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:

Exploitation

Also referred to as financial abuse, it is the unauthorized or improper use of the resources of an elder for monetary or personal benefit, profit, or gain. Examples include forgery; misuse or theft of money or possessions; use of coercion or deception to surrender finances or property; or improper use of guardianship or power of attorney.

Elder

A term that refers to an older person, often used with respect and to acknowledge their wisdom and experience.

Monetary Benefit

Financial advantage or gain received from an action or investment.

ADAAA

The Americans with Disabilities Act Amendments Act of 2008, a civil rights law that prohibits discrimination based on disability.