

Multiple Choice

When determining whether to record an asset as a fixed asset, what two criteria must be met?

• A) Must be an investment and must be long lived.
• B) Must be long lived and must use the asset in a productive manner.
• C) Must be short lived and must be a tangible asset.
• D) Must be a tangible asset and must be an investment.

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Definitions:

American Workers

Employees in the United States who contribute to the country's economy through various sectors and industries.

Unemployed

Individuals who are jobless, actively seeking work, and available to take up employment, usually measured as a percentage of the labor force.

1932

A significant year marked by the election of Franklin D. Roosevelt as President of the United States and the depths of the Great Depression.

New Dealers

Supporters or architects of the New Deal, a series of reforms and programs initiated by President Franklin D. Roosevelt to combat the Great Depression.