Multiple Choice
Objectives of the fixed asset system do not include
A) authorizing the acquisition of fixed assets
B) recording depreciation expense
C) computing gain and/or loss on disposal of fixed assets
D) maintaining a record of the fair market value of all fixed assets
Correct Answer:
Verified
Correct Answer:
Verified
Q1: Where does the responsibility lie for reconciling
Q2: The personnel department authorizes changes in employee
Q4: Timekeeping is part of the personnel function.
Q5: Personnel action forms are used to do
Q6: The document that records the total amount
Q7: The fixed asset systems does all of
Q8: Describe an internal control that would prevent
Q9: How are the following carried out in
Q10: Why should employees clocking on and off
Q11: Authorization to dispose of fixed assets should