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220-1102 · Question #437

A company's assets are scanned annually. Which of the following will most likely help the company gain a holistic view of asset cost?

The correct answer is A. Creating a database. To gain a holistic view of asset cost, creating a comprehensive database is essential. This allows for centralized tracking of purchase prices, maintenance, depreciation, and other financial aspects associated with each asset.

Operational Procedures

Question

A company's assets are scanned annually. Which of the following will most likely help the company gain a holistic view of asset cost?

Options

  • ACreating a database
  • BAssigning users to assets
  • CInventorying asset tags
  • DUpdating the procurement account owners

How the community answered

(63 responses)
  • A
    90% (57)
  • B
    2% (1)
  • C
    5% (3)
  • D
    3% (2)

Why each option

To gain a holistic view of asset cost, creating a comprehensive database is essential. This allows for centralized tracking of purchase prices, maintenance, depreciation, and other financial aspects associated with each asset.

ACreating a databaseCorrect

Creating a database for assets enables the company to store and correlate various pieces of information, including initial purchase cost, maintenance expenses, depreciation, and other financial data over the asset's lifecycle. A structured database provides the means to query and analyze this data for a holistic cost view.

BAssigning users to assets

Assigning users to assets helps track accountability and usage, but does not inherently provide a holistic view of an asset's total cost.

CInventorying asset tags

Inventorying asset tags helps with physical tracking and auditing, but this alone does not provide the financial data necessary for cost analysis without a corresponding database.

DUpdating the procurement account owners

Updating the procurement account owners tracks responsibility for purchases, but does not provide a comprehensive financial history or overall cost of an asset throughout its lifespan.

Concept tested: Asset management and cost tracking

Topics

#Asset Management#Databases#Cost Tracking#Data Management

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