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

---

Definitions:

Illusory Promise

A situation in which a party appears to commit to something but really has not committed to anything. It is not a promise and thus not consideration.

Valid Consideration

Valid consideration in a contract represents something of value that is given by all parties involved, serving as the reason or inducement to enter into the contract.

Adequacy Of Consideration

Refers to the fairness of the bargain in a contract, ensuring that what is exchanged holds reasonable value.

Detriment

A loss or harm suffered as a result of an action or decision.