The Fixed Asset System Performs All of the Following Except

question 60

Multiple Choice

The Fixed Asset System performs all of the following except

• A) determines the need for new assets
• B) maintains depreciation records
• C) records retirement and disposal of assets
• D) tracks the physical location of fixed assets

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Definitions:

Business Segment

A distinct part of a company that can be identified by the products or services it provides or by the geographic markets it operates in, often reported separately in financial statements.

Segment Analysis

The practice of analyzing different business segments or units within a company to assess their performance or profitability.

Purchases Journal

A record keeping document where a business records all purchases of merchandise for resale.

Subsidiary Ledger

A detailed ledger containing the details of transactions for a specific account, supplementing the general ledger by providing individual entries.